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Are Section 127 plans subject to Erisa?

Like a 127 program, educational assistance benefits provided under 132 are not employee welfare benefits for the purposes of ERISA. Neither 127 nor 132 provides an exclusion from gross income for educational assistance benefits paid to anyone other than the employee.

Should a company pay for its employees education?

Reimbursing or paying for employees expenses for work-related education is a great way to add to your employees skills and knowledge, which they can then apply to help make your business a success. And for employers, the amount paid or reimbursed for an employees education expenses is a deductible business expense.

How does a Section 127 Plan Work?

Under Section 127 of the Internal Revenue Code (IRC), employers are allowed to provide tax-free payments of up to $5,250 per year to eligible employees for qualified educational expenses. To be considered qualified, payments must be made in ance with an employers written educational assistance plan.

What is the difference between tuition assistance and tuition reimbursement?

Tuition reimbursement programs are similar to tuition assistance programs in that they allow companies to provide financial support to qualifying employees who choose to go back to school. The primary difference, however, is that tuition reimbursement requires that professionals pay the cost of their tuition initially.

How do you ask if a company will pay for education?

Approach asking for tuition assistance like you would a formal negotiation. Go into the discussion with clearly outlined and rehearsed messages about what you hope to gain and how it will benefit your boss and organization. Anticipate objections and be prepared to address them.

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Is paying for employee education tax deductible?

You can deduct the costs of qualifying work-related education as business expenses. This is education that meets at least one of the following two tests: The education is required by your employer or the law to keep your present salary, status or job.

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