Councilmember Charles Allen today applauded the DC Chief Financial Officer for announcing the selection of a new plan administrator for the DC 529 College Savings Program.

Allen said, “Saving for college is hard enough without worrying about high fees that eat away at your balance before any returns can be realized. I’ve been pushing to improve this program for DC families for over a year now. As a dad with an account for my own daughter, I’ve experienced first-hand the concerns about the DC plan’s high fees. I’m hopeful that the new plan administrator will reduce fees, improve returns, and make this program a better deal for DC residents.”

Ascensus College Savings was selected by the Office of the Chief Financial Officer as the new program manager. Ascensus manages 33 other 529 college savings plans in 18 states across the country. Existing accounts will be transitioned to the new funds in the next few months. Current plan holders should visit http://www.dccollegesavings.com/ for additional information about the status of their account.