529 plan comparisons – free search!

Posted: July 28th, 2009 | Author: | Filed under: Investing | Tags: , , , | No Comments »

Here’s a tool for 529 plan comparisons, because you may not be aware of this, but you don’t always have to invest your college savings in your home state’s 529 plan. Some plans offer a tax deduction for any contributions to an instate plan, so you’ll want to check into that first. But assuming your state does not offer any such deduction, here’s a handy 529 college savings plan search, that allows you to view the details on the 529′s in every state from California to New York.

Here’s a sample of the 529 plan comparisons details provided (from New York, my state):

Summary:

The team of Upromise Investments and The Vanguard Group took over management of this 529 savings program from TIAA-CREF in late 2003. It now features age-based and static portfolio options utilizing Vanguard mutual funds, and accounts can be linked to the Upromise Rewards Service.

Program Details:

  • Summary: The team of Upromise Investments and The Vanguard Group took over management of this 529 savings program from TIAA-CREF in late 2003. It now features age-based and static portfolio options utilizing Vanguard mutual funds, and accounts can be linked to the Upromise Rewards Service.
  • Program type: Savings
  • Program manager: Upromise Investments, Inc. and The Vanguard Group
  • State residency requirements: None
  • Maximum contributions: Accepts contributions until all account balances in New York’s 529 plans for the same beneficiary reach $235,000.
  • Minimum contributions: $25, or $15 per pay period via payroll deduction
  • Age-based investment options: The Age-Based Option offers a choice among three different risk levels (Aggressive, Moderate, or Conservative) each containing five portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the selected risk level and beneficiary?s age, and later reassigned to more conservative portfolios as the beneficiary approaches college age.
  • Static investment options: Select among four multi-fund portfolios (Growth, Moderate Growth, Conservative Growth, and Income), nine individual index-fund portfolios, and the Vanguard Short-Term Reserves Account.
  • Underlying investments: Vanguard mutual funds
  • Enrollment or application fee: None
  • Account maintenance fee: None
  • Program management fees: 0.55% manager fee; fee includes underlying fund expenses.
  • Expenses of the underlying investments: Not applicable, included in the program management fee.
  • Total asset-based expense ratio: 0.55%
  • Program match on contributions: None
  • State tax deduction or credit for contributions: Contributions to any of New York’s 529 plans of up to $5,000 per year for an individual taxpayer, and $10,000 per year for married taxpayers filing jointly, are deductible in computing New York taxable income. Only contributions made by the account owner, or if filing jointly, by the account owner’s spouse, are deductible. Contribution deadline is December 31 postmark.
  • Telephone: 1-877-697-2837

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