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Contract reading

What T. Rowe Price legally published, but does not want you to read

Every clause below is published by T. Rowe Price itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: T. Rowe Price Associates, Inc.

sole discretionwithdrawalsconflict of interestdeemed acceptancekyc freezeunilateral amendmentforum waiverhidden feeliability capcountry restriction

T. Rowe Price caps everything it could ever owe you over its websites at $100. Its 529 plan can be closed at the Trust's discretion, and the growth kept if the Trust judges your information false. Complaints die 120 days after the event, the Trustee decides them, and the plan can be amended retroactively. Fees are low and falling, and nothing here forces you into arbitration.

Back to T. Rowe Price

Contract risk

Money at risk
6.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
7
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
31
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
16
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
2

How the 31 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical7
Warning14
Notice10

section 21 of 35is where the deepest clause sits, 60% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

2 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical$100Time to complain. Jump to the clause this comes from.Total liability for the websites is capped at $100Critical10%Document deadline. Jump to the clause this comes from.A failed identity check can trigger a taxable withdrawal15 daysWithdrawal limit. Jump to the clause this comes from.The plan can suspend withdrawals, and holds stack up$25Fee you were not shown. Jump to the clause this comes from.Service fees are deducted and can change without notice

What the documents say

31 clauses worth knowing about, worst first, each quoted from T. Rowe Price's own files

01

T. Rowe Price says it owes you nothing at all for its websites. If a court refuses that, section 14 of the Terms of Use sets a fallback ceiling of $100 on everything it could ever owe you.

Why this matters

You read your balance, prices and performance on those pages. The first clause rules out damages of any kind, direct ones included. The $100 figure is what is left if a court strikes the first clause down.

Exhibit 1CriticalRarely seen$100

NEITHER T. ROWE PRICE NOR ANY THIRD-PARTY CONTENT PROVIDER WILL BE LIABLE TO YOU OR ANYONE ELSE FOR ANY DAMAGES OF ANY KIND, WHETHER CONSEQUENTIAL, INCIDENTAL, SPECIAL, DIRECT, INDIRECT OR OTHERWISE.
Clause 14 in Terms of Use
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Our own capture of troweprice.com, taken on Oct 14, 2026Total liability for the websites is capped at $100 (clause 14)This capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK)

Firms authorised by the FCA may not use a contract term to exclude or restrict a duty or a liability they owe to a client under the regulatory rules. These Terms of Use rule out damages of any kind and cap every claim about the websites at $100, while saying the cap may not apply where local law refuses it.

T. Rowe Price is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 6The same document says nobody has to check whether an instruction came from you, and caps what you can recover when it did not.
02

The Education Trust of Alaska can close your education savings account whenever it decides that is in the best interest of the Trust. If it closes the account because it judges your information false or misleading, it can keep the growth.

Why this matters

Your contributions come back. The investment growth, which is the point of saving for years, can stay with the Trust. The sale happens at the next price calculated after it decides, and the market loss, the tax and the costs are yours.

Exhibit 2CriticalHarder than usual

The Trust may close an Account if the Trustee determines, in its sole discretion, that such action is in the best interest of the Trust.
Clause Trust's Ability to Restrict or Close an Account in T. Rowe Price College Savings Plan Disclosure Document, p.21
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  • Worse together with Exhibit 7A verification failure is one route into this clause, and it carries its own tax penalty on the way out.
03

You get 120 days to complain, counted from the day the thing happened, not the day you found out. After a decision you have 30 days to appeal. Miss that and you are treated as having given up all further review.

Why this matters

A mistake in a quarterly statement can surface long after it was made. The deadline does not wait for you to notice it. After it passes, nobody at T. Rowe Price has to look at your claim.

Exhibit 3CriticalHarder than usual120 days

The dispute must be submitted to T. Rowe Price no later than 120 days following the event, determination, challenge, interpretation, or action giving rise to the claim.
Clause Resolving Disputes, Making a claim in T. Rowe Price College Savings Plan Disclosure Document, p.77
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Set against a regulated standard: FCA (UK)

Firms authorised by the FCA must let a retail client take an unresolved complaint to the Financial Ombudsman Service free of charge, and the client normally has six months from the firm's final answer to do it. Here the Trustee gives the final answer, and the next step is a court appeal in Alaska.

