Eastern Mennonite University is among a group of schools cited in the December 15, 2003 issue of BusinessWeek for launching one of the “Best Products of 2003” – the Independent 529 Plan.
The program is the brainchild of a nationwide organization of colleges and universities which designed the financial product and worked to win approval from both Congress and the IRS to get it up and running.
Independent 529 Plan is a tax-advantaged effort aimed at helping families save for tuition at over 200 participating private colleges. “It has the advantages of state 529 plans,” notes Douglas M. Brown, CEO of Independent 529 Plan, “and in addition can essentially roll back the clock on the cost of future tuition.” The group has hired TIAA-CREF