Moving on the 529 space, Merrill Lynch increased the maximum contribution limit of its NextGen Plan over 40 percent, from $153,000 to $225,000 per beneficiary.

The limit was raised to allow greater financial flexibility, according to Michael Coppolo, director of retirement and education savings marketing, in a statement. "[The] increase in the NextGen Plan's contribution limit should offset some of the pressure that financing higher education presents," said Coppolo.

With the increase, the contribution limit of the NextGen College Investing Plan is among the highest available. The Maine plan currently administrates approximately $515 million in assets.  

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