T. Rowe Price is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day 120Your complaint must have reached T. Rowe Price, counted from the day the event happened.Resolving Disputes, Making a claim
Within 30 days of noticeT. Rowe Price tells you its decision, and may take longer if it wants more information.Resolving Disputes, Investigating the claim
30 days after the decisionYou must appeal in writing, or you are treated as having waived all further review.Resolving Disputes, Appeal process and final decision
The appeal itselfThe Trustee may deny your appeal without reviewing it any further.Resolving Disputes, Appeal process and final decision
CourtThe only route on is an appeal under Alaska Appellate Rule 602.Resolving Disputes, Appealing to the court
  • Worse together with Exhibit 4Meeting every deadline still leaves your recovery pegged to an internal account whose balance is never published.
  • Worse together with Exhibit 17The same 120 days also closes off any objection to the statement that showed you the problem.
04

If you win a dispute, what you can recover is limited to the unencumbered assets sitting in the plan's Administrative Accounts. The plan never says how much is in them.

Why this matters

You cannot work out the ceiling on your own claim, because no document in the set gives that balance. The same clause rules out indirect and consequential loss, and the Trustee has the final say on the dispute itself.

Exhibit 4CriticalRarely seen

Damages cannot be claimed by an Account Owner or Beneficiary in excess of the unencumbered assets in the Administrative Accounts;
Clause Resolving Disputes, General information (3) in T. Rowe Price College Savings Plan Disclosure Document, p.77
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05

The Education Trust of Alaska can amend, suspend or terminate the plan at any time, and the document says it can do so retroactively. You are told in writing afterwards, and only about changes it treats as material.

Why this matters

A rule you relied on when you put money in can be changed after the fact. You get no vote, and the notice reaches you once the decision is already made.

Exhibit 5CriticalRarely seen

The Trust may at any time, including retroactively, amend, modify, or suspend the Declaration or the Plan to comply with the Code or to ensure the Trust's efficient operation.
Clause The Trust's ability to amend, modify, suspend, or terminate in T. Rowe Price College Savings Plan Disclosure Document, p.74
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06

T. Rowe Price has no duty to check whether an instruction really came from you. If someone logs in with your credentials, the firm can act on what they tell it and owes you nothing for the result.

Why this matters

A stolen password becomes your loss, not theirs. The plan documents say the same thing, and the Terms of Use list unauthorised access and theft among the things nobody is liable for.

Exhibit 6CriticalHarder than usual

T. Rowe Price shall not be under any duty to inquire as to the authority or propriety of any instructions given to T. Rowe Price by you or by a person who has logged on using your access credentials or password, shall be entitled to act upon any such instructions, and will not be liable for any loss, cost, expense, or other liability arising out of any such instructions.
Clause 11 in Terms of Use
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Our own capture of troweprice.com, taken on Oct 14, 2026Anyone with your password can bind you (clause 11)Visit this page on the broker's siteDownload the full size image file

A paperwork failure can cost you the tax break

A failed identity check lets T. Rowe Price close your account and sell your units. The money then leaves as a withdrawal that can carry a 10% federal penalty on the earnings. Withdrawals above an unstated size need a Medallion signature guarantee, which the plan can demand at any time.

Verification3 clauses flagged

If T. Rowe Price cannot verify who you are, it can close your account and sell your units at that day's price. The money then leaves as a withdrawal the tax authorities may treat as nonqualified.

Why this matters

A nonqualified withdrawal puts federal income tax on the growth plus a 10% federal penalty on it. Years of tax free saving can end because a document did not match.

Exhibit 7CriticalHarder than usual10%

If, after making reasonable efforts, we are unable to verify the Account Owner's or other individuals' identity(ies), we may be required to take certain actions, including closing the Account.
Clause Requirements for Opening an Account in T. Rowe Price College Savings Plan Disclosure Document, p.16
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Withdrawals above a certain dollar threshold need a Medallion signature guarantee. The plan never says what the threshold is, and it can demand the guarantee at any time.

