Home / News / Minnesota College Savings Plan Surpasses $500 Million in Assets Press Release Minneapolis, MN - November 27, 2006  - TIAA-CREF, the national financial services organization with more than $390 billion in combined assets under management (as of Oct. 2006), announced today that the Minnesota College Savings Plan surpassed $500 million in assets under management. "Parents and grandparents recognize the importance of saving for college and reaching $500 million since opening in September 2001 is a milestone," said Mary Lehman, Program Director of the Minnesota College Savings Plan. The Minnesota College Savings Plan is a state-sponsored, tax advantaged 529 college savings plan implemented and administered by the Minnesota Office of Higher Education and managed by TIAA-CREF Tuition Financing, Inc. (TFI). Any investment earnings in the Minnesota 529 Plan are free from federal and Minnesota income tax if used to pay for qualified higher education expenses. Funds may be used at thousands of eligible educational institutions nationwide and abroad such as; a private or public college or university, trade or graduate school, in Minnesota or another state. "A contribution toward a child's college education can make a great gift toward a learning legacy. A Minnesota College Savings Plan holiday gift can be the start of a great New Year's resolution to help a future college student," concluded Ms. Lehman. Parents, friends and relatives can open an account and give a gift that lasts a lifetime by visiting www.mnsaves.org. A Gift of Education Certificate, created with room for a personal message, is available at the web site.

MINNESOTA College Savings Plan Presents For information about an increase in the annual federal gift tax exclusion and an extension on a tax deadline applicable to taxpayers affected by Hurricanes Katrina, Rita and Wilma, click here (PDF, 84KB). Retrieve your photo from one of Minnesota College Savings Plan's events. Event Calendar Photos from Minnesota College Savings Plan events Minnesota College Savings Plan Reaches New Milestone Download our Program Brochure (PDF, 429KB). Check out our FAQ and read the Minnesota College Savings Plan Disclosure Booklet and Participation Agreements (PDF, 476KB). PDF files require the free Adobe Acrobat Reader. Get it here. Tell a Friend Let a friend know about the Minnesota College Savings Plan. Calculate Your Savings Need Compare College Savings Options Questions? Call 1-877-338-4646

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The tax information contained on the Minnesota College Savings Plan Web site is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties that may be imposed on the taxpayer. It was written to support the promotion of the products and services addressed in the Web site. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.

Consider the investment objectives, risks, charges and expenses before investing in the Minnesota College Savings Plan. Please call toll-free 1(877) 338-4646 for a Disclosure Booklet containing this information. Read it carefully.

Before investing in a 529 plan, you should consider whether the state you or your designated beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state’s 529 plan.

TIAA-CREF Individual & Institutional Services, LLC, distributes Minnesota College Savings Plan. The State of Minnesota, its agencies, TIAA-CREF Tuition Financing, Inc., Teachers Insurance and Annuity Association of America and its affiliates do not insure any account or guarantee its principal or investment return except for TIAA-CREF Life Insurance Company’s guarantee to Minnesota College Savings Plan under the funding agreement for the Guaranteed Option. Account value will fluctuate based upon a number of factors, including general market conditions.

The Minnesota College Savings Plan Web site contains links to other Web sites. Neither Minnesota College Savings Plan nor TIAA-CREF Tuition Financing, Inc. and its affiliates are responsible for the content of those other Web sites. The accuracy of information on those sites cannot be confirmed.

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© 2007 TIAA-CREF Tuition Financing, Inc. TIAA-CREF Individual & Institutional Services, LLC, distributes Minnesota College Savings Plan. 2008 TIAA-CREF Tuition Financing Inc.