Employee College Savings Program

Mechanics Bank logo

Matched savings up to $200

ScholarShare 529 is proud to partner with Mechanics Bank® to help their employees save for college. As a Mechanics Bank employee, your savings can grow even faster through exclusive contribution matching benefits! Mechanics Bank will match your savings annually up to $200 per employee.

Employee College Savings Program

Mechanics Bank logo

Matched savings up to $200

ScholarShare 529 is proud to partner with Mechanics Bank® to help their employees save for college. As a Mechanics Bank employee, your savings can grow even faster through exclusive contribution matching benefits! Mechanics Bank will match your savings annually up to $200 per employee.

ScholarShare 529 is a plan for everyone!

Discover why it could be the plan for you

  • Easy and convenient to manage
  • More savings growth potential through tax advantages
  • Range of investment options that fit your life situation, risk tolerance and savings goals
  • Flexibility to pay for a range of qualified education expenses, withdraw money as needed and even transfer funds to eligible beneficiaries

How it works

An overview of the plan

Eligibility

To qualify, new account holders must complete all the steps below to receive your match. Current account owners will only need to complete Step 1: Register, and complete match eligibility requirements. Rollovers from other 529 plans are ineligible for the match.

Additional contributions for eligibility

  • Recurring Contributions – Checking or Savings
  • EFT (Electronic Funds Transfer)
  • Payroll Direct Deposit

Contributions

As part of their commitment to their employees, Mechanics Bank will match employee contributions to their ScholarShare 529 accounts annually up to $200, per employee. Employees may contribute more, but these extra savings are not eligible for the match.

Distributions

  • Matching funds will be distributed once a year.
  • Contributions up to December 1 will qualify for the match.

With a few simple steps, you can begin saving for your kids’ college education right away.

Follow the steps below. It takes about 15 minutes to complete. If you need help along the way, please schedule an appointment and have one of our consultants assist you.

Note: Current ScholarShare 529 account holders will only need to complete Step 1 and complete match eligibility requirements.

Register

You must fill out the registration form before you can open an account or participate in the match.

Register

You are now registered.

Go to Step 2 to open your account.

Register

Set up your account

Are you already a ScholarShare 529 account holder or have you submitted your registration form? You’re ready to enroll your new account.

Enroll Now

Fund your account

Set up recurring contributions from a bank account or make a one-time Electronic Funds Transfer directly out of your online ScholarShare 529 account.

Log in to your Account
Back

Step 1

Register for the match

Please provide the following information to begin setting up the Mechanics Bank matching program.

Please note: The name and email address you submit on this form must be the same as your ScholarShare 529 account registration for your match to be processed.

*required fields

⚠ Please enter first name
⚠ Please enter last name
⚠ Please enter a valid email address
⚠ Please enter a valid Employee ID

Locate your employee ID in Workday. Navigate to your profile
and click on “Job” to see your employee ID.

⚠ Please enter a valid ZIP code

Verification*

This ensures you are who you say you are.

By completing this form, you are giving permission to TIAA-CREF Tuition Financing, Inc. and ScholarShare 529 to send you additional information on their products and services.

You may also establish payroll direct deposit contributions. Download the Employer Payroll Guide PDF for more information.

Additional Information

Setting up contributions

Be sure to select "Payroll Direct Deposit" as the method of funding your account in the "Initial Contribution" section of the New Account Application.

Starting the process for current ScholarShare 529 holders

Already have an account? Log in to your account at Scholarshare529.com.

  • Select the “Profile & Documents’ link on the “My Accounts page.
  • Select “Payroll Direct Deposit” on the left side.
  • Select “Change payroll instructions” to start the process.
  • Download Workday instructions from the Knot.

Rolling over an existing 529

If you have money in another 529 plan and would like to roll it over into your ScholarShare 529 account, schedule an appointment to have a consultant assist you.

Have any questions? ScholarShare 529 is here to help!

Yes. Whether you have recently moved to the state, have an underperforming or higher-cost 529 plan, or just want to simplify, consolidating 529 accounts into ScholarShare 529 is easy. You can transfer funds from another 529 plan to your ScholarShare 529 account for the same beneficiary once within a 12-month period without incurring tax penalties.

Consolidating education savings into ScholarShare 529 also gives you a single view of your savings and performance as well as single-step payments to colleges, universities, K-12 schools, etc.1

You may also save money that can go right back into your college fund. ScholarShare 529 expenses are less than half the national average for 529 Plans.2 You pay no sales charges, start up or maintenance fees.

The 529 plan from which you are transferring funds may be subject to different features, costs and surrender charges. As such, you should consult your tax advisor or the other 529 college savings plan prior to making any decisions. For more information, see How to manage an incoming rollover from another 529 saving plan account.