Why this matters

A Medallion guarantee usually comes from a bank where you already hold an account, and it takes a branch visit. You cannot plan for it, because the amount that triggers it is not published.

Exhibit 16WarningHarder than usual

Requests over a certain dollar threshold may require a Medallion signature guarantee. However, the Plan reserves the right to require a Medallion signature guarantee at any time for withdrawal requests.
Clause Requesting a Withdrawal in T. Rowe Price College Savings Plan Disclosure Document, p.63
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Neither privacy policy says how long T. Rowe Price keeps your personal data. To stop the plan using your details for marketing, the only route it gives is a telephone call.

Why this matters

You cannot tell when your records will be deleted, because no period is published. Opting out needs a call to a United States number during business hours.

Exhibit 29NoticeStandard wording

If you do not wish to receive such information, call T. Rowe Price at 1-866-521-1894.
Clause Privacy Policy, Marketing and Opt-Outs in T. Rowe Price College Savings Plan Disclosure Document, p.80
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The asset fees are low, and the service fees are elsewhere

A returned cheque costs you $25 at T. Rowe Price 529, and the plan can change its service fees without telling you first. It also reports two of those fees to the tax authorities as withdrawals from your account. The fee table the contents page points to is dated Third Quarter 2024.

Cost disclosure2 clauses flagged

A returned cheque costs you $25 and a rejected bank transfer another $25. A courier cheque is $25, or $60 abroad. Paying a school electronically costs $10. T. Rowe Price can change these without telling you first.

Why this matters

T. Rowe Price reports the courier and school payment fees to the tax authorities as withdrawals from your account. Its own document says those fees may count as nonqualified withdrawals, which means tax on the fee itself.

Exhibit 9WarningHarder than usual$25

At our discretion, if applicable, we may also deduct directly from your Account the other fees and expenses identified below or similar fees or charges (all subject to change without prior notice).
Clause Service-Based and Other Fees in T. Rowe Price College Savings Plan Disclosure Document, p.60
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The contents page sends you to page 61 for fees. That table is dated Third Quarter 2024 and still lists Portfolio 2024. Two newer tables at the front of the file replace it.

Why this matters

A reader comparing plans on cost can easily read a figure that no longer applies. The current numbers are lower, so the old table overstates what you would pay today.

Exhibit 23NoticeStandard wording

FEE STRUCTURE As of Third Quarter 2024 For information regarding the program Fee, see footnote 2 below. For information regarding the Trust Fee, see footnote 3 below. There is no annual Account Fee.
Clause Fee Structure in T. Rowe Price College Savings Plan Disclosure Document, p.61
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Withdrawals can be suspended, and routine changes freeze them

T. Rowe Price can limit how many withdrawals you make in a month and can stop withdrawals temporarily. Ordinary changes freeze money too: fifteen calendar days after you edit your bank details, ten business days after you move house. A cheque left uncashed for six months may stop working.

Getting money out2 clauses flagged

T. Rowe Price can limit how many withdrawals you make in a month and can stop them temporarily. Ordinary changes also freeze money. Updating your bank details holds withdrawals for 15 calendar days.

Why this matters

The holds land exactly when you need the money, after you move house or change bank. The suspension power has no stated test, no notice and no time limit on it.

Exhibit 8WarningHarder than usual15 days

The Plan reserves the right to limit the number of withdrawals in a single month and to temporarily suspend the right to withdrawals.
Clause Restrictions on Withdrawals in T. Rowe Price College Savings Plan Disclosure Document, p.67
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What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
After a contributionWithdrawing that contribution is deferred for five business days after the deposit.Restrictions on Withdrawals
After an address changeWithdrawals are held for ten business days.Restrictions on Withdrawals
After a banking changeWithdrawals are held for fifteen calendar days.Restrictions on Withdrawals

A withdrawal cheque that sits uncashed for six months may be refused by your bank. If it stays outstanding, the plan may have to hand the money to the state as abandoned property.

