Can I provide my employee with a college savings plan through my business?

If I were to own a business, would I be able to make a optional fund available to high school employees that would allow for them to invest 10% of each paycheck into a savings account through the business. I would then add 2% additionally to the fund. Once the student attends college and provides proof for their enrollment, they will be entitled to all of the money; however, if they opt out of the contract before they enroll in college, then they are only entitled to their sum of the 10% investment, not the additional 2%.
Businessnovice
Asked Mar 11, 2014

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