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SAN MATEO, Calif.--(BUSINESS WIRE)--Aug 15, 2024--
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 $10,000 1 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.
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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20240815359548/en/
CONTACT: Franklin Templeton Corporate Communications:
Rebecca Radosevich, (212) 632-3207,rebecca.radosevich@franklintempleton.com
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA NEW JERSEY
INDUSTRY KEYWORD: PERSONAL FINANCE FINANCE PROFESSIONAL SERVICES UNIVERSITY EDUCATION
SOURCE: Franklin Templeton
Copyright Business Wire 2024.
PUB: 08/15/2024 08:30 AM/DISC: 08/15/2024 08:30 AM
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