Treasurer Stacy Garrity: PA 529 Investment Plan Earns Third Consecutive Gold Rating from Morningstar, Remains Top-Tier Plan in the Country

Harrisburg, PA - Pennsylvania Treasurer Stacy Garrity announced today that the PA 529 College and Career Savings Program Investment Plan (IP) has earned its third consecutive Gold Rating from Morningstar. This ranking maintains the PA 529 IP's status as one of the top five 529 plans in the country.

"Being recognized with our third consecutive Gold Rating from Morningstar is a tremendous testament to the team at Treasury and our dedication to the families who rely on PA 529 accounts for education savings. This rating reassures families saving with PA 529 that they're getting the best service and support possible to help them reach their education savings goals."

Morningstar noted Treasury's "strong stewardship and consistent execution," in its reaffirmation of the PA 529 IP's Gold Rating. Morningstar's analysis reflects that the PA 529 IP continues to be a low-cost plan when compared to its peers and recognized the plan for its "effective governance" and its efforts to produce "favorable partner economics, formalized succession planning, and measured fee reductions, while expanding outreach, accessibility and participant research."

The PA 529 IP is joined by plans from Alaska, Illinois, Massachusetts and Utah in retaining the Gold Rating by Morningstar this year. It is one of only two plans to earn the Gold Rating for the last three consecutive years. The PA 529 IP previously earned three consecutive Silver Ratings (2020, 2021, 2022) and one Bronze Rating (2019).

The PA 529 IP provides a variety of investment options, including target enrollment date portfolios. Returns are based on financial market performance.

The PA 529 College and Career Savings Program helps families steadily and strategically save for college, technical training, apprenticeships, credential programs and K-12 expenses. PA 529 accounts provide state and federal tax advantages, and savings do not impact Pennsylvania state financial aid eligibility.

Treasurer Garrity has cut fees multiple times, creating more than $22 million in savings for families across the PA 529 program, which also includes the PA 529 Guaranteed Savings Plan (GSP).

Families have more than $9 billion saved for future education across more than 323,000 PA 529 accounts. This includes more than 206,000 PA 529 IP accounts and more than 117,000 PA 529 GSP accounts.

Treasury also administers Keystone Scholars which provides a $100 scholarship for every child born to, or adopted by, a Pennsylvania family in 2019 or later. The program uses no taxpayer money and can be used for qualifying post-high school education expenses once the child turns 18. Families can open a companion PA 529 account to continue saving on their own. Families who claim their Keystone Scholars during November and also open a PA 529 account could be eligible for a $50 bonus. Visit pa529.com/keystone for details.

"I hope the great news of this latest achievement by the PA 529 IP encourages more families to explore PA 529 accounts as an option to help them set their child or grandchild up for a successful future, no matter what career path they choose. And I encourage families of our youngest Pennsylvanians to take advantage of this month's Keystone Scholars incentive to get a bigger jumpstart on their child's savings."

To start saving with PA 529, visit pa529.com, call 800-440-4000 or email [email protected]