Why this matters

Money you already asked for can stop being yours to collect. Meanwhile the interest earned while the cheque sits uncashed can go to the plan manager, not to you.

Exhibit 22NoticeStandard wording

A withdrawal check that remains uncashed after six months from the date of issuance may not be honored by your financial institution for payment.
Clause Outstanding Withdrawal Checks in T. Rowe Price College Savings Plan Disclosure Document, p.68
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What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
After six monthsYour bank may refuse to honour the withdrawal cheque.Outstanding Withdrawal Checks
While it stays outstandingThe plan may have to hand the money to the state as abandoned property.Outstanding Withdrawal Checks
  • Worse together with Exhibit 24The document uses an uncashed cheque as its own example of money earning interest for the manager.

The $250 offer is a pool, not a promise

T. Rowe Price advertises a $250 incentive for a new 529 account funded with $250 or more. The whole programme is capped at $2.5 million for 2026 and awarded by the time your first payment arrived. The Education Trust of Alaska decides any eligibility dispute itself.

Incentive terms1 clause flagged

T. Rowe Price advertises a $250 incentive for a new account funded with $250 or more. The whole programme is capped at $2.5 million for 2026. If more families qualify than the money covers, the time your payment arrived decides who gets it.

Why this matters

You can meet every published condition and still get nothing. The money arrives in February of the following year and goes into the account. Spending it on anything but education costs you tax and a penalty.

Exhibit 13WarningHarder than usual$250

Funding for this incentive program, as provided by the Education Trust of Alaska, is capped at $2.5 million for calendar year 2026.
Clause Account Momentum Program in T. Rowe Price 529 Incentive Program Terms and Conditions
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Our own capture of troweprice529.com, taken on Oct 14, 2026The claim, on English homepage banner. Footnote 1 reads in full: Certain restrictions apply; see terms and conditions for details and eligibility requirements.Visit this page on the broker's siteDownload the full size image file

They can change the plan whenever they like, and you get two moves a year

The Education Trust of Alaska can change the plan at any time, and says it can do so retroactively. Your chosen portfolio can be closed without your consent and without advance notice. You get two investment changes a year, and switching off your own automatic plan uses one of them.

Unilateral change6 clauses flagged

The Trustee can change the investment options without your consent, and can terminate or reorganise any of them at any time. The document says all of this can happen without advance notice.

Why this matters

Your money can end up in a different portfolio from the one you picked. You get only two investment changes a year. Moving it back may have to wait for January.

Exhibit 10WarningHarder than usualNew

The Trustee may change the Investment Options available under the Plan without your consent.
Clause Changes in Investment Options, Allocations and Underlying Investments in T. Rowe Price College Savings Plan Disclosure Document
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  • Worse together with Exhibit 18They can move your money whenever they like, while you are rationed to two moves a calendar year.

The plan defines Force Majeure to include regulatory change, political uncertainty and general economic conditions such as inflation and unemployment rates. Those sit in the same list as earthquakes and war.

Why this matters

When the plan invokes it, your contribution can be processed on a later day than you expected. That can change what your money buys and which tax year it counts in.

Exhibit 14WarningRarely seen

Force Majeure: Circumstances beyond the reasonable control of the Plan Officials, including but not limited to regulatory or legislative changes, worldwide political uncertainties, and general economic conditions (such as inflation and unemployment rates), acts of God, acts of civil or military authority, acts of government, accidents, environmental disasters, natural disasters or events, fires, floods, earthquakes, hurricanes, explosions, lightning, suspensions of trading, epidemics, pandemics, public health crises, quarantines, wars, acts of war (whether war is declared or not), terrorism, t
Clause Definitions of Terms, Force Majeure in T. Rowe Price College Savings Plan Disclosure Document
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Change your address to one outside the United States and T. Rowe Price puts restrictions on the account. It will not accept any more contributions.

Why this matters

A job posting overseas can freeze a savings plan you set up for a child. The restrictions lift only when you have a United States address again and you tell the plan.

