NU Online News Service, June 12, 3:56 p.m. – The BISYS Group Inc., New York, has won a contract to handle 529 college savings plan accounting services for One Group Administrative Services Inc., a subsidiary of Bank One Corp., Chicago.
BISYS will help Bank One run a 529 program set up by Indiana. The Indiana program has 8,000 participants and $47 million in assets.
Section 529 of the federal Internal Revenue Code lets each state set up its own college savings program. Participants who follow the program rules carefully may be able to avoid ever having to pay income taxes on contributions.