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Tuesday, September 28, 2004

Senators Scrutinize 529s

by: Theresa Sim

Senator Peter Fitzgerald (R, Illinois), will chair a Senate subcommittee hearing on 529 plan oversight, scheduled for Thursday at 10:30am EST.

The Subcommittee on Financial Management, the Budget, and International Security is holding the hearing; the subcommittee is within the Senate Committee on Governmental Affairs.

The subcommittee is expected to consider 529 plan fees, intermediary sales practices, disclosures, and differences between each state's plans.

Steven Miller, commissioner of Tax Exempt and Governmental Entities Division at the IRS, Mary Schapiro, vice chairman and president of regulatory policy and oversight at the NASD, Ernesto Lanza, senior associate general counsel of the MSRB, and several officers from state treasurers and college savings plans.

The hearing will be webcast live.  

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