New York Life Investment Management LLC has launched a 529 plan in conjunction with State Street Corporation’s subsidiary, Schoolhouse Capital. The CollegeSense 529 Higher Education Savings Plan will be distributed through NY Life’s force of captive agents as well as independent broker/dealers. Schoolhouse’s existing plan, the Education Plan, is currently available directly through Schoolhouse Capital and E*Trade.

"CollegeSense is designed for investors working with financial advisors … It includes a multi-manager investment platform, flexibility in investment selection, and cutting-edge program features and technology," said Brian Lee, CEO of NYLIM Retail Markets, in a statement.

CollegeSense offers five age-based asset allocation portfolios ranging from aggressive to conservative, as well as equity, bond, and short-term yield portfolios. Underlying funds include three Mainstay and one Eclipse fund, four SSgA funds, and two JP Morgan offerings.

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