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The Markets April 27, 2011
529 Plan Assets Increased 11.5% in 2010
The College Savings Plans Network (CSPN) reports that assets under management in 529 plans increased 11.5% in 2010 net of
contributions and distributions.
Reported by Rebecca Moore
529 plan assets reached a record level in 2010 at $157.43 billion – an 18% increase for the time period of January 1, 2010, to December 31, 2010, CSPN data shows. Assets in 529 plans were $133.41 billion in 2009.
More than half (54%) of all 529 accounts received contributions in 2010, up from 47% as reported June 30, 2010. Contributions to new and existing accounts nationwide exceeded $18 billion. Approximately 1.1 million (11%) 529 accounts took a distribution.
The report said the average value of a 529 account has returned to a trend of growth after tracking the market downturn in 2008. As of December 31, 2010, the average balance in a 529 plan account was $15,492 compared to $14,932 at the end of 2007. The average balance increased 17.5% from 2009 to 2010.
The report is based on data aggregated exclusively by CSPN from the country’s 104 savings and prepaid tuition programs and examines 529 plan assets, contributions and distributions from Jan. 1, 2010 to Dec. 31, 2010.
More about the CSPN is at http://www.collegesavings.org/index.aspx.