Task force formed to simplify 529s

The College Savings Foundation will form a task force to attempt to reduce the operational complexity of processing 529 college savings plans, the organization announced at its annual conference in Miami Beach. Operational complexity was identified as the second-leading factor holding back growth of 529 plans, following lack of consumer awareness, according to a survey of the Washington, D.C.-based industry trade group. Processing the form for the state-sponsored college savings plans is “a very cumbersome process,” said Peter Mazareas, CSF vice chair and president and chief executive of Strategic Advancement Group, Inc. “We want to try to get this to be a more paperless environment,” said Chuck Toth, CSF secretary and director of education savings programs for Merrill Lynch. Jeff Coghan, assistant vice president for Hartford Life, is the task-force chairman.