USAA Investment Management Co. and Strong Capital have launched a new joint 529 college savings plan with the state of Nevada called the USAA College Savings Plan.

Strong will serve as plan administrator, and the plan will include portfolios of mutual funds from both firms. Strong already serves as program manager for five 529 plans, including two in Nevada, one in conjunction with American Skandia and one alone.

Participants in the new 529 plan will have six different options of asset allocations from which to choose. They are: aggressive growth, growth, moderate, balanced, conservative and in college. Also, participants can select an age-based investment option that automatically becomes more conservative as the beneficiary gets older.

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