Exhibit 15WarningHarder than usual

If you change your Account address to an address outside the U.S., restrictions will be placed on your Account(s) and additional contributions will no longer be accepted.
Clause Non-U.S. Addresses in T. Rowe Price College Savings Plan Disclosure Document, p.16
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You may change your investment choice twice per calendar year. The account application adds that changing or cancelling an automatic dollar cost averaging programme counts against that limit.

Why this matters

Switching off a feature you set up yourself uses one of two moves you get all year. A third change is treated as a nonqualified withdrawal, with tax and a penalty on the growth.

Exhibit 18WarningHarder than usual2

If you make any changes to or cancel an established automatic dollar-cost averaging program it will count towards your twice per calendar year Investment Option change limit.
Clause 9. Automatic Dollar-Cost Averaging Program (Optional) in T. Rowe Price 529 Account Application, p.7
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T. Rowe Price can modify the Terms of Use at any time without notice to you. The only marker of a change is the Last Updated date at the top of the page.

Why this matters

Carrying on using the site counts as accepting whatever version is live at that moment. To know what you have agreed to, you would have to reread the page and watch that date.

Exhibit 27NoticeStandard wording

T. Rowe Price may modify these Terms of Use at any time without notice to you, except where required by law. When we make changes to these Terms of Use, we will change the “Last Updated” date specified at the beginning of these Terms of Use.
Clause 16 in Terms of Use
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Putting money in counts as agreeing to the whole disclosure document. If two people in your household both hold accounts, T. Rowe Price sends one copy between them.

Why this matters

Nobody has to confirm you read it. Choosing paperless statements also switches your disclosure documents to paperless, so future amendments arrive as a posting rather than in the post.

Exhibit 28NoticeStandard wording

Your investment in the Plan signifies that you have read, understand, and agree to the terms and conditions presented in this Plan Disclosure Document.
Clause Plan Disclosure Document Summary in T. Rowe Price College Savings Plan Disclosure Document, p.7
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The deadlines are short, the decider is the counterparty, and the ceiling is $100

T. Rowe Price caps everything it could owe you over its websites at $100. Complaints about the 529 plan must reach it within 120 days of the event itself. The Trustee then decides them finally. What you can recover is limited to the balance of an internal trust account nobody publishes.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Recourse2 clauses flagged

Signing the account agreement puts you on the hook for their costs. If you breach it or state something wrong, you cover their losses, liabilities and legal fees.

Why this matters

The promise survives after you close the account. It also survives after you hand the account to someone else, so a mistake made years ago can still follow you.

Exhibit 12WarningHarder than usual

I agree to indemnify the State of Alaska, the Trustee, the University, the Board, the Plan, the Trust and any of the service providers to the Plan (including the Program Manager) and any affiliate, agency, representative, employee, official, officer, or agent of any of these entities from and against any and all loss, damage, liability or expense (including the costs of reasonable attorneys' fees), to which said entities may be put or which they may incur by reason of, or in connection with, any misstatement or misrepresentation made by me or a Beneficiary in the above-mentioned documents or o
Clause Participation Agreement, paragraph 25 in T. Rowe Price College Savings Plan Disclosure Document, p.84
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Statements and confirmations count as correct and binding on you unless you report an error promptly in writing. After 120 days the plan says there is no further right to object.

Why this matters

If the wrong amount was invested, or it went into a portfolio you did not choose, the error becomes yours to live with. The plan also asks you to notify it promptly, without saying what promptly means.

Exhibit 17WarningHarder than usual120 days

Statements and confirmations are considered correct and binding on the Account Owner and Beneficiary if any errors are not reported by the Account Owner promptly in writing to T. Rowe Price. After 120 days there will be no further right to object.
Clause Correcting Errors, 120-day period for making corrections in T. Rowe Price College Savings Plan Disclosure Document, p.77
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One courthouse in Alaska, and different terms by country

Every dispute about the T. Rowe Price 529 plan belongs in one courthouse, the Superior Court, Fourth Judicial District, in Fairbanks, Alaska. The plan is sold nationwide with no residency requirement. On the main site the terms change by country, and the Chinese version carries no governing law clause at all.

