MSRB Submits Revised Notice for Section 529 Plans

Hume, Lynn
April 2003
Bond Buyer;4/30/2003, Vol. 344 Issue 31625, p4
Trade Publication
The Municipal Securities Rulemaking Board filed a revised interpretative notice on April 29, 2003 with the Securities and Exchange Commission that explains how the board's suitability, fair-dealing, and other rules apply to dealers that are marketing municipal fund securities under the Section 529 college savings plans to employers as employee payroll deduction programs.Under the most common version of these rapidly growing programs, an employee can enroll in a college savings program and have money automatically deducted from his or her paycheck.The money is put into a state trust in return for tax-deferred shares or interests that can be cashed in later to pay for the college expenses of a dependent.


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