Pennsylvania State Treasurer Stacy Garrity is espousing the benefits of a PA 529 College and Career Savings Program Investment Plan (IP) fee reduction that will save owners money.
Garrity noted the action would place account owners in position to save an estimated $579,000 over the next year.
“Cutting these fees helps Pennsylvania families,” Garrity said. “I’m dedicated to making sure everyone saving with PA 529 has affordable, effective options to meet their education savings goals. PA 529 has been helping families save for their child’s education for more than three decades.”
Garrity said she encourages any family looking to the future to learn more about the options that are available.
PA 529 IP offers a variety of portfolios for families that include target enrollment date options automatically reallocating assets as a child approaches their anticipated date of enrollment.
Garrity approved a reduction of 1.25 basis points (0.0125 percent) in operational support fees in cooperation with Ascensus and Vanguard, officials noted, adding the State Treasury Department partners in administering the PA 529 program.
Amid the fee revision, PA 529 IP fees will now range from 0.1925 to 0.2925 percent.
“Today’s workforce needs highly skilled people – which requires training. PA 529 is a great way for families to save for their child’s education no matter where their path leads, whether it’s a local community college, a technical school, an apprenticeship program, or a four-year university. PA 529 is here to help the next generation of Pennsylvanians reach their full potential.”