my529 fee reduction benefits 99% of accounts

FOR IMMEDIATE RELEASE:

Contact: Bryn Ramjoue’, Marketing Director, 801.321.7161, bramjoue@my529.org

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October 12, 2021

Utah’s 529 educational savings plan continues pattern of lowering expenses

(Salt Lake City) For the fifth year in a row, my529 has reduced its Administrative Asset Fee. The fee cut affects 23 of 24 investment options and benefits 99% of my529 accounts. The new fees went into effect on October 1.

Along with the reduction in the Administrative Asset Fee, my529 also recently qualified for a lower-cost share class in the Vanguard Total Bond Market Index Fund Institutional Select Shares. The Underlying Fund Expense has dropped from 0.03% to 0.01% (or $0.10 per $1,000 invested annually). The fund is used in 17 my529 investment options, including the Customized options. This change will collectively save my529 account owners approximately $600,000 annually.

my529’s history of low fees has helped to strengthen our national reputation. 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 10 years. The 2021 Morningstar ratings are expected later this month.

As of September 30, 2021, my529 serves more than 450,000 accounts and manages $20 billion in assets.

About my529
my529, Utah’s official nonprofit 529 educational savings plan, is highly rated by Morningstar Inc. my529 earned Morningstar’s Analyst Rating of Gold in October 2020. This is the 10th year straight Utah’s educational savings plan has achieved Morningstar’s top rating.

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.

Important Legal Notice

Investing is an important decision. The investments in your account may vary with market conditions and could lose value. Carefully read the Program Description in its entirety for more information and consider all investment objectives, risks, charges and expenses before investing. For a copy of the Program Description, call 800.418.2551 or visit my529.org.

Investments in my529 are not insured or guaranteed by my529, the Utah Board of Higher Education, the Utah Higher Education Assistance Authority Board of Directors, any other state or federal agency, or any third party. However, Federal Deposit Insurance Corporation (FDIC) insurance is provided for the FDIC-Insured investment option. In addition, my529 offers investment options that are partially insured for the portion of the respective investment option that includes FDIC-insured accounts as an underlying investment.

The state in which you or your beneficiary pay taxes or live may offer a 529 plan that provides state tax or other benefits, such as financial aid, scholarship funds and protection from creditors, not otherwise available to you by investing in my529. You should consider such benefits, if any, before investing in my529.

my529 does not provide legal, financial, investment or tax advice. You should consult your own tax or legal advisor to determine the effect of federal and state tax laws on your particular situation.

my529 was rated “Gold” or its equivalent by Morningstar 2004-2007, 2009, and 2011-2020; rated “Silver” or its equivalent in 2008 and 2010. The Morningstar Analyst RatingTM for 529 college savings plans is not a credit or risk rating. To determine an analyst rating, Morningstar’s analysts consider four factors: the plan’s strategy and investment process (process); an assessment of the individuals managing the plan’s investment options (people); the stewardship practices of the plan’s administration and parent firm (together, parent); and whether the plan’s investment options are a good value proposition compared to its peers (price). Plans are then assigned forward-looking ratings of “Gold,” “Silver,” “Bronze,” “Neutral,” and “Negative.” The top three ratings (Gold, Silver, and Bronze) indicate that Morningstar’s analysts think highly of a 529 plan; the differences correspond to the level of analyst conviction in the ability of a plan’s investment options to collectively outperform their respective benchmarks and peers through time, within the context of the level of risk taken. Morningstar does not rate all 529s every year; it rated just 62 of 92 plans in 2020.

Analyst ratings are subjective in nature and should not be used as the sole basis for investment decisions. Analyst ratings are based on Morningstar analysts’ current expectations about future events and therefore involve unknown risks and uncertainties that may cause Morningstar’s expectations not to occur or to differ significantly from what was expected. Morningstar does not represent its analyst ratings to be guarantees.

Please visit Morningstar.com for more information about the analyst ratings, as well as other Morningstar ratings and fund rankings.