HARRISBURG, PA--(Marketwired - November 07, 2013) - The Pennsylvania 529 Investment Plan (IP) is going to help families' college savings grow even faster, Pennsylvania Treasurer Rob McCord announced today. With new lower fees set to take effect on Dec. 2, 2013, the PA 529 IP will rank among the lowest-fee 529 plans in the country.

"The Pennsylvania 529 Investment Plan is helping a record number of families," said Treasurer McCord. "And I am delighted to announce that this 529 plan will do even more to help families pay for college.

"Since we first lowered fees in July 2010, PA 529 IP account owners have already saved nearly $7 million," Treasurer McCord continued. "This latest reduction in fees is projected to increase the savings to more than $26 million through 2017. This is real money that will remain invested in children's futures!"

The PA 529 IP, in which returns are based on financial market performance, features low fees and more than a dozen conservative and aggressive investment options from The Vanguard Group, one of the nation's largest financial services companies. Families contributed about $213 million to the PA 529 IP during fiscal year 2012-13, and assets in the PA 529 IP, as of Sept. 30, were nearly $1.4 billion, a 21.23 percent increase over the previous year.

Ninety percent of PA 529 IP account owners will pay fees of 39 basis points or less, which is a 22 percent reduction from current fees and represents a 44 percent reduction since Treasurer McCord took office in 2009. An $18 annual fee will be waived for account owners who select e-delivery for their financial statements and documents.

Earlier this summer, Treasurer McCord lowered fees by nearly 30 percent for Pennsylvania's second 529 plan, the PA 529 Guaranteed Savings Plan, where growth is based on tuition inflation. For example, if you save enough for a semester at one of Pennsylvania's State System of Higher Education universities today, you will have enough for a semester there in the future -- no matter when or how much tuition has increased in the meantime.

Both plans feature tax-deferred growth on earnings and tax-free withdrawals when funds are used for qualified educational expenses.

"The McCord Treasury works hard to make Pennsylvania's 529 College Savings Program one of the best programs of its kind in the country, and I am happy to report that we are helping more families than ever before make college more affordable and accessible for their children," Treasurer McCord said.

To learn more about either program, or to open and contribute to a PA 529 account, visit PA529.com or call 1-800-440-4000.

The Pennsylvania 529 College Savings Program sponsors two plans -- the PA 529 Guaranteed Savings Plan (GSP) and the PA 529 Investment Plan (IP). The guarantee of the PA 529 GSP is an obligation of the GSP Fund, not the Commonwealth of Pennsylvania or any state agency. Before investing in either plan, please carefully read that plan's disclosure statement (available at www.PA529.com or by calling 1-800-440-4000) to learn more about that plan, including investment objectives, risks, fees, and tax implications.