October 28, 2016
“PROVIDENCE, R.I. — In the aftermath of an overhaul, Rhode Island’s CollegeBound savings programs won medal-level ratings this week from Morningstar, the Chicago data giant that tracks mutual funds, stocks and other investment securities.
Morningstar gave a silver rating to the CollegeBound Saver program and a bronze rating to CollegeBound 529 on Tuesday when it announced the best 529 college savings plans for 2016.
“The state overhauled both plans in July 2016, replacing former program manager AllianceBernstein with Invesco and Ascensus,” Morningstar wrote. “[CollegeBound Saver] offers extremely low fees for Rhode Island residents — the plan’s primary investors — earning it a Silver rating.”
Previously, Morningstar ranked the programs at the bottom among peers, due to high fees and poor investment performance, according to a news release issued by General Treasurer Seth Magaziner.
During his first year in office, Magaziner replaced AllianceBernstein and secured some of the lowest fees of any 529 plan in the nation for Rhode Islanders, the release says.”
View Original Story – https://goo.gl/7BbgRZ
One of the country’s top performing college savings plans, which recently celebrated its 18th anniversary, is now called ScholarShare 529. Business..