Merrill Lynch has joined the growing list of 529 plan providers trying to distribute the programs through the workplace. Merrill runs the NextGen College Investing Plan offered through the State of Maine.

"We designed the NextGen corporate plan to serve as an easy benefit for employers to implement and administer," explained Chuck Toth, director of education savings and 529 plans for Merrill Lynch. The broker is providing payroll deductions through employers.

Merrill officials were unavailable for further comment for this story by publishing time.

Merrill's NextGen program offers 15 investment mutual fund-based portfolios managed by AIM Advisors, Franklin Templeton Investments, MFS and Merrill Lynch Investment Managers. 

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