The plan – being established along with State Farm VP Management Corp., AIM Distributors, Inc. and the State of Nebraska – will be available through State Farm agents in all 50 states, according to a news release.
The plan will offer 10 investment options – three fixed-allocation portfolios (aggressive growth, growth and balanced) and seven enrollment-based portfolios. The enrollment-based choices provide varying investment allocations corresponding to when the beneficiary will start their higher education.
The State of Nebraska sponsors the plan and the Nebraska State Treasurer is the administrator. AIM subsidiaries will serve as investment manager and servicing agent. Information on the plan is available through State Farm agents or at www.statefarm.com .
A 529 plan allows investors to accumulate assets on a federally tax-deferred basis for a beneficiary’s post-secondary education. Contributions and earnings used to pay such qualified expenses as room, board, books, supplies, fees and tuition may be made on a tax-exempt basis.
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