Colorado, Ohio, Oregon, Rhode Island, Virginia, West Virginia and Wisconsin have all recently made changes to their 529 plans, including adding more investment options and lowering plan fees, the
WSJ reports.
West Virginia retains its current program manager, Hartford Financial, but will offer participants 17 new direct-sold options. Non-West Virginians will also be able to participate in the program without using an intermediary. The plan's current flat fee of 116 basis points will vary depending on option, with fees as low as 88 basis points.
Similarly, Wisconsin is also adding more options at lower fees. Wisconsin will add one Vanguard fund with a fee of 45 basis points, compared to the current Strong funds it offers (at 115 basis points).
Rhode Island also has its eyes on fees; the state struck a new deal with current provider Alliance Capital to reduce fees from an average of 100 basis points to as low as 76 basis points.
In August, Colorado selected
Vanguard as the new program manager for its direct-sold plan. The state will unveil new investment options, likely to include age-based options and Vanguard index fund-based options, this month. Vanguard's options will have fees as low as 75 basis points.
Vanguard's low-cost funds were also popular with Ohio; the state added 15 index options in May.
Earlier this year, Oregon fired
Strong Financial and hired
OppenheimerFunds for its direct-sold plan. Last week, the state unveiled a new plan, with seven options with fees from 77 to 104 basis points. Participants can also choose from four Vanguard options with fees from 33 basis points to 61 basis points.
Virginia also reduced its plan enrollment fee from $85 to $25. 
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