SEC forms task force to examine 529 plans
In response to concerns expressed by Rep. Mike Oxley, Chairman of the House Committee on Financial Services, the SEC has announced the formation of a task force to investigate the offer and sale of interests in 529 plans. In its letter of reply to Rep. Oxley, the SEC expresses its concerns about the variance in fees charged by different 529 plans and the inconsistent/inadequate level of disclosure regarding the investment of participant contributions.
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