ILLINOIS (WCIA) — Thursday, State Treasurer Michael Frerichs presided over his first meeting as chair of the College Savings Plans Network (CSPN).
Frerichs oversees Illinois’ two 529 College Savings Programs, Bright Start and Bright Directions. Both have earned top rankings and are considered among the best in the nation by Morningstar. Morningstar independently evaluates and rates college savings plans.
“It is an honor to serve in this role to help shape policy and promote the benefits of higher education on a national level,” Frerichs said. “We are proud of the work in Illinois to cut college savings fees, grow the number of 529 accounts, and offer a pathway to reduce the burden of long-term student debt.”
Since 2015, Frerichs has worked with Union Bank & Trust, the program manager, to reduce fees and ensure more investment dollars go directly to college savings.