Where you sue2 clauses flagged

The plan names one exclusive venue for disputes, the Superior Court, Fourth Judicial District, in Fairbanks, Alaska. It is sold across the country and has no residency requirement.

Why this matters

If you live in Florida or Texas, enforcing your rights means litigating in Alaska. The only route past the Trustee is an appeal under an Alaskan appellate rule, not a fresh claim in your own state.

Exhibit 11WarningHarder than usual

This Plan is created under Alaska law and shall be governed by, construed, and administered in accordance with the laws of the State of Alaska. The venue for disputes and all other matters relating to the Plan is exclusively the Superior Court, Fourth Judicial District, in Fairbanks, Alaska.
Clause The Plan's Legal Structure, Governing law in T. Rowe Price College Savings Plan Disclosure Document
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The English Terms of Use runs to twenty sections, caps liability and names Maryland law for United States sites. The Chinese version is a short document with no governing law clause at all.

In plain words

Supersedes means beats: where two documents disagree, that one wins.

Why this matters

The same brand gives you different promises depending on the page you land on. The country specific section covers only Luxembourg, Japan and the United Kingdom. The Emirates, Austrian, Australian and German pages get the same English document with nothing for their own law.

Exhibit 19WarningHarder than usual

These Terms of Use and their enforcement for the T. Rowe Price websites offered in the United States are governed by the laws of the state of Maryland, without regard to conflicts of law, and shall inure to the benefit of T. Rowe Price's successors and assigns, whether by merger, consolidation, or otherwise.
Clause 17 in Terms of Use
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Fiduciary to many of its clients, in the firm's own words

T. Rowe Price writes in its own code of conduct that it is a fiduciary to many of its clients, not all of them. The code of ethics you can read carves out Oak Hill Advisors, which runs 3.68% of the money. Staff may trade up to $50,000 of a security in a week while the firm has orders in it.

Whose side5 clauses flagged

The Code of Ethics and Personal Transactions Policy carves Oak Hill Advisors out of its own definition of T. Rowe Price. Oak Hill runs 3.68% of the money the group manages.

Why this matters

If your money is with Oak Hill, the personal trading rules you can read do not cover the people managing it. Oak Hill publishes some of its own policies on its own website instead.

Exhibit 20WarningHarder than usual3.68%

For the avoidance of doubt, this Policy does not apply to Oak Hill Advisors, L.P and its subsidiaries.
Clause I. Introduction, footnote 1 in Code of Ethics and Personal Transactions Policy, p.3
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Where it sits: section 4 of 35 in the Code of Ethics and Personal Transactions Policy, near the start.

T. Rowe Price writes in its Global Code of Conduct that it acts as a fiduciary to many of its clients. The document does not say which clients are outside that.

Why this matters

A fiduciary has to put your interests ahead of its own. If the word many leaves you out, you get a lower standard. Nothing in the document tells you which group you are in.

Exhibit 21WarningHarder than usual

T. Rowe Price acts as a fiduciary to many of its clients.
Clause Protecting client interests by avoiding conflicts of interest in Global Code of Conduct, p.4
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Where it sits: section 46 of 120 in the Global Code of Conduct, 38% of the way through.

While your money sits in clearing accounts, and is not invested, the program manager may collect the interest it earns. The plan calls this float income.

Why this matters

The example in the document is your own uncashed withdrawal cheque. Gift money sent through Ugift is also held about five business days before it reaches your account.

Exhibit 24NoticeStandard wording

The Program Manager or its subcontractor may receive indirect compensation for the custodial services that it provides to your Account. This compensation, known as “float” income, is paid by the financial organization at which the “clearing accounts” are maintained, or by the investments in which the Program Manager invests in such clearing accounts.
Clause Float Income in T. Rowe Price College Savings Plan Disclosure Document, p.60
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The incentive terms say the money comes from trust fees collected from Education Trust of Alaska accounts and the earnings on those fees. The fee section describes that same fee as covering administration.

