Tennessee to close down 529 savings plan

The State of Tennessee has announced the May 30, 2008 closing of its 529 savings plan, the BEST Savings Plan. Any accounts that have not been withdrawn by that date will be paid out to the designated refund recipient.

The Tennessee State Treasurer has "endorsed" Georgia's 529 savings plan, Path2College 529 Plan, and is encouraging BEST participants to roll over their funds to the Georgia plan. Both 529 plans are managed by TIAA-CREF.

BEST will stop accepting new accounts and rollover contributions on February 22, 2008. May 1 is the last day for making contributions to existing accounts.

The decision to close Tennessee's 529 savings plan does not affect the state's prepaid tuition plan.
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