Franklin Templeton will continue as the program manager for NJBEST, the 529 college savings plan offered solely to New Jersey residents, after again being selected by the New Jersey Higher Education Student Assistance Authority (HESAA).
In addition, the firm will continue to run the Franklin Templeton 529 College Savings Plan, also administered by the New Jersey authority but offered to investors nationwide.
Together, the plans exceed $4 billion in assets under management, according to the firm.
Franklin Templeton has served as manager for the plans since 2003. Since that time, more than 158,000 accounts have been established, says the HESAA.
“Ten years later, we have seen more than 82,000 promising New Jersey students access the funds necessary to make their higher education a reality, with more than $1 billion in total distributions to date,” said Gene Hutchins, chief financial officer at the HESAA.
In both plans, investors can choose asset allocations appropriate for their age and risk appetite. The Franklin Templeton 529 College Savings Plan allows advisors to customize the asset allocation mix for specific college investing goals.