People who have college savings plans under the Arkansas 529 GIFT Program will see their fees reduced, state Treasurer Dennis Milligan said Monday.
The program, administered by the treasurer’s office, allows people to deduct up to $10,000 from their state income taxes for their savings plans for their children’s education at a traditional four-year college or two-year vocational school.
Milligan said the fee reduction is possible because of $130 million in growth in the program’s total assets since he became treasurer in 2015.
The fee reduction became effective June 1. Portfolio fees are based on points, and everyone’s points will decrease by four, according to Milligan.