my529 lowers administrative fees for all investment options
my529’s mission is to provide the highest-quality 529 educational savings plan at the lowest-possible cost. my529 continued its efforts to make investing for education affordable by cutting annual Administrative Asset Fees for all investment options, effective July 1, 2019.
All of your clients who are my529 account owners will see a fee reduction.
This is the third year in a row that my529 has reduced the Administrative Asset Fee.
The Administrative Asset Fee is assessed monthly on the balance of the account on the last business day of the month. The next assessment, which will reflect this fee change, will be July 31, 2019.
The Administrative Asset Fee for all four predetermined Age-Based investment options dropped from 0.140% to 0.130%.
Most Static investment options saw a 3 basis point reduction to the Administrative Asset Fee from 0.160% to 0.130%, a savings of 30 cents per $1,000 invested.
my529 previously announced an Administrative Asset Fee reduction in April for the FDIC-Insured investment option, which shifted from 0.160% to 0.130%. my529 informed account owners of the fee change when it announced all investments from the now-retired Public Treasurers’ Investment Fund investment option would move to the FDIC-Insured investment option on July 11, 2019.
Additionally, the asset fee for the static Fixed Income investment option decreased from 0.110% to 0.100%.
Account owners within the Customized Age-Based and Customized Static options will see a decrease to 0.180% from 0.190%.