NEW YORK - AIM Management Group Inc. plans to sell its first 529 college savings plan through a single distributor within about a month, according to Michael Cemo, president of AIM Distributors.
The unit, which distributes AIM mutual funds through banks, brokers, and advisers, said that the plan will carry a load and will only contain only AIM products, Mr. Cemo said at a conference Monday in New York. He declined to name the company that would sell the plan.
A 529 college savings plan is like a 401(k) in that investors use it to invest tax-deferred earnings in mutual funds. The money is taxed at the student's rate when it is withdrawn.
AIM funds are currently used in 529 plans sponsored by other companies, and that will not change as a result of the new plan, Mr. Cemo said.