RICHMOND, Virginia – July 13, 2016 – To help families accrue higher education savings more quickly, Virginia529 College Savings Plan (Virginia529) has lowered administrative expenses 33 percent for its Virginia529 inVEST (inVEST) program.
Effective July 1, 2016, the agency reduced inVEST’s fee from 0.15 percent to 0.10 percent. The decrease saves customers $1.6 million over the next year, based on the most recent contribution levels.
"Lowering fees supports Virginia529's mission to make higher education more affordable for individuals across the United States,” said Mary Morris, Virginia529 CEO. “With this fee reduction, inVEST now offers one of the lowest 529 fee structures in the country, providing professionally managed portfolios of active and/or passive investments."
This is the fourth fee reduction for inVEST since the program opened in 2005. The most recent decrease, in January 2014, lowered inVEST’s fee from 0.20 percent to 0.15 percent.
inVEST offers 19 investment options, including seven that evolve to more conservative investments as the beneficiary's anticipated college enrollment date approaches.
inVEST is open to residents of any U.S. state and can be used at eligible educational institutions around the world. The minimum initial deposit is $25.
Learn more about inVEST and open an account at Virginia529.com/invest.