Why this matters

Part of the fee taken from your account funds a payment to somebody opening a new one. The fee section of the disclosure document does not mention that use.

Exhibit 25NoticeHarder than usual

Funding for the incentives will come from trust fees collected from Education Trust of Alaska 529 accounts and investment earnings on those fees.
Clause Account Momentum Program Administration in T. Rowe Price 529 Incentive Program Terms and Conditions
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Access persons may not trade a stock the firm has orders in, unless the trade is small enough. The threshold is $50,000 per security per seven calendar days.

Why this matters

Somebody who knows your fund is buying can buy the same stock in the same week. The policy treats a trade of that size as too small to matter to the fund.

Exhibit 26NoticeStandard wording$50000

Transact in securities for which orders have been placed by any Price Adviser to purchase or sell the security, unless certain size or volume parameters3 as set forth by the Ethics Committee are met.
Clause VI. Personal Transactions Restrictions in Code of Ethics and Personal Transactions Policy
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Buried at section 21 of 35 in the Code of Ethics and Personal Transactions Policy, 60% of the way through.

Mostly reports, and the governing documents sit elsewhere

Most of the legal documents T. Rowe Price publishes are reports on stewardship, climate and staff conduct rather than terms you sign. The Declaration of Trust that outranks your 529 account agreement sits on the Education Trust of Alaska website instead. The Chinese language terms say the Shanghai company is not regulated.

Document shelf2 clauses flagged

You agree to the Declaration of Trust when you sign the account agreement, and it outranks that agreement if the two conflict. T. Rowe Price tells you to telephone for a copy.

Why this matters

You can read it, but not where you are looking. It is published on the Education Trust of Alaska website, not on the plan site that sells you the account.

Exhibit 30NoticeStandard wording

If inconsistencies are found in the documents governing the Plan, the order of precedence from most governing to least governing will be as follows (unless provisions in the Declaration expressly state otherwise): (1) the Code, (2) the Alaska Statutes and Board policy, (3) the Declaration, (4) the Account Agreement, and (5) the Management Agreement.
Clause The Plan's Legal Structure, Precedence in T. Rowe Price College Savings Plan Disclosure Document
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The Chinese language Terms of Use opens with a plain statement. T. Rowe Price Investment Advisory (Shanghai) Co., Ltd. is not a regulated financial entity, and no financial regulator supervises it. No regulator has reviewed the site either.

Why this matters

A visitor reading the Chinese homepage sees scale, awards and a promise about client interests. The regulatory position sits on a different page, and it says no financial regulator oversees the local company.

Exhibit 31NoticeHarder than usual

普徕仕投资咨询（上海）有限公司不是受监管的金融实体，不受任何金融监管机构的监管。本网站未经任何金融监管机构审查。
Quoted in 使用条款
Read from the broker's site on Open the reference
Our own capture of troweprice.com, taken on Oct 14, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The homepage offers the incentive as a feature of the plan, while the terms cap the whole programme at $2.5 million for the year.

Said in public, in English

AMP up your education savings with a $250 incentive

English homepage banner. Footnote 1 reads in full: Certain restrictions apply; see terms and conditions for details and eligibility requirements.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of troweprice529.com

In the contract · clause Account Momentum Program

Funding for this incentive program, as provided by the Education Trust of Alaska, is capped at $2.5 million for calendar year 2026.

02

The Chinese homepage leads on client best interests, while the Chinese terms of use open by saying no financial regulator oversees the Shanghai company or has reviewed the site.

Said in public, in Chinese

在普徕仕，我们相信我们的所有工作都以维护客户最佳利益为出发点。

Word for word in English: At T. Rowe Price, we believe that everything we do starts from protecting the best interests of our clients.

Chinese language homepage, awards and recognition section

In the contract

普徕仕投资咨询（上海）有限公司不是受监管的金融实体，不受任何金融监管机构的监管。本网站未经任何金融监管机构审查。

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of troweprice.com

What changed quietly

This is our first reading of T. Rowe Price, so there is nothing to compare it against. One change is already visible. The plan now carries a supplement letting the Trustee change investment guidelines without prior notice. The older copy we hold does not contain it.

