Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Portfolio > Investment VIPs

Edward Jones Distributes Hartford 529 Plan

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

NU Online News Service, July 24, 2003, 2:36 p.m. EDT – The Hartford Financial Services Group Inc., Hartford, has started marketing a new, multi-manager 529 college savings plan, the Cornerstone SMART529 plan, through Edward Jones Inc., St. Louis, a retail brokerage with 8,000 investment representatives.

The West Virginia College Prepaid Tuition and Savings Program is the program’s official parent.

The Cornerstone 529 plan offers 22 investment fund options. The fund managers are The American Funds Group, Federated Investment Management Company, Franklin Templeton Investments, Goldman Sachs & Company, Hartford Investment Management Company, INVESCO Institutional (N.A.) Inc., Lord Abbett, MFS Investments, Putnam Investments, Van Kampen Investments and Wellington Management Company L.L.P.

Investors who want professionals to design their portfolios can choose from a menu of eight off-the-shelf portfolios, Hartford says.

Section 529 of the Internal Revenue Code gives each state the authority to set up its own 529 college savings plan programs. The code exempts taxpayers from paying federal income taxes on either contributions to or normal distributions from the plans. States can offer breaks on state income taxes to state residents who participate in their plans.

Once a state sets up a 529 program, it can open the program to taxpayers throughout the United States, but the breaks on state income taxes are usually available only to residents of the sponsoring state.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.