California launches revamped 529 college-savings plan
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California’s revamped 529 college-savings plan is in place.
Investment giant TIAA-CREF has taken over management of the state’s ScholarShare program from Fidelity Investments. Among the changes to the plan are a new lineup of investment options.
The revamped plan has 19 investment options, with fees ranging from 0.18% to 0.62%. That compares with 15 investment options costing 0.25% to 1.06% in the previous plan.
The accounts of existing ScholarShare investors will be transferred automatically to funds with similar investment styles and time horizons, according to the state treasurer’s office. Click here for details about the changeover.
ScholarShare has more than 300,000 accounts holding roughly $4.3 billion in assets.
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-- Walter Hamilton