Franklin Templeton Reselected as Program Manager for New Jersey’s 529 College Savings Program
15 Agosto 2024 - 7:30AM
Business Wire
Franklin Templeton has provided 529 college
savings plan management for the State of New Jersey since 2003
Franklin Templeton today announced its reselection by The New
Jersey Higher Education Student Assistance Authority (HESAA) as the
program manager for the New Jersey Better Educational Savings Trust
(NJBEST) program. The program includes NJBEST 529 College Savings
Plan, available directly for New Jersey residents, and Franklin
Templeton 529 College Savings Plan, available to investors
nationwide who are working with a Financial Professional.
Franklin Templeton has provided 529 college savings plan
management for the State of New Jersey since 2003 and has seen
sustained interest in the program, with significant asset and
participation growth over that time. Over the past 10 years alone,
total assets under management for the NJBEST’s state and national
program increased by more than 57%, and the number of beneficiaries
increased by a net amount of 15%. The program serves more than
165,000 families nationally, with about half residing in New
Jersey. As of June 30, 2024, Franklin Templeton managed more than
260,000 plan accounts and over $6.8 billion in assets across
NJBEST’s state and national plans.
“Franklin Templeton is proud of the strong relationship we have
built with HESAA and the State of New Jersey over the past 20
years, and we are thrilled to continue to help families in New
Jersey and across the U.S. save and invest for their children’s
higher education goals,” said Sandie Palmer, Head of 529 Education
Savings. “We understand the challenges families face as they plan
and save to meet the rising costs of college. With Franklin
Templeton’s deep expertise in 529 plans, we will be there to
provide the service, support and investment expertise to guide them
along the way.”
Frankin Templeton is committed to providing an affordable option
for New Jersey families to save, with reduced administrative and
management costs. Families can open an NJBEST account with as
little as $25, and Franklin Templeton offers a range of investment
options and asset allocations to best suit individual needs and
risk tolerances. As part of the New Jersey College Affordability
Act, eligible New Jersey residents may also receive special
benefits when saving with NJBEST and Franklin Templeton, including
a state tax deduction of up to $10,0001 and a matching grant of
$750 for new accounts.2 The Program also offers a tax-free college
scholarship of up to $6,000 for account beneficiaries.3
Franklin Templeton has continued to enhance the NJBEST and
national Franklin Templeton 529 plan investment options resulting
in lower shareholder costs and enhanced performance. The NJBEST and
Franklin Templeton 529 plans both rank #1 for 3-year performance in
the most recent analysis by Saving for College, an independent
resource for parents and financial professionals.4 Building on
changes made to the portfolio offering in 2019 and 2022, Franklin
Templeton is preparing to simplify the plans from multiple
age-based glidepaths to a single target enrollment year glide path
and to continue to reduce investor expenses.
Late last year, Franklin Templeton conducted a competitive 529
recordkeeping search and selected Ascensus as its sub-contracted
recordkeeper for the program. Ascensus is the market leader in 529
education savings administration, providing recordkeeping and
administrative services to 45 education plans across 28 states and
the District of Columbia, representing over $226 billion in assets
under management and over 7.2 million serviced accounts.
“We have long respected Franklin Templeton and their ability to
offer excellent 529 plans. Together, we both aim to help families
reach their education savings goals—a mission we’re proud to
partner with Franklin Templeton to achieve,” said Peg Creonte,
President of Ascensus Government Savings. “Our technology and
service expertise will modernize the support participants
experience throughout their savings journey, allowing them to do
things like enroll from their phones and send electronic payments
directly to schools.”
New Jersey residents interested in the NJBEST 529 College
Savings Plan may visit NJBEST.com. For more information on the
Franklin Templeton 529 College Savings Plan, please visit
franklintempleton.com.
