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Kansas


Learning Quest 529 Education Savings Program (Direct-sold)


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

Summary
American Century manages the Learning Quest 529 Education Savings Program (Direct-sold) for Kansas, featuring three age-based tracks with a mix of American Century and Vanguard funds, one age-based track with Vanguard index funds, and 14 static options. Accounts can be linked to the Upromise rewards service.

Program Details
Summary: American Century manages the Learning Quest 529 Education Savings Program (Direct-sold) for Kansas, featuring three age-based tracks with a mix of American Century and Vanguard funds, one age-based track with Vanguard index funds, and 14 static options. Accounts can be linked to the Upromise rewards service.
Program type: Savings
Program manager: American Century Investment Management, Inc.
State residency requirements: None
Maximum contributions: Accepts contributions until all account balances in Kansas' 529 plans for the same beneficiary reach $345,000.
Minimum contributions: An account may be opened with a lump-sum contribution or monthly automatic investment minimum of $25.
Age-based investment options: The age-based portfolios (non-index) are offered in 3 different risk levels: Aggressive, Moderate, and Conservative. Contributions are placed into the portfolio corresponding to the selected risk level and the beneficiary's age. Over time, accounts move between one or more of the 6 portfolios that make up these tracks, eventually ending in the Short-Term portfolio. The program also offers an index age-based track that invests primarily in Vanguard index funds. Accounts will move through one or more of 3 age-based portfolios and eventually end in the Short-Term portfolio.
Static investment options: Select among 14 options: the 100% Equity Portfolio invested in both American Century and Vanguard mutual funds, the Money Market portfolio invested in American Century funds, the 6 multi-fund portfolios used in the non-index age-based tracks, 4 index-fund based portfolios, and the One Choice℠ 2015 and One Choice℠ 2025 Portfolios. The two One Choice℠ portfolios have a defined target year and as that date approaches, the asset mix of the underlying funds will change to a more conservative focus following a pre-set schedule. The underlying funds do not invest in any tobacco-related companies.
Underlying investments: American Century and Vanguard mutual funds.
Enrollment or application fee: None.
Account maintenance fee: None.
Program management fees: 0.20% manager fee (waived for the Money Market portfolio)
Expenses of the underlying investments: Ranges from 0.18% to 0.67% in the age-based portfolios and 0.04% to 0.85% in the static portfolios (portfolio weighted averages). For the three portfolios used in the index age-based track, an all-in fee of 0.45% includes the 0.20% program manager fee.
Total asset-based expense ratio: 0.17% - 1.05%
Program match on contributions: The state will match on a dollar-for-dollar basis contributions above $100 and up to $600 per year by Kansas residents with household incomes below 200% of the federal poverty income level. The program is limited to 300 participants from each of Kansas' four Congressional districts per year. Applications and contributions must be received by December 31 each year.
State tax deduction or credit for contributions: Contributions to Kansas AND non-Kansas state-sponsored 529 plans of up to $3,000 per beneficiary per year by an individual, and up to $6,000 per beneficiary per year by a married couple filing jointly, are deductible in computing Kansas taxable income. Rollover contributions are not deductible. Contribution deadline is December 31.
Web site: Click here to visit
Telephone: 1-800-579-2203
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