Pennsylvania is dropping the surcharge it has imposed on investors' contributions to its 529 prepaid college savings plan, which it expects will save investors between 1.8% and 12.6% on their contributions, The Wall Street Journal reports.
"We've reached the point where we're making money on every new dollar invested rather than losing money," said Karen Walsh, senior advisor to the state treasurer.
However, investors must still pay a $10 to $50 enrollment fee and, unless they sign up for monthly direct deposits, a $25 annual fee.
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.