Underwriters of 529 Plans Must Submit Descriptive Information to MSRB
MSRB Rule G-45 allows the MSRB to collect comprehensive information regarding 529 college savings plans by gathering data from their underwriters. Reports on descriptive information must be filed semiannually, no later than 60 days following the end of each reporting period ending on June 30 and December 31. Performance data must be reported annually by no later than 60 days following the end of the calendar year. Each submitter must indicate on Form G-45 the identity of each underwriter on whose behalf the information is submitted.
Rule G-45 requires underwriters to submit descriptive information on 529 college savings plans semiannually: their total assets, total contributions, and total distributions for the most recent reporting period. At each investment option level, descriptive information for the most recent semiannual reporting period includes:
- • Name and type of each investment option and its inception date
- • Total assets in the investment option
- • Asset classes and asset class allocation of the investment option
- • Name of each underlying investment in each investment option
- • Total contributions and distributions for the investment option
- • Fee and expense structure in effect
The investment option’s performance data must be reported for the most recent calendar year and compared against the performance of an appropriate benchmark.
This new rule requires information to be submitted electronically via EMMA on new Form G-45. This will allow regulators to analyze 529 plans; monitor their size, growth rate, and investment options; and to compare plans based on fees, costs, and performance. The information m