US Bancorp Partners on Oregon 529 Plan

March 1, 2002 ( - US Bancorp Asset Management Inc. will offer a national 529 college-savings plan in conjunction with the state of Oregon.

The FACTS 529/Oregon Savings Plan allows investors in any state to set up a college account for a named beneficiary and invest in First American or Strong mutual funds with after-tax dollars.

Earnings also accumulate tax free from federal taxes and Oregon residents also don’t have to pay state taxes on the earnings.

The state of Oregon launched the Oregon College Savings Plan in 2001. The plan has $43 million in investments on behalf of approximately 10,000 children.

The 529 accounts are typically used by parents or grandparents to help pay a child’s college costs.