LINCOLN, Neb. (AP) — Nebraska’s state-sponsored college savings plan is getting a new program manager and lower fees.
State officials recently approved Nebraska-based Union Bank & Trust to manage the Nebraska Educational Savings Trust program. The program allows families to save money in tax-advantaged accounts for college or vocational training expenses.
State Treasurer John Murante said Union Bank & Trust’s proposal will make Nebraska’s program one of the most competitive in the nation, with substantially lower fees for account owners. The fees will vary, but the one charged by the Nebraska Education Savings Trust Direct Plan will be 68% lower.
Nebraska’s plans hold $5.6 billion in assets spread over more than 275,000 accounts nationally, including 90,000 in Nebraska.
Union Bank & Trust provided the winning proposal to replace First National Bank of Omaha, which has managed the program since 2010.
