College Savings Plan Delayed

The launch of California's Golden State Scholarshare, a new state-run college savings program, has been delayed while the Securities and Exchange Commission reviews the plan's paperwork.

The Scholarshare program, which will allow parents and others to put aside tax-deferred money for college, was originally scheduled to begin accepting contributions in early July.

Officials from the state's Student Aid Commission and from Scholarshare's investment manager, pension giant TIAA-CREF, described the delay as routine and said they expect the SEC's approval in the next few weeks. TIAA-CREF has received SEC approvals to operate similar plans in other states.

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