State 529 College SAVE Plan Now Available to Banks and Brokers

BISMARCK–March 2002-Bank of North Dakota (BND) invites banks and registered securities brokers to participate in North Dakota's College SAVE plan. Recent changes approved by the North Dakota Industrial Commission went into effect on March 1, 2002, allowing North Dakota's banks and securities brokers the ability to offer College SAVE to their customers. Letters with this announcement have been sent to North Dakota banks and brokers.

College SAVE helps families invest for future college expenses. Anyone at least 18 years of age can participate and start a college savings account with only $25 per month (minimum contribution of $300 in the first 12 months). The plan, established by BND under Section 529 of the Internal Revenue Code, allows program participants to use a variety of investment options for college education savings through Morgan Stanley, a full-service, global financial firm.

Another major feature of College SAVE for North Dakotans is the waiver of fees for accounts in which either the participant or beneficiary are residents of our state. Non-residents of North Dakota may also participate in College SAVE, but they will be charged annual maintenance fees.

For more information on how to participate in the College SAVE plan, e-mail your questions to Bank of North Dakota at bndsl@state.nd.us.

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