Tuition Reimbursement Account
These accounts can be a cost-effective way to retain employees and build desired skills. Plans can be tailored to reflect employer goals. For instance, employers can set up the account to pay for a pre-determined level of continuing education credits or college coursework fees; they can also link reimbursement to GPA requirements or only reimburse courses in a certain area of study.
Employees pay for the course, complete it, and then submit a request for reimbursement. Upon approval, this is paid directly into their MyCash account on the employee’s TASC Card. It’s a benefit to employers as well because program costs—up to $5,250 annually, per employee—are tax deductible.
Work in an industry where employees need to keep certifications or licenses up to date? Professional Business Expense Accounts give you a tax-benefited way to reimburse these fees
Student Loan Repayment Account
Student loans are the second largest consumer debt category in the U.S., surpassed only by mortgages. Employees are stressed about paying these loans and those worries bleed into the workplace. A Student Loan Repayment account can make your company stand out during the recruiting process and improve retention. In fact, a survey by a national lender found 50+% of Millennial employees felt student loan repayment assistance was an important perk and more than 45% of respondents would choose student loan repayment assistance over a 401(k) match if given the choice.1
Our Student Loan Repayment Account lets employers reimburse a designated percentage of an employee’s monthly student loan expenses. Participating employees submit requests and documentation, which are reviewed for eligibility, and the reimbursement is paid directly to the participant. This reimbursement is taxable for employees but at a fraction of the cost of their student loans.
THE TASC CARD
Participants in the Tuition Reimbursement Account receive a TASC Card backed with multiple value-added card features to easily access
and manage every benefit account they’re enrolled in.
1 Josuweit, Andrew. “Why You Should Help Your Millennial Employees Pay Off Their Student Loan Debt” Forbes. June 28, 2017 https://www.forbes.com/sites/andrewjosuweit/2017/06/28/why-you-should-help-your-millennial-employees-pay-off-their-student-loan-debt/#28ce39e07b13