June 19, 2013

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Article

UESP Lowers Fees and Expands Offerings

Press Release

June 19, 2013

Salt Lake City — The Utah Educational Savings Plan (UESP) has announced that it plans to:

  • Reduce its administrative asset fee.
  • Expand investment offerings in the customized investment options to include mutual funds managed by Dimensional Fund Advisors LP.
  • Introduce two new static investment options.

All changes will be effective June 21.

“UESP is a dedicated champion of every child completing a higher education,” said Lynne Ward, executive director of the Utah Educational Savings Plan. “UESP’s commitment is displayed in the continued effort to reduce fees and offer a spectrum of investment offerings that meet account owners’ varying needs. Expanding the underlying funds available in the customized investment options and adding new static investment options gives college savers a well-rounded selection at a low cost.”

UESP will reduce its annual administrative asset fee on all four age-based and five of the six static investment options by an average of 10 percent, dropping the fee range to between 0.14 and 0.18 percent. The administrative asset fee on the customized investment options remains at the same low fee of 0.20 percent. Utah residents invested in the Public Treasurers’ Investment Fund investment option pay no investment or administrative asset fees.

UESP will expand the underlying funds offered in UESP’s customized age-based and customized static investment options to include mutual funds managed by Dimensional Fund Advisors. The customized investment options allow an account owner to design his or her own allocation from the available underlying investments. A total of 22 underlying investments, including six dimensional and 15 vanguard mutual funds and an FDIC-insured savings account will be available to account owners in the customized investment options to save for the future qualified costs of a higher education.

“We are excited to offer funds managed by Dimensional Fund Advisors in UESP’s customized investment options,” Ward said. “The enhancement marks an exciting new phase for UESP by giving plan participants a selection of low-cost, actively managed funds focused on providing clients with cost-effective investment options.”

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