News Release

Harrisburg, PA - Treasurer Stacy Garrity announced today that the PA 529 College and Career Savings Program Investment Plan (IP) has received a Gold Rating from Morningstar, ranking it as one of the very best 529 plans in the nation. This is the highest designation possible through the firm’s review of the top 529 education savings plans of 2023.

“I’m thrilled that our PA 529 IP received a Gold designation from Morningstar. This rating lets families know that the PA 529 IP is a fantastic way to save for their child’s education. And now that we’re one of the top two plans in the nation, we will work even harder to ensure that PA 529 remains an excellent choice for Pennsylvania families.”

Pennsylvania State Treasurer, Stacy Garrity

Morningstar, in its rating upgrade, called special attention to Treasurer Garrity’s “[e]ffective and unrelenting advocacy on behalf of investors,” Treasury’s “enhanced outreach and accessibility efforts,” and the reduction of plan fees, positioning the PA 529 IP as less expensive than “roughly 80% of competitors.” The ratings firm concluded its review by suggesting that the PA 529 IP “should remain a top choice for anyone saving for educational costs.”

The PA 529 IP offers a variety of 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 in postsecondary education.

The PA 529 IP has previously earned three consecutive Silver Ratings from Morningstar (2020, 2021, 2022) and one Morningstar Bronze Rating (2019).

"This upgrade to gold reflects a lot of work done by the outstanding team of people who work on the PA 529 College and Career Savings Program. I’m proud of my team for the outstanding work they’ve done – and continue to do.”

Pennsylvania State Treasurer, Stacy Garrity

Treasurer Garrity has led efforts to make PA 529 plans accessible and affordable for families across the state by eliminating the minimum deposit to open an account, reducing the minimum contribution to one dollar, and multiple fee reductions that will contribute to more than $11 million in savings for families across the whole PA 529 program, including the PA 529 Guaranteed Savings Plan (GSP) by the end of Fiscal Year 2023-24.

“Saving with PA 529 is a smart and affordable way to prepare for your child’s postsecondary education, no matter what path they may take. I always emphasize that these plans are flexible and can be used for anything from an apprenticeship or technical training to a four-year degree and beyond.”

Pennsylvania State Treasurer, Stacy Garrity

PA 529 has also seen a completely redesigned website, the addition of the PA 529 READYSAVE 529 app, and an expanded statewide outreach team to directly connect with Pennsylvanians and spread the word about PA 529 plans.

There are more than 289,000 PA 529 accounts across both plans, including 178,000 PA 529 IP accounts and 111,665 PA 529 GSP accounts with more than $6.4 billion in assets.

PA 529 plans help families steadily and strategically save for future education expenses like tuition, fees, books, equipment, room and board and more at qualifying technical, collegiate and apprenticeship programs. PA 529 plans also offer significant state and federal tax advantages. Saving with PA 529 doesn’t impact Pennsylvania state financial aid eligibility.

Treasury also administers Keystone Scholars which provides $100 investment for every child born to, or adopted by, a Pennsylvania family in 2019 or later. This jumpstart on education savings, which uses no taxpayer money, is invested by Treasury, and can be used for qualifying technical training, collegiate and apprenticeship expenses one the child turns 18. Families can open a companion PA 529 account to continue saving on their own.

To learn more about PA 529 account visit pa529.com, call 800-440-4000 or email pa529@patreasury.gov.