MetLife has brought a principal-protection savings option to its North Carolina 529 college savings program. The new Protected Stock Fund requires contributors to contribute $1,000 for at least five years.

In return, MetLife will guarantee the principal, plus the greater of 3% annualized interest or 70% of the return of the S&P 500 Index, minus dividends, at the end of the five years. North Carolina's 529 college savings program allows investors to deduct contributions from their state taxes

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