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TIAA Launches National Higher Ed Financial Education Initiative

TIAA announced the launch of TIAA FinSights, a national financial education initiative designed to give college students the skills to attain lifelong financial success.“Financial literacy is a key driver of financial security and success, and it has implications for America’s economic strength as well,” said Roger W. Ferguson, Jr., president and CEO of TIAA. “Yet far too many Americans, including college students, lack the financial knowledge they need to thrive. This program helps ensure that college students have the tools and resources to help them manage their financial lives and improve their financial futures.”TIAA FinSights launched at Queens College of The City University of New York in the fall of 2018 with entering freshmen enrolled in the College’s Percy E. Sutton Search for Education Elevation and Knowledge (SEEK) program. SEEK provides supplemental academic support, counseling and financial aid for qualified low-income high school graduates who might otherwise not attend college.TIAA works with college and university administrators across the country to deliver TIAA FinSights at no cost to the student or the school. Leading education technology innovator, EVERFI Inc., partnered with TIAA to create and deliver the TIAA FinSights educational content.The program leverages key findings from research conducted with 13,000 graduate students as part of a three-year collaboration among Council of Graduate Schools (CGS), TIAA and more than 30 leading universities.

Ascensus sells 25 percent stake to private equity firm

Ascensus, which administers retirement and college savings plans, has sold a 25% stake to a group of private-equity investors.Atlas Merchant Capital leads the investor group, which includes Singapore's sovereign wealth fund, GIC. The companies join two other private-equity backers, Genstar Capital and Aquiline Capital Partners, which bought Ascensus more than three years ago from another PE firm.

FINRA Gives Firms Until April 1 to Self-Report 529 Plan Share Class Violations

FINRA’s new 529 Plan Share Class Initiative allows firms to self-report any issues with 529 plan share class recommendations and supervision by April 1 to avoid fines. FINRA hopes the initiative will help to remedy potential violations and return money to affected investors as quickly and effectively as possible.

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