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State Street Increases 529 Limit

Schoolhouse Capital, a wholly-owned subsidiary of State Street Corporation of Boston, is increasing the maximum contribution limits of its 529 college savings plans and allowing certain types of savings accounts to roll over into the plans, the company announced last week.

The plan, which is sponsored by the state of New Mexico, has also been modified in order to allow accounts to be transferred from an account owner to a family member if the original account holder dies during the life of the account, according to State Street.

The maximum contribution will increase from $160,539.00 to $202,225.00.

As of June 1, the plan began allowing assets from Uniform Gift to Minors and Uniform Transfer to Minors Accounts to be rolled over into one of the 529 portfolios, according to State Street.