Assets at Utah Educational Savings Plan pass $10B

SALT LAKE CITY - The Utah Educational Savings Plan has announced its assets under management topped $10 billion, a milestone capping 20 years as Utah's official and only tax-advantaged 529 college savings plan.

The path to $10 billion began in 1996, when the Utah Legislature established the plan to help families save for higher education. In 2005, assets reached $1 billion in roughly 67,000 accounts. Today, the plan administers more than 330,000 accounts for college savers. Account owners live in all corners of the United States.

The plan is the sixth-largest 529 plan in the nation measured by market share, according to investment research firm Morningstar Inc. It is also the biggest self-managed plan in the 529 marketplace, according to Morningstar.

"Assets under management is an important measure of consumer acceptance," Lynne Ward, the plan's executive director, said in a statement. "Families across the country see the benefit of saving for higher education through UESP, which offers numerous flexible investment options and fees that are among the lowest in the 529 industry."

Accounts are free to open and no minimum deposit or account balance is required. To learn more about the Utah Educational Savings Plan, visit uesp.org, call 800-418-2551 or email [email protected].