  • REWRITTENClause The Trust's Investment Guidelines · August 2024 to May 2025 supplement

    One sentence was added, and it lets the Trustee change the investment guidelines at any time with no notice.

    The Trustee has established investment guidelines, including the number of Investment Options and their general character and composition. Based on the Trustee's guidelines, T. Rowe Price developed Investment Options, including their overall asset allocations and underlying investments, which are designed to help you match your education investment needs with your particular financial goals, risk

  • ADDEDClause Changes in Investment Options, Allocations and Underlying Investments · August 2024 to May 2025 supplement

    A new subsection says the Trustee can change the investment options without your consent and without advance notice.

    The Trustee may change the Investment Options available under the Plan without your consent.

  • REWRITTENClause Withdrawal Payment Methods and Eligible Payee · August 2024 to Second Quarter 2026

    T. Rowe Price widened who a loan repayment can be paid to, from the account owner alone to the owner or the beneficiary.

    A withdrawal for K–12 Expenses will be made payable only to the Account Owner. A withdrawal for repayment of a Qualified Education Loan may be made payable to either the Account Owner or the Beneficiary.

  • REWRITTENClause Fee Structure · Second Quarter 2025 to Second Quarter 2026

    Total annual fees on the 2027 portfolio fell from 0.47% to 0.40% of assets, and several other portfolios fell too.

    Portfolio 2027 0.34% 0.02% 0.04% 0.40%

The documents this reading is based on

16 files, all published by T. Rowe Price. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording T. Rowe Price publishes.

How this reading was done

Every clause above was read out of a document T. Rowe Price publishes itself

This reading was published on .

Documents
5 of 16downloaded from the broker's site, and 5 read in full
Pages opened
66pages walked to find those documents, footer links included
Older copies
8earlier versions downloaded, 1 identical to the copy we hold by fingerprint
Marketing pages
11public pages set against what the contract says
Languages
EN vs ZHthe language it advertises in, against the language it contracts in
Position measured
3clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

T. Rowe Price Associates, Inc.

T. Rowe Price Group, Inc. is a holding company. Its own stewardship report says the Group provides no investment management or other services to clients directly. The adviser behind the funds is T. Rowe Price Associates, Inc., and T. Rowe Price Investment Services, Inc. distributes them. The 529 plan is different again. Your contract there is with the Education Trust of Alaska, a state trust whose trustee is the University of Alaska. T. Rowe Price Associates, Inc. runs that plan as Program Manager under a contract with the trust, through June 2045. The Terms of Use on the main site define T. Rowe Price as the Group plus every subsidiary and affiliate, so the $100 liability cap is claimed by all of them at once.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

Costs are genuinely low and they fell this year. The 2027 portfolio dropped from 0.47% to 0.40% of assets, and the index option runs at 0.16%. There is no annual account fee, no dormancy fee and no inactivity charge anywhere in the set. Nothing forces you into arbitration and nothing waives a class action, which is rare in United States retail finance. The plan publishes its participation agreement in full, with a complaints procedure that has named deadlines and a route to court. It also says plainly that no court has yet tested the Alaska creditor protection it describes. The anti-scam page does not pretend the firm can recover stolen money, and it tells you to go to your bank and the police.

We read the Plan Disclosure Document in the sections that govern fees, withdrawals, closure, disputes and amendments. We did not read its ten pages of fund descriptions. We read the Stewardship Report in part. We did not read the Principal Adverse Impacts policy or the Luxembourg remuneration report at all. Six of the eight earlier copies could not be opened. For the Code of Ethics and the three reports, that means we can see the files changed but not what changed inside them. The Declaration of Trust is not on either T. Rowe Price site, so we read the order of precedence instead of the document. Every marketing claim quoted here comes from a page we opened ourselves.

How to check any of this yourself

Every quote above links to the T. Rowe Price file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document T. Rowe Price publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge T. Rowe Price on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 14, 2026.

If you represent T. Rowe Price and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on T. Rowe Price. Whether its licence is real and current is a separate check on the broker profile.

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