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December 18, 2002

Washington State

Washington state officials gave provisional approval to ICMA Retirement Corp. to manage its new college savings plan. The approval is for a 10-year contract to administer the tax-exempt savings program, known as a "529" college savings plan. The plan is expected to start taking applications next summer. Washington state's prepaid tuition plan is limited to $26,000. The new plan will have higher limits and can also be used to cover room and board, books, and other educational expenses. ICMA manages $2.6 billion in retirement plans for Washington state teachers and some state workers.




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