Adding a Repayment Plan

To add your Repayment Plan in 5 steps:

Step 1: Log in to your Peanut Butter Employer Account

Step 2: Go to "Plan Info" and click "Add new plan" on the top right corner 

Step 3: Enter the following information according to your plan

Plan name - Any name you choose to identify the plan with

Plan Effective Month - The first month the company will budget for its contributions

Contribution Amount - Consider a contribution of $50 or $100 per month

Months of Service to Qualify - Number of months since the employee was hired

Tax-Free Contributions - Section 127 of the Internal Revenue Code allows for a maximum Tax-Free Education Benefit to be applied. This allows employers to provide tax-free reimbursement for educational expenses of employees.

 

Step 4: Adding Tiers - select "Yes" if you want tiers to the amount in contributions each employee gets.

Select "No" if your plan will be a flat contribution amount. Tiers can also be added later.

Step 5: Select where you would like the funds to come from.

By default, this will be the account entered when the company Peanut Butter account was created. You can add a new one by clicking "Add new" or by editing the funding source from the Company Info page.

Click Save and you are done! You can add employees to your plan one-by-one from the Employee Info page or upload a CSV with the updated information.