Utah’s my529 receives Morningstar’s highest rating for 8th consecutive year

FOR IMMEDIATE RELEASE:

Contact: Media Relations, 801.321.7157

Printable PDF

November 6, 2018

 

Utah’s my529 receives Morningstar’s highest rating for 8th consecutive year

(Salt Lake City) The ratings are in. Once again, Utah’s my529 ranks among the top 529 educational savings plans in the nation. Morningstar Research Services LLC, a leading provider of independent investment research, rated my529 with a Morningstar Analyst Rating™ of Gold. This is the eighth consecutive year my529 has earned Morningstar’s premier accolade. Morningstar Research Services LLC is a subsidiary of Morningstar Inc.

“Utah’s my529 has a new name, but its core tenets of robust investments, low cost, and exceptional state oversight remain,” wrote Madeline Hume, Morningstar manager research analyst for multi-asset and alternative strategies, in her October 30, 2018, report. “We reaffirm its Morningstar Analyst Rating™ of Gold.”

Morningstar evaluated 62 plans nationwide in the annual report, with my529 as one of four to earn the Gold rating. Morningstar’s Manager Research Group assesses 529 plans based on oversight, underlying investment quality, the asset-allocation approach used by the age-based portfolios, fees, and performance.

“We’re delighted that Morningstar continues to recognize my529 for our investment offerings, low fees, and flexibility,” said Lynne Ward, my529 executive director. “my529 is committed to working for families whose investment in the future includes education.”

In 2018, my529 changed its name from the Utah Educational Savings Plan and made significant enhancements. Morningstar noted my529’s fee reductions and the addition of a PIMCO stable value fund to the menu of underlying funds.

Morningstar also acknowledged the state income tax benefits available to Utah residents when they contribute to their my529 account.

“Both residents and nonresidents will be well served by its low cost and appealing set of investment options,” Hume wrote.

About my529

my529, Utah’s official nonprofit 529 educational savings plan, is highly rated by Morningstar Inc., and recognized by Kiplinger’s Personal Finance magazine.

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. 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 State Board of Regents, the Utah Higher Education Assistance Authority or any other state or federal agency. Your investment could lose value. However, Federal Deposit Insurance Corporation (FDIC) insurance is provided for the FDIC-insured accounts. Please read the Program Description to learn about the FDIC-insured accounts.

The state in which you or your beneficiary pays taxes or lives 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, and the information provided in this document does not contain legal, financial, investment, or tax advice and cannot be construed as such or relied upon for those purposes. 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 2011-2018; 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 five factors: the plan’s strategy and investment process; the plan’s risk-adjusted performance; 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,” or “Negative.” Plans that earned Gold, Silver, or Bronze ratings are considered Morningstar Medalists, which are likely to offer the best investment experiences for college savers. A Neutral rating indicates plans that are adequate but have room for improvement and a Negative rating indicates at least one major flaw within a plan, in Morningstar’s view. Morningstar does not rate all 529s every year; it rated just 62 of 93 plans in 2018.

Morningstar’s Manager Research Group consists of various wholly owned subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC. Analyst Ratings are subjective in nature and should not be used as the sole basis for investment decisions. Analyst Ratings are based on Morningstar’s Manager Research Group’s current expectations about future events and therefore involve unknown risks and uncertainties that may cause such expectations not to occur or to differ significantly from what was expected. Analyst Ratings are not guarantees. They should not be viewed as an assessment of a fund’s or separately managed account’s underlying creditworthiness. This press release is for informational purposes only; references to securities or a separately managed account investment strategy in this press release should not be considered an offer or solicitation to buy or sell the securities or to invest in accordance with that strategy.