Set up an employer-sponsored CollegeAmerica® plan
ARTICLE TAKEAWAYS
- Find the paperwork needed to set up an employer-sponsored CollegeAmerica plan
- Learn how to enroll eligible employees
- Understand how contributions are submitted
Follow these step-by-step instructions to set up an employer-sponsored CollegeAmerica plan.
Step 1: Authorize the plan
Have the employer complete the CollegeAmerica Employer Authorization form and return it to American Funds. A copy is acceptable.
Step 2: Notify employees
Once the plan is established:
- Schedule an enrollment meeting
- Inform the employees about the meeting
- If the employees will be contributing via Automated Clearing House (ACH), ensure they bring a voided check from their personal bank account so they can link it to their new savings plan
Step 3: Prepare for the meeting
Review and order materials. The following are available:
Step 4: Conduct the meeting
Provide the following to each employee:
- CollegeAmerica client conversation kit — employer-sponsored plan application
- Prospectuses
- For payroll deduct plans, the CollegeAmerica Payroll Deduction Election form (to be returned to the employer)
Return the completed applications to American Funds.
Step 5: Submit contributions
If payroll deduction was requested when the plan was established, contributions must be submitted online through the Online Group Investments (OGI) website. The designated plan contact (and third-party remitter, if applicable) will be sent an email providing them with a link to the website, the user ID and instructions for getting started.
If employees are contributing via ACH from their personal bank accounts, contributions can be made on the investor or advisor website.
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The guidelines and procedures provided in the Account Resource Center may not apply to networked accounts or accounts not directly held by American Funds. The guidelines and procedures provided also apply only to those retirement accounts or Coverdell ESAs invested in American Funds with Capital Bank and Trust Company (CB&T) as custodian. The guidelines and procedures provided in the Account Resource Center do not apply to plans held in our retirement plan solutions — PlanPremier, PlanPremier-TPA or RecordkeeperDirect. Information on the Account Resource Center may change periodically, and previously printed information may not be current. Please refer to capitalgroup.com for the most current information available.
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