As part of its comprehensive federal advocacy program, PRINTING United Alliance joined Tomorrow’s Workforce Coalition (TWC). Coalitions are one of the ways that the Alliance can support legislation that benefits the printing industry by joining with other industries with common goals to speak with one, stronger, voice. With more than 650 organizations in the TWC, the Alliance can have an impact that benefits the printing industry.
On September 27, 2023, the TWC sent a letter to leaders of the Senate Finance Committee and the House Committee on Ways & Means in support of bipartisan legislation to expand use of educational savings plans to include postsecondary skills training and credentialing programs. That bill is called the “Freedom to Invest in Tomorrow’s Workforce Act” and a summary of the legislation can be found here.
Education savings plans, commonly referred to as 529 Plans, were created to allow tax-exempt savings for college if the funds were used for college, graduate, or professional degrees. It can also be used for education programs from Title IV accredited institutions, registered apprenticeships, some K-12 tuition, and certain student loan repayments. The new legislation would transform the 529 program to a “career” rather than “college” savings plan, allowing the tax-exempt 529 account funds to be spent on obtaining and maintaining postsecondary credentials, including professional, voluntary certifications, licenses and other training and credentials. The Alliance has credentialing programs that will be covered under the new legislation.
The bipartisan sponsorship of the bill and the relatively low cost of $85 million over 10 years means that the legislation has a good chance of passing in this Congress. The Senate bill and the House bill will need to be approved by the respective Finance and Ways & Means committees in both houses of Congress before a final vote is scheduled.
The Alliance will continue to monitor the legislation and update with any new developments.
In this article Adriane Harrison, VP of Human Relations Consulting, PRINTING United Alliance, addresses new legislation that will benefit the printing industry. More information about labor and employment laws and regulations can be found at the Center for Human Resources Support or reach out to Adriane directly if you have additional questions specific to how these issues may affect your business at: aharrison@printing.org.
To become a member of the Alliance and learn more about how our subject matter experts can assist your company with services and resources such as those mentioned in this article, please contact the Alliance membership team: 888-385-3588 / membership@printing.org.