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Minnesota


Minnesota College Savings Plan


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

Summary
Minnesota College Savings Plan is a TIAA-managed 529 savings program features an age-based option and six fixed options including a guaranteed option.

Program Details
Summary: Minnesota College Savings Plan is a TIAA-managed 529 savings program features an age-based option and six fixed options including a guaranteed option.
Program type: Savings
Program manager: TIAA-CREF Tuition Financing, Inc.
State residency requirements: None
Maximum contributions: Accepts contributions until all account balances in Minnesota's 529 plan for the same beneficiary reach $235,000.
Minimum contributions: $25 per investment option, or $15 per investment option via payroll deduction.
Age-based investment options: The Managed Allocation Option contains 6 portfolios of underlying mutual funds. 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 6 options: 100% Equity, Balanced, 100% Fixed-Income, 100% International Equity Index, Money Market, and the Guaranteed Option.
Underlying investments: TIAA-CREF institutional mutual funds; the Guaranteed Option is invested in a funding agreement with TIAA-CREF Life Insurance Company that guarantees principal and a minimum rate of interest (actual rate is declared annually).
Enrollment or application fee: None.
Account maintenance fee: None.
Program management fees: 0.4625% to 0.5625% manager fee, varying by option. The manager fee includes underlying fund expenses and a 0.0125% state fee. No fee for the Guaranteed Option. Manager and state fee are currently waived for the Money Market option.
Expenses of the underlying investments: Not applicable, included in the program management fee.
Total asset-based expense ratio: 0.4625% to 0.5625%. None for the Guaranteed Option. 0.13% for the Money Market option after waiver.
Program match on contributions: Minnesota no longer offers a matching grant. For years prior to 2011, a 15% or 10% matching grant of up to $400 per year was available to Minnesota residents, subject to income limitations.
State tax deduction or credit for contributions: None.
Web site: Click here to visit
Telephone: 1-877-338-4646
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