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Utah's college savings plan, my529, has more than $14 billion in assets under management, the plan's managers announced Monday.

SALT LAKE CITY — Utah's college savings plan, my529, has more than $14 billion in assets under management, the plan's managers announced Monday.

The milestone comes less than a year after the plan reached $13 billion in assets under management, which was achieved in September 2018.

Formerly the Utah Educational Savings Plan, my529 is Utah’s official nonprofit 529 college savings plan. The plan has been recognized by the financial press and consumer experts for its low fees and industry innovations such as customized allocation investment options. It is the third-largest direct-sold 529 plan in the nation, according to a press release.

“Account owners in Utah and across the United States recognize the value of investing for education expenses with my529,” said Lynne Ward, my529 executive director.

“The strength and flexibility of our investment options, along with our low fees and tax advantages, make the plan an attractive investment vehicle for families," Ward said.

My529 is highly rated by Morningstar Inc., and is the recipient of its Analyst Rating of Gold award for eight consecutive years through 2018. The Utah plan was one of only four 529 plans nationwide in 2018 to earn Morningstar’s top honor last October.

Earnings accumulate tax free. The money can be used for qualified higher education expenses such as tuition, fees, books, supplies, computer and some room and board costs and is exempt from federal and state income taxes.

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The funds can be used at any eligible educational institution in the United States or abroad that is qualified to participate in federal student aid programs, not just schools in Utah.

However, Utah taxpayers may qualify for a state income tax credit or deduction for account contributions up to certain limits.

Accounts are free to open and my529 requires no minimum deposit or account balance. Accounts can be managed online. For more information, visit its website at my529.org or call toll-free at 800-418-2551.