Philadelphia-based Delaware Investments may not be managing Pennsylvania's college saving plans anymore, as the state is considering switching to a different investment manager, the Pittsburgh Post-Gazette reports. Delaware manages one of the state's two college saving plans and has $315 million in assets.

Many financial planners recommend other 529 plans over Delaware, stating reasons of the plan's excessive fees and lackluster returns. Fees on aged-based portfolios range from .97% to 1.1.5 %. The fees are similar to portfolios offered by 529 plans in Alabama and Arizona, which received poor ratings from Morningstar. Delaware won the Pennsylvania contract four years ago.

The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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