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Products August 12, 2003
CollegeSense Program Adds Stable Option
August 12, 2003 (PLANSPONSOR.com) - New York Life
Investment Management LLC (NYLIM) and Schoolhouse Capital
have opened the doors on a Stable Value Portfolio in the
CollegeSense 529 Higher Education Savings Plan.
Reported by Nevin E. Adams
The Stable Value Portfolio invests 90% in a funding agreement issued by New York Life Insurance Company (“New York Life”), NYLIM’s parent, and 10% in Eclipse Money Market Fund, according to a press release.
The annualized rates of return for the portfolio as of the date of this release, for instance, are 3.49%, 2.74%, and 2.49% for Class A, B, and C shares respectively. These returns are net of all fees and expenses but do not reflect any sales charges, which apply in different amounts depending on the class of shares purchased by the investor, according to the firms.
In addition to the Stable Value Portfolio, a stable value component is now included in several other CollegeSense portfolios that previously invested from 5% to 40% in money market funds. These portfolios have shifted 90% of their respective money market allocations to the New York Life funding agreement.
CollegeSense is an IRC Section 529 qualified tuition savings plan available to all US residents, sponsored by The Education Trust Board of New Mexico. Schoolhouse Capital, a division of State Street Corporation, is the plan’s program manager.
You can find out more at www.collegesense.com , or by calling 1-866-529-SENSE (a toll free call).