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Nevada


SSgA Upromise 529 Plan


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

Summary
Upromise Investments is program manager for several 529 plans, and maintains this one, The SSgA Upromise 529 Plan in Nevada as its branded version. In April 2012 State Street Global Advisors (SSgA) replaced Vanguard as investment manager and the plan was renamed the SSgA Upromise 529 Plan. The program features college-date, risk-based and static portfolio options utilizing SPDR ETFs, and a savings portfolio option. Accounts can be linked to the Upromise rewards service.

Program Details
Summary: Upromise Investments is program manager for several 529 plans, and maintains this one, The SSgA Upromise 529 Plan in Nevada as its branded version. In April 2012 State Street Global Advisors (SSgA) replaced Vanguard as investment manager and the plan was renamed the SSgA Upromise 529 Plan. The program features college-date, risk-based and static portfolio options utilizing SPDR ETFs, and a savings portfolio option. Accounts can be linked to the Upromise rewards service.
Program type: Savings
Program manager: Upromise Investments, Inc. is program manager and State Street Global Advisors (SSgA) is investment manager except for the Savings Portfolio, which is managed by Sallie Mae Bank.
State residency requirements: None
Maximum contributions: Accepts contributions until all account balances in Nevada's 529 plans for the same beneficiary reach $370,000.
Minimum contributions: With lump-sum contributions, the minimum initial contribution is $15, and the minimum subsequent contribution is $50. With the automatic investment plan, the minimum contribution level is $50 per month via bank transfer or $15 per payroll via payroll deduction.
Age-based investment options: Seven College-Date Portfolios allow account owners to select the year in which the beneficiary is expected to start college. The portfolio's investment track is automatically adjusted from more aggressive to more conservative as the beneficiary grows older (and closer to the selected college date year).
Static investment options: Select among three risk-based portfolios (aggressive, moderate, or conservative), 15 individual-fund portfolios, and an FDIC-insured savings account.
Underlying investments: SPDR ETFs, where applicable, a SSgA money market mutual fund and a Sallie Mae High-Yield Savings Account.
Enrollment or application fee: None.
Account maintenance fee: $20 annually, waived if either the account owner or beneficiary is a resident of Nevada or if the account owner is invested in the Savings Portfolio at the time the annual fee is assessed.
Program management fees: 0.22% manager fee (0.27% for Savings Portfolio) plus state fee of 0.02% and tactical asset allocation fee of 0.09% for risk-based and age-based portfolios.
Expenses of the underlying investments: 0.12% - 0.24% in the age based and static portfolios; 0.09% - 0.65% in the individual fund portfolios; none for the Savings Portfolio.
Total asset-based expense ratio: 0.33% - 0.89%; 0.29% for the Savings Portfolio.
Program match on contributions: The Silver State Matching Grant Program provides a maximum $300 annual matching contribution ($1,500 lifetime maximum) for each beneficiary from a Nevada family with prior-year AGI of $74,999 or less. The account owner must also be a Nevada resident. Applications are accepted each year from April 1 through July 31.
State tax deduction or credit for contributions: Not applicable. Nevada does not have a personal income tax.
Web site: Click here to visit
Telephone: 1-800-587-7305
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