Bergen Young Republicans

Senator Joe Pennacchio congratulated Franklin Templeton Investments on its announcement of a more than 50 percent reduction in fees to parents who invest in the NJBest college savings plan. Franklin Templeton manages the state plan.

In April, Senator Pennacchio was the first state legislator to call attention, through news releases and with questioning during Senate hearings, to a Morningstar report that ranked NJBest as one of the five worst 529 college savings plans in the nation. Morningstar said the fund had high fees and overly risky investment choices. Senator Pennacchio’s crusade for working parents included meeting with Franklin Templeton representatives, who promised him they would come up with a better plan and institute it as soon as it could get it through the state bureaucracy.

Read the rest of Pennacchio Thanks Franklin Templeton for Listening, Giving Parents a Break (178 words)