ScholarShare 529, California’s official college savings plan, has reduced fees across its investment lineup after surpassing $10 billion in assets under management, according to a news release.

Fees for ScholarShare 529’s passive, age-based portfolios, the plan’s most popular investment options—and which shift risk levels from aggressive to conservative as a child nears college age—are now 10% lower.

The fee reduction across the investment lineup will save plan participants and beneficiaries a collective $2 million annually.

“Low fees and expenses make a big difference on investment returns – especially when they are compounded over a longer-term time horizon,” said Julio Martinez, executive director of the ScholarShare Investment Board. 

According to Morningstar's annual review of the largest college savings plans, ScholarShare 529's fees rank among the most affordable 20% of plans.