TORONTO Manulife Financial introduced a college savings program Thursday.
Manulife College Savings is a section 529 education savings plan that is to be managed by Boston-based T. Rowe Price and sponsored by the University of Alaska.
The program, which is to be made available July 2, lets participants invest up to $250,000 for a childs college education. Investment earnings grow tax-deferred and are taxed at the students rate when withdrawn for college expenses. Investments in the plan can be used to pay for any college or graduate school in the United States.
Participants can select mutual funds from AIM Advisors Inc., Davis Selected Advisors, Franklin Templeton, MFS Investment Management, Pacific Investment Management Co., and T. Rowe Price Associates Inc.
Manulife Financial has $78.8 billion if assets under management.