Maryland 529

What Maryland 529 does

Maryland 529 is a state-sponsored 529 college savings program administered by the Maryland State Treasurer's Office under Chapter 18 of the Education Article of the Maryland Code. The program consists of three primary offerings: the Maryland Senator Edward J. Kasemeyer College Investment Plan (launched 2001), a tax-advantaged investment plan managed and distributed by T. Rowe Price Investment Services, Inc. offering enrollment-based (target-date) and fixed investment portfolios composed of T. Rowe Price mutual funds; the Maryland Senator Edward J. Kasemeyer Prepaid College Trust, a prepaid tuition plan closed to new enrollments since June 1, 2023; and the Maryland ABLE Program (launched November 2017), managed by Vestwell State Savings, LLC, providing savings accounts for individuals with disabilities to pay Qualified Disability Expenses without jeopardizing SSI or Medicaid eligibility. The program serves Maryland families, grandparents, new and expectant parents, and lower-to-middle-income Maryland households, with eligibility extending nationwide but state tax benefits restricted to Maryland residents.

The underlying technology is a 529 plan investment platform with both automated enrollment-based target-date portfolios and DIY fixed portfolio options (Equity Index 500, Equity, Extended Equity Market Index, Global Equity Market Index, Balanced, Bond and Income, Inflation Focused Bond, U.S. Bond Index, Social Index Equity, U.S. Treasury Money Market). Account management is delivered through a self-service website (maryland529.com), the ReadySave 529 mobile app (iOS/Android, built on Ascensus infrastructure), inside-sales phone support, mail enrollment, and community outreach. The platform integrates with Ascensus's Ugift gifting portal and Upromise cash-back rewards, plus payroll deduction contribution channels. Maryland 529 generates revenue through Total Annual Asset-Based Fees — composed of underlying mutual fund expense ratios (retained by T. Rowe Price), a State fee, and a program manager fee — assessed on the approximately $12.58 billion in assets under management across more than 400,000 accounts. Pricing is unit-based with a $25 minimum initial contribution, $500,000 per-beneficiary maximum, and a $10 fee on direct-to-school transfers. The program awards a Maryland State income tax subtraction of up to $2,500 per beneficiary annually (carryforward up to 10 years) and a Save4College State Contribution of $250-$500 for eligible lower-to-middle-income households.

Maryland 529 distributes directly to consumers through a multi-channel acquisition motion (website, mobile app, phone, mail, community events at employer benefits fairs, back-to-school fairs, and financial literacy events) with content co-branded through T. Rowe Price insights. Third-party validations include a 2025 Morningstar Silver rating (one of 13 plans rated Silver), a 2025 Saving for College "Top of the Class" designation (one of 8 direct-sold plans), and #1 rankings for enrollment-based portfolio performance over 3-year and 10-year periods as of 3/31/26. Administrative oversight was transferred from the abolished Maryland 529 Board to the State Treasurer's Office effective June 1, 2023, as part of Chapter 113 of the 2023 Laws of Maryland.

Name

Maryland 529

Legal name

Maryland Senator Edward J. Kasemeyer College Investment Plan

Website

https://maryland529.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

11–50 employees

Short description

Maryland 529 is a state-sponsored 529 college savings program administered by the Maryland State Treasurer's Office, offering a T. Rowe Price-managed investment plan, a closed prepaid tuition trust, and a Vestwell-managed ABLE disability savings program serving Maryland families and nationwide account holders.

Ownership category

akta.pro rank

Product category

Education Savings Plans

NAICS

Insurance and Employee Benefit Funds (5251), Finance and Insurance (52)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Education Funding Planning (College/529) (FSAEAAAF)

akta.pro secondary industry

Tax-Advantaged Investing & Wrappers (ISA, 529, Insurance Bonds, etc.) (FSAAAAAL)

Keywords

• 529 college savings
• Education savings plans
• ABLE disability savings
• Prepaid tuition trust
• State investment programs

Headquarters

HQ city

Baltimore

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Program Management Fees: Maryland 529 generates revenue through program management fees assessed on account balances. These include underlying mutual fund expenses (weighted average expense ratios), a State fee, and a program fee, collectively referred to as Total Annual Asset-Based Fees.
2. Asset-Based Fees: Total Annual Asset-Based Fees include estimated underlying mutual fund expenses based on weighted average of each fund's expense ratio (net of expense limitations), the State fee, and the program fee. Fees vary by portfolio.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

Maryland 529 is a state-sponsored program that helps Maryland families save for future education costs through tax-advantaged 529 college savings accounts, prepaid tuition contracts, and ABLE disability savings accounts. It sells enrollment in three distinct plans — the Maryland College Investment Plan, the Maryland Prepaid College Trust, and the Maryland ABLE Program — and routes contributions into professionally managed investment portfolios.

Product overview

Maryland 529 is a state-sponsored 529 education savings program administered by the Maryland State Treasurer's Office. The program consists of three main plans: the Maryland College Investment Plan (launched 2001, managed by T. Rowe Price) offering enrollment-based and fixed investment portfolios for college, apprenticeship, and trade school savings; the Maryland Senator Edward J. Kasemeyer Prepaid College Trust (closed to new enrollments since June 2023) for prepaid tuition at Maryland public colleges; and the Maryland ABLE Program (launched 2017, managed by Vestwell) for disability savings. Key features include the Save4College State Contribution Program providing income-based matching contributions, the ReadySave 529 mobile app for account management, Ugift gifting platform for family contributions, and Upromise rewards integration. All plans offer Maryland state income tax benefits up to $2,500 annually per beneficiary.

