Minnesota College Savings Plan

Minnesota College Savings Plan Launches New Web Site to Coincide with Positive Tax Legislation

college studentsPress Release

Minneapolis, MN — August 30, 2006 — On August 17th, President George Bush signed the Pension Protection Act of 2006. The act eliminated a 2010 sunset provision for federal tax-free withdrawals from 529 college savings plans. With more that $450 million under management as of August 24, 2006, the Minnesota College Savings Plan and its more than 25,000 account holders are sure to benefit from this change that provides assurances that their qualified withdrawals taken after 2010 will remain tax free.

"This legislation confirms that 529 plans may be an excellent vehicle for saving for higher education," Mary Lehman, director of the Minnesota College Savings Plan said. I encourage Minnesotans to visit our new web site at www.mnsaves.org and learn how to take advantage of the plan's benefits."

The Minnesota College Savings Plan's new Web site has been improved and expanded to coincide with the positive tax legislation. The site allows for online enrollment and offers samples of completed forms to insure accuracy and proper completion of information. There is a new calculator feature to calculate benefits of tax-deferred savings and an interactive comparison chart that provides comparisons with other educational savings vehicles. Account holders are able to send E-cards and print out gift certificates from the site. A Parent Resource center links Minnesota families with businesses, periodicals and activities that appeal to families.

Mary Lehman continued, "The launch of the new Minnesota College Savings Plan web features are timely as Governor Tim Pawlenty has proclaimed September as College Savings Month in Minnesota. Since more than 60 percent of our new accounts have been opened on the Web site, we wanted to make our site easier to use and provide more options and information to our account holders. Parents should bookmark the site as a college planning resource. We're pleased that the new site is a vehicle to easily sign up for a college savings plan that according to Kiplinger's Personal Finance Magazine, May 2005, is one of the best plans in the country."

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). TIAA-CREF is a national financial services organization with more than $380 billion in combined assets under management and is a leading provider of retirement services in the academic, research, medical and cultural fields. TIAA-CREF Tuition Financing, Inc. has managed the Minnesota College Savings Plan since its inception in 2001 and oversees several other 529 savings programs.

The tax information herein is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties. It was written to support the promotion of the Minnesota College Savings Plan. 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 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.

TIAA-CREF Tuition Financing, Inc., program manager.

TIAA-CREF Individual & Institutional Services, LLC, member NASD, SIPC, distributes securities products.
 

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).

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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.