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State-sponsored 529 college plans ranked high

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By Wire Reports

Published: Wednesday, Feb. 29, 2012

Pennsylvania's state-sponsored savings plan for college costs ranked in the top 10 for investment performance for 2011, said an independent tracker on Tuesday.

Savingforcollege.com, Pittsford, N.Y., which provides resources for financing high education, said the PA 529 Investment Plan ranked second only to New York's plan in one-year returns, earning about 21.7 percent in the year ended Dec. 31.

The Pennsylvania plan ranked 10th for three-year returns, earning almost 45.1 percent. It ranked third for five-year returns -- behind only Florida and Utah -- earning 29.5 percent.

The state's 529 Investment Plan allows college savers to select from more than a dozen "conservative and aggressive" investment options from Vanguard, the mutual fund giant.

In 2011, college savers invested a record more than $341 million in the state's two, 529 college savings programs. It reached $1 billion in total assets in recent weeks, said state Treasurer Rob McCord.

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