The increased flexibility of having three age-based options for the NJBEST 529 is a good thing, as it allows individual investors to choose what is best for their situation," Novick said.
Since the NJ Treasury-managed options have a significantly lower internal fee than the Franklin Templeton options and a reasonable investment approach, there is little reason for the NJBEST accounts using the NJ Treasury option to switch to Franklin Templeton," Novick said.
NJBEST is an existing plan through which more than 26,000 families have invested approximately $137 million for college.
State employees had managed NJBEST until March when Franklin Templeton Investments, the nation's fourth-largest mutual fund company, was chosen through a competitive bidding process as the new manager and distributor for that plan and the new, nationally-distributed plan.
Franklin Templeton 529 College Savings Plan and NJBEST 529 College Savings Plan are offered by their Investor Handbooks, which have more complete information, including sales charges, expenses and risks.
Through NJBEST and Franklin Templeton 529 College Savings Plan, we have been able to help more than 85,000 New Jersey families save toward the costs of higher education.
serving as the 529 program manager, the plans offer low minimum initial contributions of $25 for NJBEST and $250 for Franklin Templeton 529 College Savings Plan, and provide an affordable way for families in New Jersey and across the nation to save for college expenses through a variety of investment strategies that can be tailored to their specific needs.
Gene Hutchins, Chief Financial Officer at HESAA stated, "For anyone who is considering a 529 plan, I would encourage them to compare the overall value, features and performance of NJBEST and Franklin Templeton 529 College Savings Plan to that of other plans.
NJBEST and Franklin Templeton 529 College Savings Plan investors can choose from objective-based or age-based asset allocations to structure plans to suit their needs and risk tolerance, or with Franklin Templeton 529 College Savings Plan, they can work with a financial advisor to customize an asset allocation mix that suits their specific college investing goals.
Residents of New Jersey interested in the NJBEST 529 College Savings Plan may visit NJBEST.
Michael Angulo, executive director of HESAA stated, "Starting an NJBEST
account for your child as soon as possible is a good way to invest for college costs.