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.

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