Federated Investors has launched a 529 plan sponsored by Oregon and administered by State Street Corp.’s Schoolhouse Capital.

Called CollegeConnect and available to investors throughout the U.S., it allows a maximum balance of $250,000 per beneficiary and five age-based and 11 individual mutual fund portfolio options. CollegeConnect also allows account owners to maintain control of assets but considers contributions as gifts, therefore excluding them from the owner’s taxable estate.

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