Maryland 529 savings plan reduces expenses

Maryland's College Investment Plan has reduced its expenses as part of its new contract with T. Rowe Price effective July 1, 2006.

Program manager fees have dropped from a maximum of 0.38% to 0.28%, and will decrease to 0.25% when the program reaches $2 billion in assets (it recently passed $1 billion). The overall expense cap on every portfolio is lowered from 1.05% to 0.95%. In addition,the $75 enrollment fee has been eliminated and the annual account maintenance fee is reduced from $30 to $25.

The program has also added a new investment option that invests 100% in the T. Rowe Price Total Market Equity Index.
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