Those saving for their retirement through a direct-deposit investment plan provided by Fidelity Investments will now be able to sock money away for college in the same fashion, the company said this week.

Fidelity has decided to offer a 529 college savings plan to companies that provide its 401(k) and other retirement savings services to their workers. Employees will be able to choose an amount that they want deducted from their paychecks, just as they currently do with their 401(k) plans, and that money will be invested in a 529 program, the company said.

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