West Virginia's office of the state treasurer said Tuesday that the state has added a direct 529 college savings plan to its lineup of education savings products.
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The state added the Smart529 Select product to its Smart529 college savings options. The new plan is managed by Dimensional Fund Advisors and is the first in West Virginia that can be bought directly by investors nationwide.
Until now, investors choosing a 529 plan in West Virginia for their college savings vehicle had two choices: a plan offering actively managed funds or one offering index-based, passive mutual funds. Dimensional offers active money management.
College 529 plans had $42.97 billion of assets at June 30, up 70% from the year earlier.
