By Edward D. Murphy firstname.lastname@example.org
AUGUSTA — The Finance Authority of Maine is cutting some of its fees on its NextGen college savings plans.
The decision will result in a reduction in asset-based fees on both self-directed and advisor-sold plans, and initial sales charges on some asset classes will also be cut. FAME said most of the cuts range from four to 11 basis points, or .04 percent to .11 percent. In addition, the account maintenance fee for self-directed accounts is being eliminated. FAME had 231,226 NextGen accounts as of March 1 and Bill Norbert, a spokesman for the authority, said almost all of them are in one of classes of plans where fees are being cut. The reductions take effect tomorrow, he said.