About Franklin Templeton
Franklin Resources, Inc. [NYSE:BEN] is a global investment
management organization with subsidiaries operating as Franklin
Templeton and serving clients in over 150 countries. Franklin
Templeton’s mission is to help clients achieve better outcomes
through investment management expertise, wealth management and
technology solutions. Through its specialist investment managers,
the company offers specialization on a global scale, bringing
extensive capabilities in fixed income, equity, alternatives and
multi-asset solutions. With more than 1,500 investment
professionals, and offices in major financial markets around the
world, the California-based company has over 75 years of investment
experience and over $1.6 trillion in assets under management as of
July 31, 2024. For more information, please visit
franklintempleton.com and follow us on LinkedIn, X and
Facebook.
- The New Jersey College Affordability Act allows for a state tax
deduction for contributions into a Franklin Templeton 529 College
Savings Plan of up to $10,000 per year, for those with gross income
of $200,000 or less, beginning with contributions made in tax year
2022. The maximum deduction is $10,000. Because each investor’s
circumstances are different, please consult your tax professional
for more information about considerations that may be relevant to
your particular situation
- The New Jersey College Affordability Act allows NJ taxpayers
with household adjusted gross income between $0 and $75,000 to be
eligible for a one-time grant of up to $750 matched
dollar-for-dollar of the initial deposit into an NJBEST or FT529
account for accounts open on or after June 29, 2021. Visit HESAA's
site for terms and conditions and how to apply. This program is
subject to available funding.
- Investing in NJBEST does not guarantee admission to any
particular elementary or secondary school or to college, or
sufficient funds for elementary or secondary school or for college.
The scholarship is only available for college and is awarded any
fall or spring semester of college. The scholarship may be awarded
only once to an eligible beneficiary. The NJBEST Scholarship is
provided by the New Jersey Higher Education Student Assistance
Authority.
- Each quarter, Saving for College analyzes the investment
performance figures for thousands of 529 portfolios and ranks the
529 savings plans. Rankings are derived using the plans' relevant
portfolio performance in seven unique asset allocation categories.
The asset allocation categories used are 100% Equity, 80% Equity,
60% Equity, 40% Equity, 20% Equity, 100% Fixed and 100% Short Term.
The plan composite ranking is determined by the average of its
performance score in the seven categories. As of June 30, 2024,
NJBEST ranked #1 for Direct-sold 529 Plans 3-year performance out
of 55 plans ranked, and FT529 ranked #1 for 3-year performance
(including max sales charges Class A), out of 32 plans ranked.
All investments involve risk including possible loss of
principal. Diversification does not guarantee a profit or
protect against a loss.
The Program and its associated persons make no representations
regarding the suitability of the Program’s investment portfolios
for any particular investor. This material is intended to be of
general interest only and should not be construed as individual
investment advice or a recommendation by Franklin Distributors,
LLC. Other types of investments and other types of education
savings vehicles may be more appropriate depending on your personal
circumstances.
Investments are not insured by the FDIC or any other government
agency and are not deposits or other obligations of any depository
institution. Investments are not guaranteed by the State of New
Jersey, Franklin Distributors, LLC, or Franklin Templeton.
Franklin Templeton, its affiliates, and its employees are not in
the business of providing tax or legal advice to taxpayers. These
materials and any tax-related statements are not intended or
written to be used, and cannot be used or relied upon, by any such
taxpayer for the purpose of avoiding tax penalties or complying
with any applicable tax laws or regulations. Tax-related
statements, if any, may have been written in connection with the
“promotion or marketing” of the transaction(s) or matter(s)
addressed by these materials, to the extent allowed by applicable
law. Any such taxpayer should seek advice based on the taxpayer's
particular circumstances from an independent tax professional.
© 2024. Franklin Distributors, LLC. Member FINRA/SIPC.
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version on businesswire.com: https://www.businesswire.com/news/home/20240815359548/en/
Franklin Templeton Corporate Communications: Rebecca Radosevich,
(212) 632-3207, rebecca.radosevich@franklintempleton.com
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