Cheryl Winokur Munk

speaker

643 appearances 14 recordings 1 series first heard Mar 2018 last heard Nov 2024

Cheryl Winokur Munk’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Tuition Reimbursement: Why Now May Be the Time to Ask Your Employer to Help · 11 Oct 2023 podcast

It may be that you can be eligible for a master's degree.

It may be that you can get both.

You may have a limit in terms of how many days you have to be at the company before the benefits start.

Another difference is if you leave a company, some companies have a clawback provision if you leave before a certain period of time.

And some companies also require you to get certain grades in order to continue receiving the benefit.

The IRS says that education benefits can be excluded from taxable income up to $5,250 a year.

So that means if you're getting prepaid benefits that are worth more than that, then you would owe additional taxes.

Or if you have reimbursement benefits, like let's say a program is costing $10,000.

Even if your company is reimbursing you for $10,000,

you would still owe taxes on the $10,000 minus the $5250.

So it's really a win-win.

The businesses are finding that they're seeing greater employee retention, and they're also seeing greater promotions with the people who take advantage of these programs.

The people I talk to are actually really grateful.

that their companies have paid for their education because it means that they're not graduating with tons of debt, they're furthering their career, and they feel tied to the company for offering these benefits.

And several companies I spoke to said that they really want to offer these benefits to their employees so that they will grow ideally within the company, but they also recognize that they may not ultimately stay with the company, but that's okay too.

The ultimate goal is to give the education to your employees so that they grow within the company.

Some companies have clawback provisions where you have to stay for a certain period of time.

Otherwise, you owe the money back.

Not all programs have it.

So again, read the fine print because it just really depends on the company's tuition benefits offering.

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