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Hurt wants college savings plans to have more investment options

By Tim Saunders, tsaunders@wdbj7.com
Published On: Sep 01 2013 01:03:31 PM EDT
Updated On: Sep 01 2013 06:55:35 PM EDT

Fifth district congressman Robert Hurt has introduced a bill that would allow state-run savings plans, like Virginia's 529 program, to have broader investment options

LYNCHBURG, Va. -

Virginia lawmakers are trying to help you get more from your child's college savings plan.

Fifth district congressman Robert Hurt has introduced a bill that would allow state-run savings plans, like Virginia's 529 program, to have broader investment options.

The plans allow people to save for tuition and fees at public colleges, but the money in those accounts has strict investment limits.

Hurt wants them to have the same investment opportunities as a retirement account.

"Some have called this a loophole that prevents the college savings plans, the 529 plans, from being fully fruitful," Hurt said Thursday.  "This is a bill that's designed to help with that."

Hurt is working with Virginia's Democrat Senators, Mark Warner and Tim Kaine, to get the bill passed in both houses of congress.