Illinois State Treasurer Michael Frerichs says the state is reducing fees and giving more investment choices to people saving money for college in the state's 529 college savings plans.
The Chicago Tribune reports that Illinois currently offers two funds for people who work with financial planners or investment advisers on their 529 plans. The plans allow people to save money for college and avoid paying taxes on any money withdrawn to pay for college.
Under the changes, people who work with advisers will be converted to a single plan with Bright Directions.
The changes are expected to take effect in July. Account holders won't be required to take any action.
There are nearly 446,000 Illinois 529 accounts that total about $9 billion.