"Virginia’s state-run educational savings programs have not met the majority of their investment-return benchmarks, according to a legislative audit released Monday.

The report by the Joint Legislative Audit and Review Commission assessed valuations and returns until the end of the first quarter, March 31.

The programs are used by families to save tax-advantaged money for the purpose of paying for elementary, secondary and higher education costs.

In a JLARC meeting Tuesday officials acknowledged that underperformance results in less savings for these families. The overarching program, Virginia529, is the largest of its kind in the country, 'with $97.2 billion in assets and a 21 percent share of the national market as of March 31, 2022,' " reports Virginia Mercury.

Photo: Virginia529’s “Tuition Monster.” (Virginia529)