Administration July 12, 2004

State Street Transfers New Mexico 529 Plan as part of 529 Exit Strategy

December 7, 2004 (PLANSPONSOR.com) - State Street Corporation has agreed to assign its New Mexico 529 college savings program management business to two of its distribution partners jointly.
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Effective January 31, 2005, Evergreen Investments and OppenheimerFunds Inc. will take over the management business for the fund. The agreement was approved by a unanimous vote of the Education Trust Board of New Mexico at the end of November, according to a press release from State Street.

This move follows a statement by State Street that it will be exiting the 529 college savings program management business due to an insufficient scale to support the company’s investment.

The New Mexico 529 college savings plans, managed by Schoolhouse Capital and sponsored by the Education Trust Board of New Mexico, include:

  • The Education Plan
  • The Education Plan of New Mexico
  • The Education Plan A Share
  • Scholar’sEdge
  • Arrive Education Savings Plan
  • CollegeSense.

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