photo by: Joselyn King
West Virginia Treasurer Riley Moore addresses those attending the West Virginia Republican Party’s “Victory in Unity Tour” at Nicky’s Garden Center in Wheeling Thursday.
WHEELING — West Virginia’s SMART529 Direct college savings plan has once again been ranked the nation’s best, and state Treasurer Riley Moore attributes much of that success to the conservative investing strategy that protects the funds in those accounts.
The nationwide college planning website SavingForCollege.com ranked the state’s SMART529 Direct plan the best in America for the second quarter of 2023 in both five-year and 10-year investment performance. The website analyzed the performance of more than 3,000 529 investment options around the country to produce its rankings.
With a direct-sold plan, a person can directly sign up without it being sold through a financial adviser. West Virginia’s SMART529 WV Direct Plan is open to state residents and is free from a minimum investment requirement, sales charges or annual maintenance fee.
According to the State Treasurer’s office, there were 38,552 West Virginians invested in the plan as of June 30.
“We have different tiers as it relates to investment,” Moore said last week during a visit to Wheeling. “Obviously, we’re a little bit more aggressive in the early years, but we do play it conservative in the out years to try to protect his funds that are assets under management for us to ensure that those dollars are there.
“And I think that conservative approach that we’ve taken in terms of investment has paid dividends,” he added. “Sure, it’s not ramping up in a short period of time, but I think it’s why we’re rated number one.”
Even with a more aggressive approach in the early years, West Virginia’s SMART529 plan was ranked fifth nationally in one-year performance and third nationally in three-year performance by SavingForCollege.com.
The website states West Virginia’s SMART529 Direct plan “offers outstanding flexibility, attractive investments, and additional economic benefits (such as generous state tax incentives) that for some people, at least, will provide a substantial boost to their savings. There are few, if any, weaknesses noted in the program.”
Among the benefits the plan offers, according to the State Treasurer’s office, are its low fee structure, variety of investment options, ability to deduct contributions from taxes and an e-gifting platform.
Moore credited his staff for much of the plan’s success and the honors it has racked up.
“We’ve got great managers,” he said. “I have to give a lot of kudos to my staff. We’re putting the right people in place to put us on the path to this type of success.
“We’re getting the right managers on this money,” he continued, “and making sure that we’re not getting taken to the cleaners on transaction fees and stuff like that. And it’s just been performing wonderfully for the state. … It’s something we want to shout from the mountaintops.”
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2023-10-09 06:17:17
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