Treasurer Stacy Garrity Announces Third Consecutive Morningstar Silver Rating for PA 529 Investment Plan
Pennsylvania praised for “a straightforward and low-cost offering”
Harrisburg, PA - Treasurer Stacy Garrity announced today that the PA 529 College and Career Savings Program Investment Plan (IP) received a Morningstar Silver Rating for the third consecutive year. The honor comes as part of Morningstar’s review of the top 529 education savings plans of 2022, and designates the PA 529 IP as a best-in-class plan nationwide.
“I’m very pleased that Morningstar has again affirmed the quality of our PA 529 Investment Plan. Saving for education can seem daunting, but the first step is the most important. Opening a PA 529 account is a simple way for families to help give their children a brighter future.”
Pennsylvania State Treasurer, Stacy Garrity
Morningstar specifically recognized the PA 529 IP as “a straightforward and low-cost offering that is overseen by a capable steward” and praised the Pennsylvania Treasury Department for its “team-based approach and demonstrated ability to effectively oversee the program.”
The PA 529 IP offers multiple investment options, including target enrollment date portfolios, which automatically adjust asset allocations to become more conservative as a child reaches the anticipated date of enrollment. The IP was upgraded to a Silver Rating in 2020, after receiving its first Morningstar Bronze Rating in 2019. Nationwide, only fourteen plans received a Silver (12) or Gold (2) Rating this year.
Since taking office, Garrity has eliminated the minimum deposit required to open a PA 529 account, set the minimum contribution level at just one dollar, reduced fees, completely redesigned and streamlined the PA529.com website, and unveiled the PA 529 app.
“My goal is to give every family the opportunity to start saving for future education expenses. Whatever path a child takes – whether it includes a four-year university, a community college, a technical or trade school, or an apprenticeship – the PA 529 program is a great way to prepare.”
Pennsylvania State Treasurer, Stacy Garrity
More than 278,000 accounts currently have nearly $6 billion saved in the PA 529 program.
To learn more or to open a PA 529 account visit pa529.com, call 800-440-4000 or email pa529@patreasury.gov.
