TIAA-CREF and Mothers Work announce alliance

02 Aug '06

3 min read

TIAA-CREF, the financial services organization and leading provider of retirement services in the academic, research, medical and cultural fields, and Mothers Work Inc, the world's leading maternity apparel retailer and the operator of the Futuretrust College Savings Program, announced an alliance to help educate families about the importance of saving for college early on in a child's life.

TIAA-CREF Tuition Financing Inc, the manager of 11 state-based 529 savings programs and Independent 529 Plan, will be Futuretrust's exclusive direct-sold partner.

Under the terms of the alliance, Mothers Work will provide information on opening 529 accounts in its stores, website and via mail order, about how to contact TIAA-CREF regarding opening a 529 plan account, with a focus on the state 529 plans that TIAA-CREF manages. All TIAA-CREF managed 529 plan account owners are eligible to sign up for the Futuretrust rebate program and link their 529 accounts to Futuretrust to receive additional savings opportunities.

"We are pleased to partner with Mothers Work, an organization that shares our goal of helping families plan ahead and save for college," said Doug Chittenden, VP of TIAA-CREF Tuition Financing Inc. "We are dedicated to helping families realize their savings goals and by offering the Futuretrust program to our account owners, we can help them take advantage of their everyday spending by turning it into savings."

Futuretrust is a MasterCard-linked method of saving for college that enables families and friends to get a head start on saving for college. The Futuretrust program has no membership fee or caps on the amount of rebates a member can earn. Rebates are automatically contributed to a tax-advantaged 529 college savings plan of the member's choice.

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