ranklin Templeton Investments has selected PFPC
to provide investor servicing for its national 529 College Savings Plan and NJBEST 529 College Savings Plan, which is designed for New Jersey residents. The two programs are offered by the New Jersey Higher Education Student Assistance Authority
, and managed and distributed by Franklin Templeton Distributors.
PFPC has been tapped to provide recordkeeping, reporting and investor servicing for the two plans. NJBEST, an existing plan, reports that more than 26,000 families have invested some $137 million for college. State employees had managed NJBEST until March, when Franklin Templeton Investments was selected as the new manager and distributor for that plan and the new, nationally-distributed 529 plan.
The new Franklin Templeton 529 College Savings Plan is marketed through financial advisors.
"PFPC's successful track record in the smooth transfer of participant accounts and its proven ability to support our expanded distribution goals were key factors in helping Franklin Templeton capture the New Jersey mandate," said Dan Reinhold
, senior vice president, Franklin Templeton Investments.
"This is one of the first conversions of a 529 plan in the industry and, through strategic teamwork with PFPC, we are tapping the strength and flexibility of its Global Enterprise Platforms that makes it possible for us to provide superior service to thousands of account holders nationwide who participate in 529 plans through various channels."
PFPC currently supports 10 state-sponsored 529 college plans representing more than 300,000 investors, according to the firm.
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