Illinois consolidates and improves its college savings lineup

Illinois has announced a complete revision of both its advisor- and direct-sold 529 plans. The state currently offers three plans: Bright Start Direct, Bright Start Advisor, and Bright Directions (also advisor-sold). Both Bright Start plans will be switching their respective program managers from Oppenheimer to Union Bank & Trust in July 2017. This will result in a new investment structure, underlying investments, and reduced fees for both plans.

  • Bright Start Direct will see its $10 annual fee removed, and its management fees reduced from 0.15% to 0.08%.

  • Bright Directions will see both its set-up fee and annual fee removed, and management fees reduced from 0.32% to 0.15%.

The state also announced that in November, Bright Start Advisor will fold into Bright Directions (also advisor-sold). Bright Directions will keep its investment structure, but offer the fee reductions mentioned above.

Additional information can be found at transition sites for both plans:

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