Automated Data Processing has expanded its section 529 college-savings payroll deduction platform to include two more 529 managers, Banc of America Capital Management and PIMCO Advisor. ADP launched its 529 Payroll Deduction Program last August with Alliance Capital Managements CollegeboundFund, sponsored by Rhode Island.
The program now includes Banc of Americas Future Scholar 529 College Savings Plan, sponsored by South Carolina, and PIMCOs CollegeAccess 529 Plan, sponsored by South Dakota.
"Joining forces with ADP to payroll-enable the Future Scholar 529 Plan was a natural next step in the evolution of our plan," said Beth Hetzel, managing director, product management, at Banc of America. "This feature benefits clients with both expert 529 investment management and full payroll integration, all in one seamless process."