News & Press Releases
The Minnesota 529 College Savings Plan Announces Exciting Updates
St. Paul, MN – The Minnesota 529 College Savings Plan (MNSAVES) is excited to announce two updates to the popular college savings plan. First, MNSAVES introduces the READYSAVE™ 529 app, which provides families with easy and secure access to account information right in the palm of their hand. Second, MNSAVES is now offering a Social Choice Equity Fund for people who want to invest in companies whose activities are consistent with certain environmental, social and governance matters.
“Our goal is to provide the tools, technology and investment options to help Minnesotans achieve their college savings goals,” said Jim Mandler, senior marketing manager for the Minnesota 529 College Savings Plan. “The new mobile app gives users the power to manage their MNSAVES account right from a smartphone or tablet, while the Social Choice Equity Fund allows investors to align their portfolio with their social goals.”
READYSAVE™ 529 App
The READYSAVE 529 app allows users to view account balances and investment allocations, make one-time or reoccurring contributions and see how their savings compare with peers. Users can also invite family and friends to gift to their child’s or grandchild’s MNSAVES account.
TIAA-CREF Social Choice Equity Fund (TISCX)
The TIAA-CREF Social Choice Equity Fund (TISCX) is designed for those seeking a fixed asset class that reflects their personal values. The investment portfolio invests 100 percent of its assets in one actively managed mutual fund. The fund mainly invests in equity securities of companies (primarily in the U.S.) across all capitalization ranges whose activities are consistent with certain environmental, social and governance criteria.
To learn more about this new investment option, visit mnsaves.org/research/single-fund.
About the Minnesota 529 College Savings Plan
The Minnesota 529 College Savings Plan (MNSAVES), Minnesota’s official 529 college savings plan, makes it easier for families to save for higher education expenses. It takes just $25 and 15 minutes to open a MNSAVES account and funds saved can be used at colleges, technical schools and graduate schools nationwide and many abroad. In addition to tuition, funds may be used for certain room and board expenses, books, supplies or other qualified expenses.
To learn more about MNSAVES and to open an account, visit mnsaves.org.
To learn more about the Minnesota College Savings Plan, its investment objectives, tax benefits, risks and costs, please see the Plan Description at mnsaves.org. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors only available for investing in its own 529 plan. Consult your legal or tax professional for tax advice. If the funds aren’t used for qualified higher education expenses, a 10 percent penalty tax on earnings (as well as federal and state income taxes) may apply.
TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Minnesota College Savings Plan.