Building on the success of West Virginias popular Prepaid Tuition Plan, Governor Bob Wise and State Treasurer John Perdue today unveiled SMART529 , a new, more flexible college savings option that has more tax benefits and covers more expenses than its predecessor.

“The Treasurer and I have worked very hard to make sure that every West Virginia child has an opportunity to gain a college education,”said Governor Wise.”This new, SMART529 plan plays an important role in our efforts to increase the states college-going rate.”

Treasurer Perdue said the SMART529 plan is so flexible that it doesnt matter how much a family has to save for college.”It will serve as a great savings vehicle for the person who can only set aside $50 to $100 a month or the person that can save double or triple that amount.”

Treasurer Perdue said the State Treasurers Office has teamed with The Hartford Financial Services Group to bring the SMART529 investment program. The new investment product will become available Friday, March 1, 2002 from The Hartford and can be purchased through The Hartford or financial planning professionals. The Hartford has more than 190 years of investment experience, a strong investment performance history and a reputation for quality customer service.

“Ive learned that one size doesnt fit everyone when it comes to saving for college,”said Treasurer Perdue.”But, the SMART529 plan may be the closest thing to it on the market today.”

Perdue said the SMART 529 plan allows the investor to save as much as $265,620 for tuition and fees, room and board, and required supplies and equipment.

Governor Wise and Treasurer Perdue were joined by representatives from The Hartford at ceremonies in Huntington and Beckley.

“As the name indicates SMART529 operates as a qualified tuition program under Section 529 of the Internal Revenue Code,”said Charles DiVencenzo, Jr., who spearheads the SMART529 program for The Hartford.

“That means the plan offers recently-enhanced federal tax advantages that should prove very attractive to college savers.”

Mr. DiVencenzo noted that the SMART529 plan will provide investors with a wide range of investment benefits:

• High lifetime cap of $265,260, with no income limits;

• Parents, grandparents, family members and friends can add to an account for any beneficiary;

• Expanded qualified uses such as tuition and fees, room and board, and required supplies and equipment;

• Withdrawals taken for qualified higher education expenses are completely federal income tax free.