College Savings Plan Manager Cuts Fees

Fidelity Investments has cut fees at the 529 college savings plans it manages for 5 states.

Fidelity, Boston, says it has reduced program management fees from one-third to one-half at all 7 of its directly sold and advisor-sold plans.

For plans sold directly to investors by the states of New Hampshire, California, Massachusetts, Delaware and Arizona, Fidelity has cut program management fees by 0.15% for index portfolios and by 0.10% for active portfolios. Total index portfolio fees for directly sold plans now range from 0.25% to 0.35% of plan assets, according to Fidelity, while total actively managed portfolio fees now range from 0.59% to 1.04% of plan assets.