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West Virginia


SMART529 WV Direct College Savings Plan


5 Cap Ratings
(Resident Rating) (Non-Resident Rating)

Summary
The West Virginia SMART529 WV Direct College Savings Plan, available on a direct basis to those who meet certain West Virginia residency requirements, features a stable value option along with a menu of age-based and static portfolio options utilizing index funds from Vanguard. Accounts can be linked to the Upromise rewards service.

Program Details
Summary: The West Virginia SMART529 WV Direct College Savings Plan, available on a direct basis to those who meet certain West Virginia residency requirements, features a stable value option along with a menu of age-based and static portfolio options utilizing index funds from Vanguard. Accounts can be linked to the Upromise rewards service.
Program type: Savings
Program manager: Hartford Life Insurance Company
State residency requirements: The account owner or designated beneficiary must have a West Virginia mailing address or be a West Virginia resident on active duty in the U.S. armed forces.
Maximum contributions: Accepts contributions until all account balances in West Virginia's 529 plans for the same beneficiary reach $265,620.
Minimum contributions: With lump-sum contributions, there is no minimum initial or subsequent contribution. With the automatic investment plan, there is no minimum initial contribution but the minimum monthly contribution is $15.
Age-based investment options: The Age-Based Portfolios option consists of 5 portfolios of underlying mutual funds with varying risk tolerances. Contributions are placed into the portfolio corresponding to the beneficiary's age, and later reassigned to more conservative portfolios as the beneficiary approaches college age.
Static investment options: Select among 5 multi-fund portfolios (Aggressive Growth, Growth, Balanced, Conservative Balanced, and Conservative Bond), the SMART529 Stable Value portfolio and the SMART529 500 Index Fund.
Underlying investments: Vanguard index funds, INVESCO stable value.
Enrollment or application fee: None.
Account maintenance fee: None.
Program management fees: Ranges from 0.03% to 0.25%, none for Stable Value. State fees are waived for participants in the direct plan.
Expenses of the underlying investments: Ranges from 0.04% to 0.40%.
Total asset-based expense ratio: 0.29% to 0.40%
Program match on contributions: Beginning June 15, 2011, the program provides matching grants to eligible West Virginia families in an amount up to $500 per Designated Beneficiary per year, up to a lifetime maximum of $2,500 per Designated Beneficiary, with a dollar for dollar match. Account Owners who are residents of West Virginia are eligible to apply. The Account Owner must meet family income guidelines that are subject to the number of related dependents under the age of 18, e.g., AGI less than or equal to $50,000 with one dependent; AGI less than or equal to $80,000 with four dependents. The Designated Beneficiary must be 12 years old or younger at the time the first Matching Grant application is made and a new application must be submitted each year for each Designated Beneficiary.
State tax deduction or credit for contributions: Contributions to West Virginia's 529 plans are fully deductible in computing West Virginia taxable income.
Web site: Click here to visit
Telephone: 1-866-574-3542
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