Footnotes

  1. 1Withdrawals for tuition expenses at a public, private or religious elementary, middle, or high school can be withdrawn free from federal tax. For California taxpayers these withdrawals are subject to state income tax and an additional 2.5% California tax. You should talk to a qualified professional about how tax provisions affect your circumstances. K-12 withdrawals are limited to $10,000 per year for K-12 tuition.
  2. 2Source: ISS Market Intelligence 529 College Savings Fee Analysis Q3 2022. ScholarShare 529’s average annual asset-based fees are 0.22% for all portfolios compared to 0.51% for all 529 plans.

With your ScholarShare 529, you’re never locked in. You’ll always have access to several options for this money:

  • Your funds can be used to pay for a variety of eligible education expenses, including at any accredited college, university, apprenticeships, community college or postgraduate program in the United States—and even some schools abroad.1
  • Your 529 can be used for student loan repayment up a $10,000 lifetime limit per individual.1
  • Up to $10,000 annually can be used toward K-12 tuition (per student).2
  • You can transfer the funds to another eligible beneficiary, such as another child, a grandchild, yourself or a friend.
  • If you just want the money back, you can withdraw the funds at any time. If funds are withdrawn for a purpose other than qualified higher education expenses, the earnings portion of the withdrawal is subject to federal and state taxes plus a 10% additional federal tax on earnings (known as the “Additional Tax”). Non-qualified withdrawals may also be subject to an additional 2.5% California tax on earnings. See the Plan Description for more information and exceptions.
  • Or you can always wait because the funds never expire, and often the choice to go to school is a delayed decision. So if your child changes their mind down the road, your savings will still be available.

Footnotes

  1. 1Withdrawals for registered apprenticeship programs and student loans can be withdrawn free from federal and California income tax. If you are not a California taxpayer, these withdrawals may include recapture of tax deduction, state income tax as well as penalties. You should talk to a qualified professional about how tax provisions affect your circumstances. Read about eligible education expenses.

    Apprenticeship programs must be registered and certified with the Secretary of Labor under the National Apprenticeship Act.
  2. 2Withdrawals for tuition expenses at a public, private or religious elementary, middle, or high school can be withdrawn free from federal tax. For California taxpayers these withdrawals are subject to state income tax and an additional 2.5% California tax. You should talk to a qualified professional about how tax provisions affect your circumstances.

No. Your ScholarShare 529 funds can be used at any accredited university in the country—and even some abroad. This includes public and private colleges and universities, apprenticeships, community colleges, graduate schools and professional schools.1 Up to $10,000 annually can be used toward K-12 tuition (per student).2 In addition, your 529 can be used for student loan repayment up a $10,000 lifetime limit per individual.1 Review a list of qualifying expenses and the state tax treatment of withdrawals for these expenses in the Plan Description.

Footnotes

  1. 1Withdrawals for registered apprenticeship programs and student loans can be withdrawn free from federal and California income tax. If you are not a California taxpayer, these withdrawals may include recapture of tax deduction, state income tax as well as penalties. You should talk to a qualified professional about how tax provisions affect your circumstances. Read about eligible education expenses. Apprenticeship programs must be registered and certified with the Secretary of Labor under the National Apprenticeship Act.
  2. 2Withdrawals for tuition expenses at a public, private or religious elementary, middle, or high school can be withdrawn free from federal tax. For California taxpayers these withdrawals are subject to state income tax and an additional 2.5% California tax. You should talk to a qualified professional about how tax provisions affect your circumstances.

Qualified higher education expenses include tuition, certain room and board expenses, fees, books, supplies and equipment required for the enrollment and attendance of the beneficiary at an eligible educational institution. This includes most postsecondary institutions. When used primarily by the beneficiary enrolled at an eligible educational institution, computers and related technology such as internet access fees, software or printers are also considered qualified higher education expenses.

Qualified higher education expenses also include certain additional enrollment and attendance costs at eligible educational institutions for any beneficiary with special needs.

Qualified higher education expenses also include (a) tuition in connection with enrollment or attendance at a primary or secondary public, private or religious school (up to a maximum of $10,000 of distributions per taxable year per beneficiary from all Section 529 programs)1; (b) expenses for fees, books, supplies and equipment required for the participation of a beneficiary in a certified apprenticeship program2; and (c) amounts paid as principal or interest on any qualified education loan of either the beneficiary or a sibling of the beneficiary (up to a lifetime limit of $10,000 per individual).2 Review the Plan Description for additional information, including the state tax treatment of withdrawals for these expenses.

Footnotes

  1. 1Withdrawals for tuition expenses at a public, private or religious elementary, middle, or high school can be withdrawn free from federal tax. For California taxpayers these withdrawals are subject to state income tax and an additional 2.5% California tax. You should talk to a qualified professional about how tax provisions affect your circumstances.
  2. 2Withdrawals for registered apprenticeship programs and student loans can be withdrawn free from federal and California income tax. If you are not a California taxpayer, these withdrawals may include recapture of tax deduction, state income tax as well as penalties. You should talk to a qualified professional about how tax provisions affect your circumstances.

    Apprenticeship programs must be registered and certified with the Secretary of Labor under the National Apprenticeship Act.