Nationally Recognized Nebraska 529 Plan Made Available to TD Waterhouse
Customers and Financial Advisors
NEW YORK, Jan. 17 /PRNewswire-FirstCall/ -- TD Waterhouse Group, Inc. has
expanded its line of investment products to include The TD Waterhouse College
Savings Plan, made available through an arrangement between TD Waterhouse, the
Nebraska State Treasurer's Office, and Union Bank & Trust Company.
The Nebraska 529 Plan was recently named the best 529 plan in the country
by SmartMoney and also received a five-star rating from Joe Hurley, a leading
authority on 529 savings plans. This is the highest designation awarded to
plans by Mr. Hurley's organization, SavingforCollege.com.
Through this arrangement, both TD Waterhouse retail brokerage customers
and the more than 2,600 independent financial advisors in TD Waterhouse
Institutional Services' network will be able to establish college savings
plans. 529 plans are investment programs sponsored at the state level and are
designed to offer tax-efficient investments to meet college savings goals.
Beginning in 2002, qualified withdrawals are federal tax-exempt. Under
previous law, all withdrawals were taxed at the student's tax rate.
"The introduction of a 529 plan is one more step in our efforts to offer
investors and independent financial advisors a one-stop line up of the most
comprehensive financial planning tools and services available," said Elizabeth
Butler, First Vice President, Marketing for TD Waterhouse Group, Inc. "The
escalating cost of a college education heightens the need for reliable, tax-
efficient college savings investment vehicles, and we feel confident the
Nebraska offering provides an approach that will set those saving for college
on the road to successfully funding a higher education."
The Nebraska-sponsored 529 plan places investors' assets in a portfolio of
funds, using a multi-manager investment approach. The construction of the
portfolios and the combination of growth versus value investments are based on
the beneficiary's age and investment horizon. Among the investment management
firms included in the program are American Century, Fidelity, PIMCO, State
Street Global Advisors, T. Rowe Price and Vanguard. The overall plan
contribution limit is $250,000 and there is no annual minimum investment
requirement.
"We are excited to team up with a quality firm like TD Waterhouse to
provide college savings opportunities that help ensure the higher education of
our nation's youth," said Nebraska State Treasurer Lorelee Byrd. "The
Nebraska Plan is a high-quality program that has received excellent
recognition from several national financial publications with its
multi-manager investment approach and flexibility."
"We look forward to helping families across the nation attain their
college planning goals by reaching out to additional college savers through
our alliance with TD Waterhouse," said Jay J. Steinacher, Manager of the
College Savings Plan Division at Union Bank. Union Bank & Trust, the Program
Manager for the College Savings Plan of Nebraska and the TD Waterhouse College
Savings Plan, is a Nebraska-chartered bank with over $3 billion in assets
under management. Union Bank is the largest state chartered Trust Company in
Nebraska and one of the top guaranteed student loan providers in the nation.
TD Waterhouse Group, Inc. provides investors and financial advisors with a
broad range of brokerage, mutual fund, banking and other consumer financial
products on an integrated basis. Worldwide, TD Waterhouse currently services
3.3 million active customer accounts in the United States, Canada, the United
Kingdom and Australia. The firm also has joint ventures in Japan, Luxembourg,
Hong Kong and India to serve investors in those countries. TD Waterhouse can
be found on the Internet at http://www.tdwaterhouse.com and on America Online
at Keyword: TD Waterhouse. TD Waterhouse is a wholly owned subsidiary of TD
Bank (NYSE: TD; TSE) and part of TD Bank Financial Group. Headquartered in
Toronto, Canada, with offices around the world, TD Bank Financial Group offers
a full range of financial products and services to approximately 13 million
customers worldwide. In the U.S., brokerage services provided by TD
Waterhouse Investor Services, Inc. (Member NYSE/SIPC).
SOURCE TD Waterhouse Group, Inc.
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Related links:
http://www.tdwaterhouse.com
CONTACT:
Melissa Fox of TD Waterhouse Group, Inc.,
+1-212-908-3101, melissafox@tdwaterhouse.com
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