529 News

Maryland 529 savings plan reduces expenses

(July 10, 2006) - 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.

For more information, click here.

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