Manulife 529 Offers Payroll Deduction

May 14, 2002 ( - It may be a bit easier to fund a 529 college savings program with the launch of a new plan by the Manufacturers Life Insurance Company (USA) to which employees can contribute via payroll deduction.

According to a company news release, workers can go through their company to open an account in Manulife College Savings Employee Select with as little as $50 a month.

Participants can put as much as $250,000 for a student’s college education into the 529 account.

Once in the program, according to the news release, investors can choose funds managed by a number of fund families including Franklin Templeton, AIM Advisors, Oppenheimer Funds, and T. Rowe Price Associates.