Differentiator

Problem solved

Functional benefit

Brands

• ReadySave™ 529: Mobile application for managing Maryland 529 college investment plan accounts
• Save4College State Contribution Program
• Ugift®

Products and services

• Maryland College Investment Plan A 529 college savings plan managed by T. Rowe Price that lets account owners contribute to professionally managed investment portfolios for future qualified higher-education expenses of a designated beneficiary. Open to Maryland residents and out-of-state participants; Maryland residents receive a state income tax deduction on contributions.
• Maryland Prepaid College Trust A prepaid tuition contract that historically allowed families to lock in today's tuition rates at Maryland public colleges for future use by a designated beneficiary. The program is now closed to new enrollments, but existing contract holders continue to receive the contracted benefits.
• Maryland ABLE Program A 529A ABLE savings account program managed by Vestwell State Savings that lets individuals with disabilities and their families save for disability-related expenses on a tax-advantaged basis while preserving eligibility for means-tested benefits such as SSI and Medicaid.

Quantifiable outcome

• Over 280,000 account owners and more than 400,000 accounts
• +4 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature4 records

Partnerships

Four partnerships are on record, tiered core and supporting.

• Vestwell State Savings, LLCcoreTechnology or Integration · 1 January 2017Vestwell State Savings, LLC manages the Maryland ABLE program, which launched in November 2017. The ABLE program helps individuals with disabilities save money and pay for Qualified Disability Expenses without jeopardizing State or federal means-tested benefits such as SSI or Medicaid.
• T. Rowe PricecoreTechnology or Integration · 1 January 2001T. Rowe Price Investment Services, Inc. serves as the manager and distributor of the Maryland Senator Edward J. Kasemeyer College Investment Plan. With more than 80 years of investment experience, T. Rowe Price provides investment management for the plan's portfolio options, which include enrollment-based and fixed portfolios composed of various T. Rowe Price mutual funds. This is a long-standing partnership dating back to the plan's launch in 2001.
• Ascensus (Ugift)supportingTechnology or IntegrationAscensus provides the Ugift gifting platform technology that enables friends and family to make contributions to Maryland 529 accounts through a free online portal with unique codes, tracking, and gift management features.
• UpromisesupportingGTM or Marketing PartnerUpromise is a rewards service that helps families save for education by providing cash back rewards for everyday activities (shopping, dining, gas, groceries, gift cards) that can be automatically deposited as contributions to Maryland 529 accounts when users reach $50 in rewards. Maryland 529 offers bonus rewards ($5.29 for new accounts, $25 for linking accounts).

Scale indicators5 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Fidelity Investments: Major asset manager that administers Fidelity-managed 529 plans in multiple states. Comparable as a broad incumbent offering direct-sold 529 plans with low fees, competing head-to-head with Maryland 529 for performance-sensitive savers.
• Ascensus: Provider of administrative and recordkeeping services for many state 529 plans, including the Ugift gifting platform used by Maryland 529. Comparable as a broad incumbent enabling multiple state 529 programs.
• T. Rowe Price: Global asset manager that manages Maryland 529's portfolios and serves as distributor. Comparable as a broad incumbent in 529 plan management and as Maryland 529's core operating partner for investment management and distribution.
• Vanguard: Major asset manager offering state-sponsored 529 plans with low-cost index portfolios. Comparable as a broad incumbent in the 529 space whose low-fee direct-sold plans compete with Maryland 529 on cost and performance.

Direct peers

• California ScholarShare 529: California's state-sponsored 529 college savings plan managed by T. Rowe Price. Directly comparable as a state-administered 529 plan leveraging T. Rowe Price investment management and offering similar enrollment-based and fixed portfolio structures.
• Bright Start (Illinois 529): Illinois's direct-sold 529 college savings plan. Comparable direct-sold state 529 plan with enrollment-based portfolios, competing for savers across state lines.
• New York 529 (NYSaves): New York's state-sponsored 529 college savings program. Directly comparable as a direct-sold 529 plan offering enrollment-based and fixed portfolios, with New York-specific state tax benefits and similar investment manager relationships.
• Virginia 529 (Virginia529): Virginia's 529 program, widely regarded as a top-performing direct-sold 529 plan. Comparable in offering tax-advantaged education savings with state-tax benefits for Virginia residents, and competes with Maryland 529 for cross-state savers.
• Utah Educational Savings Plan (UESP): Utah's state-sponsored 529 plan, frequently cited as a leader in low fees and strong performance. Directly comparable as a direct-sold 529 plan and a frequent benchmark for Maryland 529's performance ratings.

Emerging players

• Vestwell: Recordkeeping and program management platform that administers Maryland's ABLE program and ABLE programs in other states. Comparable as an emerging player enabling state-administered disability savings programs similar to Maryland 529's ABLE offering.

Market position

Strengths5 records

Weaknesses2 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/maryland-529

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Maryland 529