Oxley has 529 reform suggestions for the SEC
House Financial Services Committee Chairman Michael Oxley has written to SEC Chairman William Donaldson with concerns about 529 plans in the wake of news of alleged improprieties by Utah's 529 director Dale Hatch.
Oxley asked the SEC to respond to several suggestions including: possible changes to securities law to expand SEC's authority; disqualifying state tuition programs that use their state tax laws to discriminate against out-of-state 529 plans; specific proposals to force standardized reporting of fees and expenses; full disclosure of contracts with outside program managers; inclusion of benchmarks in investment performance reporting; requiring at least one broad-based index fund option or low-cost actively managed option in every 529 plan.
For more information, click hereReturn to 529 News centerOxley asked the SEC to respond to several suggestions including: possible changes to securities law to expand SEC's authority; disqualifying state tuition programs that use their state tax laws to discriminate against out-of-state 529 plans; specific proposals to force standardized reporting of fees and expenses; full disclosure of contracts with outside program managers; inclusion of benchmarks in investment performance reporting; requiring at least one broad-based index fund option or low-cost actively managed option in every 529 plan.