The transition from CollegeBoundfund to CollegeBound 529 is now complete. For questions or concerns about your employees’ accounts or about promoting CollegeBound 529, please call 877 615 4116.
For reference, please review the information made available prior to the transition, found below.
The information that follows is specific to employers offering CollegeBoundfund to employees with the help of a financial advisor.
Important information regarding your employees' CollegeBoundfund contributions
Thank you for choosing CollegeBoundfund to support the college savings needs of your employees. CollegeBoundfund will soon go through some exciting changes to make it an even more attractive way to save for college. The State of Rhode Island has selected Invesco, a leading global investment management firm, and Ascensus College Savings, an industry leader in administering 529 college savings plans, to enhance CollegeBoundfund with new investment options, lower costs and enhanced service offerings.
As part of the transition, your participating employees' account records and assets will be transferred to the new CollegeBound 529, formerly CollegeBoundfund. CollegeBound 529 will be offered as an advisor sold plan after the transition. These changes are expected to take place between July 8-11, 2016. There is no action required on your part to have your employees' account balances transferred.
Payroll direct deposit contributions
For those employees contributing via payroll direct deposit, we will mail participating employees instructions on how to update their payroll direct deposit instructions in late June. Depending on your direct deposit model, your employees will need to either:
- submit a Payroll Direct Deposit Continuation Form to your benefits/payroll representative; or
- update their instructions themselves on your self-service benefits portal.
If the instructions are not updated, payroll contributions will stop once the transition is completed in early July.
ACH contributions from employees' bank accounts
If your employees contribute via ACH from their bank accounts, there is no action required and contributions will continue after the transition.
Please contact your financial advisor or call Ascensus College Savings at 877 615 4116 if you have any additional questions about the transition.