What is the account maintenance fee?
The account maintenance fee is charged to PA 529 GSP accounts to help cover the costs of administering the plan. The legislation creating the PA 529 GSP designed it to be self-sustaining, which means that tax revenues are not provided to cover the operational expenses. Instead, the plan must generate enough revenues to meet both its expenses and its obligations to pay requested college payments and other withdrawals. The account maintenance fee is a primary source of revenues to offset expenses and an important factor in maintaining the financial soundness of the PA 529 GSP.
Costs of administering the plan include such expenses as investment management costs, processing functions (e.g., opening and closing accounts, processing contributions and withdrawals, sending transaction confirmation and quarterly statements), operating the GSP call center and staffing costs.
- What is the Pennsylvania 529 Guaranteed Savings Plan (GSP)?
- Who may open a PA 529 GSP account?
- Who can be a beneficiary of a PA 529 GSP account?
- How do I access my account to pay for qualified higher education expenses (qualified withdrawal)?
- When can I request payment for qualified higher education expenses?
- How do I obtain, complete and submit a Payment Authorization Form?
- What does it cost to open an account?
- What is the account maintenance fee?
- How much is the account maintenance fee?
- What if I am not a Pennsylvania resident?
- How do I enroll in the PA 529 GSP?
- Why do I need to choose a tuition level?
- How do I change my Tuition Level?
- Why is August 31 an important date for contributing to a PA 529 GSP account?