Turnaround of Rhode Island’s CollegeBound Program Recognized by Morningstar

 Turnaround of Rhode Island’s CollegeBound Program Recognized by Morningstar

PROVIDENCE, RI – The turnaround of Rhode Island’s 529 college savings program under
General Treasurer Seth Magaziner was recognized this week when Morningstar awarded
the state’s CollegeBound Saver and CollegeBound 529 plans Silver and Bronze medals,
respectively in its 2016 national ratings.
«The state overhauled both plans in July 2016, replacing former program manager
AllianceBernstein with Invesco and Ascensus,» wrote Morningstar. «[CollegeBound
Saver] offers extremely low fees for Rhode Island residents–the plan’s primary
investors–earning it a Silver rating.»
This week’s praise stands in stark contrast to Morningstar’s previous reviews, which
regularly ranked the state’s program at the bottom among its peers, due to the former
program’s high fees and poor investment performance.
During his first year in office, General Treasurer Seth Magaziner replaced the program
manager, secured some of the lowest fees of any 529 plan in the nation for Rhode
Islanders, and overhauled the investment options to provide stronger performance.
The new managers are also tasked with bringing 5,000 new accounts into the program
in the next two years. In support of taking over the program management, Ascensus
College Savings opened a Rhode Island office, which has already brought several
dozen jobs in to the state, including two resident field representatives charged
with community and employer outreach.
Rhode Islanders taking advantage of the newly improved CollegeBound Saver can
save for college and other higher-education related expenses. There is no minimum
to open an account and Rhode Island residents may be eligible for a tax deduction.
Visit www.collegeboundsaver.com or call (877) 517-4829 to learn more.
# # #
About CollegeBound:
CollegeBound Saver and CollegeBound 529 are Section 529 plans offered by the Office
of Rhode Island General Treasurer. Ascensus Broker Dealer Services, Inc. serves
as the Program Manager and Invesco Advisers, Inc. serves as the Investment Manager.
CollegeBound Saver and CollegeBound 529 are designed to help individuals and families
save for college in a tax-advantaged way and offer valuable advantages including
tax-deferred growth, generous contribution limits, attractive investment options,
and professional investment management.
Additional resources:
Morningstar Names Best 529 College Savings Plans for 2016 Office of the General Treasurer CollegeBound Saver and CollegeBoundbaby Information