Pennsylvania Treasury Department Praised for PA 529 Pennsylvania Treasury Department has been praised for PA 529 Investment Plan. Morningstar, a financial services company that rates 529 plans across the country, recently reinforced the reasons it awarded the Pennsylvania Treasury Department’s PA 529 College and Career Savings Program Investment Plan (IP) its Gold Rating in November – making it one of only two plans in the nation to receive Morningstar’s highest rating. In a recent article (“Morningstar’s Top-Ranked 529 Plans”), Morningstar praised Treasury’s “aggressive negotiations for lower fees and additional fee breakpoints” which “led to a more positive investor experience.” It also highlighted the department’s “effective and steadfast advocacy on behalf of its investors [which] puts the plan a notch above peers.” “My team and I are proud of the fact that we earned Morningstar’s Gold Rating because it means that we’re doing a great job for the hardworking Pennsylvania families who use the PA 529 IP to save for education,” Treasurer Stacy Garrity said. “Our focus is always on the people who are saving every dollar they can to give their children and grandchildren the education they want and deserve. We will continue working day in and day out to give Pennsylvania families even more reasons to save for their child’s bright future with PA 529.” The PA 529 IP allows families to choose from a variety of investment portfolios, including target enrollment date options, which automatically adjust asset allocations to become more conservative as a child reaches the anticipated date of enrollment in post-high school education. PA 529 IP earnings are dependent upon financial market performance. Since taking office in 2021, Treasurer Garrity has overseen several changes to PA 529 plans, making them more accessible and affordable for Pennsylvania families, including eliminating the minimum deposit to open an account and reducing the minimum contribution to one dollar, on top of multiple fee reductions that have saved more than $11.5 million for families across the whole PA 529 program, which also includes the PA 529 Guaranteed Savings Plan (GSP). There are nearly 301,000 combined PA 529 IP and GSP accounts with more than $7.7 billion in assets. The PA 529 College and Career Savings Program helps families steadily and strategically save for future educational expenses like tuition, fees, books, equipment, room and board and more at qualifying technical, collegiate and apprenticeship programs. PA 529 plans offer significant state and federal tax advantages and saving with PA 529 does not impact Pennsylvania state financial aid eligibility. To learn more about PA 529 accounts visit pa529.com, call 800-440-4000 or email pa529@patreasury.gov.
Treasurer Stacy Garrity News Treasurer Stacy Garrity Elected Chair of National ABLE Savings Plan Network Treasurer Stacy Garrity has been elected as the inaugural Chair of the new ABLE Savings Plan Network (ASPN), a group formed by the National Association of State Treasurers. ABLE programs allow Americans with disabilities to save tax-free without affecting their eligibility for means-tested government benefits. “ABLE accounts help Americans with disabilities live more independently and enjoy better financial security,” Treasurer Garrity said. “I’m honored to lead this new organization to advance the reach of ABLE programs. We’re all dedicated to making sure these programs are accessible and affordable, and I will be a tireless advocate to ensure our ABLE programs are successful and continue to grow and help more Americans.” The Stephen Beck Jr. Achieving a Better Life Experience (ABLE) Act, passed in 2014, allowing states to create ABLE programs. It was sponsored by U.S. Senator Bob Casey of Pennsylvania. “ABLE programs help Americans with disabilities save for the future and work towards financial security. I can fortunately say that these programs are benefiting Pennsylvanians every day, helping them lead independent lives,” said Senator Casey. “Treasurer Garrity is knowledgeable and well-qualified for this position. I have faith that she will work to ensure the accessibility of these programs to Pennsylvanians with disabilities.” ASPN will provide strategic leadership on advancing ABLE accounts by monitoring federal actions, including any legislative or regulatory changes, that impact state ABLE plans, developing strategies to improve ABLE plans at the federal level, and analyzing best practices for those with an eligible disability who want to save and invest for a better life, achieve financial empowerment, and prepare for a more independent future. Treasurer Stacy Garrity Announces Third Consecutive Morningstar Silver Rating for PA 529 Investment Plan Treasurer Stacy Garrity announced today that the PA 529 College and Career Savings Program Investment Plan (IP) received a Morningstar Silver Rating for the third consecutive year. The honor comes as part of Morningstar’s review of the top 529 education savings plans of 2022, and designates the PA 529 IP as a best-in-class plan nationwide. “I’m very pleased that Morningstar has again affirmed the quality of our PA 529 Investment Plan,” Garrity said. “Saving for education can seem daunting, but the first step is the most important. Opening a PA 529 account is a simple way for families to help give their children a brighter future.” Morningstar specifically recognized the PA 529 IP as “a straightforward and low-cost offering that is overseen by a capable steward” and praised the Pennsylvania Treasury Department for its “team-based approach and demonstrated ability to effectively oversee the program.”
