Overhaul put CollegeBound back on track to grow family
savings for education
"The state overhauled both
plans in July 2016, replacing former program manager AllianceBernstein with
Invesco and Ascensus," wrote Morningstar. "[CollegeBound Saver]
offers extremely low fees for Rhode Island residents--the plan's primary
investors--earning it a Silver rating."
This week's praise stands in
stark contrast to Morningstar's previous reviews, which regularly ranked the
state's program at the bottom among its peers, due to the former program's high
fees and poor investment performance.
The new managers are also tasked
with bringing 5,000 new accounts into the program in the next two years. In
support of taking over the program management, Ascensus College Savings opened
a Rhode Island office, which has already brought several dozen jobs in to the
state, including two resident field representatives charged with community and
employer outreach.
Rhode Islanders taking advantage
of the newly improved CollegeBound Saver can affordably save for college and
other higher-education related expenses. There is no minimum to open an account
and Rhode Island residents may be eligible for a tax deduction. Visit www.collegeboundsaver.com or call
(877) 517-4829 to learn more.
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About CollegeBound:
CollegeBound Saver and CollegeBound
529 are Section 529 plans offered by the Office of Rhode Island General
Treasurer. Ascensus Broker Dealer Services, Inc. serves as the Program Manager
and Invesco Advisers, Inc. serves as the Investment Manager. CollegeBound Saver
and CollegeBound 529 are designed to help individuals and families save for
college in a tax-advantaged way and offer valuable advantages including
tax-deferred growth, generous contribution limits, attractive investment
options, and professional investment management.
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