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For Immediate Release

August 26, 2016

Strong Financial Performance Results in Lower Fees for PA 529 College Savings Program

PA Treasury reduces and returns account fees boosting savings for Guaranteed Savings Plan account owners

Harrisburg, PA – Pennsylvania’s 529 College Savings Program continues to perform strongly, leading Treasurer Timothy A. Reese to waive third quarter account maintenance fees for all PA 529 Guaranteed Savings Plan (GSP) account owners. Treasury will also return all account maintenance fees paid in the previous year to account owners with a balance of $25 who register by September 30 to have their account statements electronically delivered.

The treasurer also announced that the GSP is currently 113.7 percent funded and that premiums for the upcoming academic year (2016-17) are cut by half (5 percent to 2.5 percent) for state-related average tuition levels and at the Pennsylvania State University and the University of Pittsburgh. Account owners can go to the 529 website to find a complete list of current GSP credit rates.

“Pennsylvania’s 529 program continues to see strong financial results and as a result we are able to reduce and return millions of dollars in fees to our account owners. Every dollar counts when saving for education and this will help families’ college savings grow faster.”

Pennsylvania Treasurer, Timothy Reese