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Products March 22, 2010
Oregon 529 Completes Transition to TIAA-CREF
March 22, 2010 (PLANSPONSOR.com) - The Oregon College Savings Plan has been successfully transitioned to its new plan manager, TIAA-CREF Tuition Financing Inc.
Reported by Rebecca Moore
According to a press release, the conversion of the Oregon College Savings Plan includes a redesigned Web site http://www.OregonCollegeSavings.com and includes the following features:
- Accounts can be established through an initial investment of $25, or as little as $15 per pay period by payroll deduction when offered by the employer;
- Anyone – in-state and out-of-state parents, grandparents, relatives or friends – can establish and contribute to an Oregon College Savings Plan account;
- There are no income restrictions;
- An expanded lineup of investment portfolios: age-based, multi-fund, single-fund, principal plus interest and a socially-responsible option;
- Low investment management fees;
- Funds can be used at most colleges and universities throughout the United States and many schools abroad, including graduate, medical, law and vocational-technical schools;
- Funds can be used for a variety of qualified higher-education expenses: tuition, certain room and board, books and required fees; and
- Up to $310,000 per child can be invested.
Online enrollment, samples of completed forms and a calculator application to calculate the benefits of tax-deferred savings are also available on the site.
“TIAA-CREF has a long-standing commitment to helping families save for higher education, and we are pleased to be working with the State of Oregon to successfully transition and manage the Oregon College Savings Plan,” said Doug Chittenden, president of TIAA-CREF Tuition Financing Inc., in the press release. “Working with the Treasurer’s office we’ve created a plan that is low-cost, flexible and easy to use, and we look forward to building college savings across the State.”