From a press release:
Dun & Bradstreet Credibility Corp., the leading provider of
credit building and credibility solutions for businesses, today announced the
launch of EdAheadTM, the nation's first education savings plan with
a multiple match. The company created
the EdAhead fund to support its commitment to putting the dream of college back
on track with the power of personal action.
"There is no more pressing issue than education in this country,
which is why I'm so passionate about what we're doing as a company to make a
difference. We are leading the effort to
establish the importance of higher education -- for our employees, their
children and the communities where we work," said Jeff Stibel, Chairman and CEO
of Dun & Bradstreet Credibility Corp.
"Our strength in building trust and credibility puts us in a position to
be a catalyst for a new idea that will create an impact on education today and
tomorrow. We are taking the first step as
an employer, community partner and business innovator, and we hope other
companies will follow suit."
The EdAhead program will operate in the following fashion:
- When employees contribute to their
EdAhead account, Dun & Bradstreet Credibility Corp. will match up to a
certain amount of the funds annually, effectively increasing the rate at which the
employee's education savings grow.
- Employee contributions activate a
second aggregate match for local public schools in the Tucson Unified School
District in Tucson, Arizona where Dun & Bradstreet Credibility's Arizona
offices are located.
- The amount of the donation in the Tucson
Unified School District will equal the aggregate amount of the match made by
the company to employees in the Tucson office.
Eligible beneficiaries of EdAhead accounts can include the
employee, his or her dependent children, or children of other family members or
friends. Due to government restrictions, funds that employees contribute are
after tax, but the company will be adding to the employer matched portion an
additional amount to help offset these taxes.
Any investment earnings in the account are tax free as long as the funds
are withdrawn for eligible education costs.
The company hopes that other companies will join in the cause and also
offer EdAhead programs for their employees, and is planning a future 2013
campaign to educate and encourage such participation.
"Access to and choice of education can be the start of many
successful futures and—just as important—can seed a network effect of success
for families, communities and a nation that will rely on future generations'
leadership to make the most of whatever lies ahead," said Stibel. "Individuals can't
solve this problem alone. Education is
everybody's business."
Dun & Bradstreet Credibility's EdAhead plan is being
administered by Putnam 529 for AmericaSM.
