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Monday, July 28, 2003|
ADP Adds Two 529 Options
ADP has added two 529 programs to its workplace college savings product. The ADP Employer Services (ES) division said that it has added Banc of America Capital Management's Future Scholar Program and PIMCO Advisor's CollegeAccess 529 Plan to its platform.
The Roseland, New Jersey-based payroll and HR services firm initially rolled out its product with a tie to Alliance Capital's CollegeBoundfund 529 plan offered through Rhode Island in August of 2002.
That plan ties together payroll with the 529 plan for employers to offer workers. ADP said that it partnered with PFPC to created the ties between its systems and the college savings programs.
Joe Grana, vice president of Marketing at ADP 529 Services said that the additions of the two plans were made in response to client demand for more alternatives. "We were asked, however when additional 529 plans would be available through our program," said Grana.
The Banc of America plan is admistered is offered through South Carolina while the PIMCO Advisors plan was created by South Dakota.
"The efficiencies provided through the ADP platform will help differentiate our product in the competitive 529 corporate market space," said Beth Hetzel, managing director product management at Banc of America Capital Management.
Stephen Jobe, senior vice president of Marketing at PIMCO Advisors, explained that his firm partnered with ADP to offer clients a "superior 529 plan that is easy to set-up and administer."
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