By Nick Gale, WLS-AM News
(CHICAGO) Illinois’ College Savings Program was named among the best in the nation, according to Morningstar, which evaluates and rates college savings plans.
“We are always looking for ways to improve our investment products to help make saving for college more affordable for Illinois families,” Illinois Treasurer Michael Frerichs said. “We are grateful that Morningstar continues to hold Bright Directions in high esteem. The improvements to the agebased portfolios are an indication of the hard work our team has done to improve our college savings plans.”
Morningstar identified 33 plans expected to outperform peers on a risk-adjusted basis, assigning those plans Gold, Silver, and Bronze Morningstar Analyst Ratings. The plans are evaluated based on five key pillars — Process, Performance, People, Parent, and Price.
According to Morningstar, Illinois’ advisor-sold Bright Directions College Savings Program maintained its silver rating for a number of reasons, including cutting fees significantly in November 2015 with program manager Union Bank and Trust, improving the investment design in the age-based investment options, and the attentiveness that the Treasurer has placed on the Illinois 529 plans.
Currently, more than 435,000 residents hold a Bright Directions or Bright Start account.
@ 2016 WLS-AM News
