Salt Lake City— my529 announced today that it is lowering fees on all but one investment option. This is the fourth straight year my529 has reduced fees. The reduction benefits 99 percent of my529 accounts.
Effective October 1, 2020, my529 dropped the Administrative Asset Fee on 12 of its 13 investment options:
Age-Based and Static investment options — 0.120 percent ($1.20 per $1,000 invested annually) from 0.130 percent.Customized investment options — 0.150 percent ($1.50 per $1,000 invested annually) from 0.180 percent.The Fixed Income Static investment option remains at 0.100 percent ($1.00 per $1,000 invested annually).The fee reductions are estimated to collectively save my529 account owners approximately $2.3 million per year.
Low fees support the mission of my529 to help families invest for higher education by allowing account owners to put more of their funds toward qualified higher education expenses like tuition, fees, books and computers.my529’s history of low fees has helped to strengthen our reputation across the nation. The plan’s low costs have earned it accolades such the Analyst Rating™ of Gold from Morningstar, an independent investment research firm, for the past nine years. The 2020 Morningstar ratings are expected later this month.Along with my529’s low fees, tax-deferred growth, tax-free withdrawals and top-notch customer service are other reasons account owners continue to trust Utah’s plan as their educational savings vehicle. my529 currently serves more than 432,000 accounts and manages $16.1 billion in assets.About my529
my529, Utah’s official nonprofit 529 educational savings plan, is highly rated by Morningstar Inc.
Accounts are free to open, and my529 requires no minimum deposit or account balance. my529’s user-friendly website, my529.org, makes it easy to open, manage and contribute to an account online.To learn more, visit my529.org, call toll-free at 800.418.2551 or email info@my529.org.