A large disability insurer is encouraging employees to save for their children’s college education.
Unum Group Corp., Chattanooga, Tenn., will be contributing $700 to a 529 college fund for each child born to a U.S.-based employee, employee spouse or employee partner during or after 2008.
Unum will make the contribution only if the employee, spouse or partner sets up a 529 college education savings account for the child within 1 year after the birth of the child.
The 529 contribution benefit also is available to U.S. based employees who adopt children and open 529 plan accounts for the children within a year after the children are adopted.
The program is available to employees of Unum’s Colonial Life unit as well as to Unum employees, Unum says.