The State of Tennessee has decided to add a diversified 100% equity option to its 529 plan, a spokesperson with TIAA-CREF (the plan's program manager), told the MutualFundWire.com. The firm also managed the option.

The new option is available to investors this week, a spokesperson with the state told the MutualFundWire.com. This move brings the number of investment options to two. The other option is a managed allocations option. "Our people wanted an aggressive, equity-based, investment strategy. We were looking to answer that need," the official added.

The new option will be invested in the TIAA-CREF Growth & Income (TIGIX) and International Equity Institutional Mutual Funds (TIINX). 

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