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August 13, 2003 at 08:00 PM
NU Online News Service, Aug. 13, 2003, 1:20 p.m. EDT – State Street Corp., Boston, has added stable value investment options from New York Life Investment Management L.L.C., Parsippany, N.J., to a 529 college savings program it manages for The Education Trust Board of New Mexico.
State Street distributes the CollegeSense program, its 529 savings program, through a NYLIM affiliate, NYLIFE Distributors Inc.
Some holders of the State Street 529 accounts choose their own investment allocations.
When holders put assets in the new stable value accounts, State Street will invest 90% of the assets in a funding agreement backed by NYLIM’s parent, New York Life Insurance Company, New York, and 10% in a NYLIM money market fund.
