Minnesota College Savings Plan

Minnesota College Savings Plan Reaches New Milestone

college studentsPress Release

College saving plan reaches $400 million in assets

St. Paul, Minnesota (January 31, 2006) TIAA-CREF, the financial services organization and leading provider of retirement security in the academic, medical and cultural fields, announced today that Minnesota College Saving Plan grew to over $400 million in assets under management and nearly 50,000 account holders in just five years (as of 12/31/05).

"The Minnesota College Saving Plan is growing rapidly as more and more parents see it as a way to save for their children's tuition now," said Pierre Dejean, Program Director for Education Savings TIAA-CREF. "This is a great plan and a great way to start off 2006."

"It is never too early to start to save for college and we're proud that Minnesota parents are using this plan in such strong numbers," said Susan Heegaard, Director of the Minnesota Higher Education Services Office, which oversees the plan. "Reaching this milestone so soon means that Minnesota parents really understand the benefit of the Minnesota College Saving Plan."

The Minnesota College Savings Plan is a state-sponsored, tax-advantaged 529 college savings plan administered by the national financial services company TIAA-CREF Tuition Financing, Inc (TFI).  The plan was introduced in Minnesota on September 20, 2001 and participation has grown significantly each year. 

The program web site - http://www.mnsaves.org/ - provides complete information and includes on-line enrollment and other on-line services.  Information and applications can also be obtained through a customer service center, 1-877-424-4377 (toll free).  There are no income or state residency restrictions on who can open an account.  However, if you reside in a different state, you should consider whether your state offers a plan with other tax benefits only available to residents of that state.

For more information about Minnesota's 529 college savings plan, contact Christine White at 952-830-3118 or by email at cwhite@tiaa-cref.org.

Consider the investment objectives, risks, charges and expenses before investing in the Minnesota Savings Plan. Please visit http://www.mnsaves.org 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.

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 the 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.

Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.

About TIAA-CREF

TIAA-CREF is a national financial services organization and the leading provider of retirement services in the academic, research, medical and cultural fields. With more than $360 billion in combined assets under management (9/30/05), TIAA-CREF is ranked one of Fortune magazine's 100 largest U.S. companies (April 2005). Further information can be found at http://www.tiaa-cref.org.
 

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).

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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.

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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.