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Prudential partners on 529 plan. (Life/Health: Marketplace).

Prudential Financial has partnered with BabyMint Inc., an Atlanta-based microinvesting technology company, to enhance the 529 College Savings Plan it runs in New Mexico that is available to customers nationwide.

BabyMint has built a nationwide network of more than 700 retailers and 127,000 grocery stores. When Prudential clients complete free registration with BabyMint, it rebates some of each eligible purchase into their 529 plan or other college savings account. The rebates generally range from 2% to 20% of the purchase, according to www.BabyMint.com. Participating retailers include Barnes & Noble, Dell, Starbucks, Macy's and Gap.

College savings plans are tax-sheltered accounts whose earnings can be tax free when used for eligible higher-education expenses. The New Mexico-sponsored plan is the Arrive Education Savings Plan, which Prudential Investment Management Services LLC distributes along with SunAmerica Capital Services Inc. and Evergreen Investment Services Inc.

Prudential will also offer the BabyMint program to its financial professionals.
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Title Annotation:529 College Savings Plan; Prudential Financial
Publication:Best's Review
Article Type:Brief Article
Geographic Code:1USA
Date:Jul 1, 2003
Words:153
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