In November, Morningstar released its annual 529 industry report naming Utah’s educational savings plan as one of only two plans nationwide to earn the Analyst Rating™ of Gold. The 2023 award marks the 13th consecutive year my529 has madethe investment research firm’s top rating.
According to Utah’s 529 website, thirteen years in a row might make you think some luck is involved. But according to their officials, “it’s about a wide range of investment options, a commitment to keeping fees low, and an account owner-focused 529 experience with convenience and flexibility.”
For my529, the Gold rating recognizes the plan’s efforts to provide a high-quality educational savings plan. For account owners and beneficiaries, the award can help support your selection of my529.
Oversight, investment option design, and low costs differentiated my529’s Gold-rated plan from other state 529 plans.
State oversight recognition confirms a plan is well-managed. The report noted the expertise of my529’s investment team andits knowledgeable circle of advisors, consultants, and board members, who all contribute to the plan’s oversight.
Morningstar highlighted my529’s investment options, specifically the Target Enrollment Date and Customized Age-Based options. The firm mentioned the investment team’s deliberate approach and research in crafting investment options that feature attractive underlying funds. Analysts commended my529’s dedication to plan enhancements rather than simply maintaining the status quo.
Morningstar also acknowledged the efforts of Gold-rated plans to keep costs down.
In 2023, Morningstar rated 54 plans for their underlying investment quality and selection process, investment team, oversight, fees, and asset allocation methodology.
The 13 straight years Utah’s my529 has earned Morningstar’s top rating is an accomplishment unmatched by any other 529 plan. To put it in perspective—during that time, a kindergartener could have grown up, graduated from high school, and enrolled in college, university or technical college—and paid for qualified education expenses like tuition, fees, or room and board with their my529 funds.
Morningstar Research Services LLC is a leading provider of independent investment research.
For more information about Utah’s 529 educational savings plan, visit www.my529.org.