Investment Company Institute President Paul Schott Stevens said on Wednesday that H.R. 2386, the "College 529 Invest in Education Savings for Tomorrow Act of 2005," and S. 1112, the "College 529 InvEST Act of 2005"--two bills that would make permanent the tax-free treatment of qualified deferrals from 529 college savings plans--will benefit millions of American families saving for college.

"Institute research finds that saving for education is an important financial goal of the nation's mutual fund shareholders, and that EGTRRA's education savings enhancements are strong incentives for families saving for college," and will encourage long-term saving, Stevens said.

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