New Visitors Privacy Policy Sponsorship Contact Us Media
Baby Boomers Family Green Home and Auto In Critical Condition Just Starting Out Lifestyle Money
- advertisement -
Bankrate.com
News & Advice Compare Rates Calculators
Rate Alerts  |  Glossary  |  Help
Mortgage Home
Equity
Auto CDs &
Investments
Retirement Checking &
Savings
Credit
Cards
Debt
Management
College
Finance
Taxes Personal
Finance

New York


New York's 529 Advisor-Guided College Savings Plan


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

Summary
In May 2012 New York's 529 College Savings Program was renamed New York's 529 Advisor-Guided College Savings Plan. Ascensus Broker Dealer Services, Inc. (formerly Upromise Investments, Inc.) serves as Progam Manager but J.P. Morgan Investment Management replaced Columbia Management Group, LLC as the plan's Investment Manager. The plan features age-based, static asset-allocation, and single-fund portfolios utilizing mutual funds from JPMorgan and SSgA. Accounts can be linked to the Upromise rewards service.

Program Details
Summary: In May 2012 New York's 529 College Savings Program was renamed New York's 529 Advisor-Guided College Savings Plan. Ascensus Broker Dealer Services, Inc. (formerly Upromise Investments, Inc.) serves as Progam Manager but J.P. Morgan Investment Management replaced Columbia Management Group, LLC as the plan's Investment Manager. The plan features age-based, static asset-allocation, and single-fund portfolios utilizing mutual funds from JPMorgan and SSgA. Accounts can be linked to the Upromise rewards service.
Program type: Savings
Program manager: Ascensus Broker Dealer Services, Inc.
State residency requirements: None
Maximum contributions: Accepts contributions until all account balances in New York's 529 plans for the same beneficiary reach $375,000.
Minimum contributions: The minimum initial contribution is $1,000 per account. The minimum subsequent contribution is $25 per account.
Age-based investment options: The Age-Based Option contains 6 portfolios, each invested in mutual funds. Contributions are placed into the portfolio corresponding to the age of the beneficiary and later reassigned to more conservative portfolios as the beneficiary approaches college.
Static investment options: Select among 7 multi-fund portfolios with varying risk tolerances and 16 individual-fund portfolios.
Underlying investments: Primarily JPMorgan, but also funds from SSgA.
Enrollment or application fee: None, but contributions may be subject to a sales charge depending on share class.
Account maintenance fee: $25 annually for accounts with $25,000 or less.
Program management fees: 0.30% manager fee, plus distribution/servicing fees of 0.25% (Class A), .90% - 1.00% (Class C), and None (Advisor Class)
Expenses of the underlying investments: Ranges from 0.33% to 0.61% (portfolio weighted average) in the age-based and static multi-fund portfolios, from 0.10% to 0.85% in the individual-fund portfolios.
Total asset-based expense ratio: Class A: 0.65% - 1.40%
Class C: 1.40% - 2.15%
Advisor Class: 0.40% - 1.15%
Program match on contributions: None.
State tax deduction or credit for contributions: Contributions to a New York 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple 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.
Web site: Click here to visit
Telephone: 1-800-774-2108
Twitter Click here to visit
Facebook
Compare more 529 plans
     

 

 
 

Powered by Savingforcollege.com
Copyright 2005 Savingforcollege.com, LLC. All Rights Reserved.
Bankrate disclaimer: The following disclaimer (revised only to the extent necessary to maintain consistent defined terms with Bankate.com’s Terms of Use) shall be displayed on or be accessible from the web pages(s) featuring Company’s Web Site Content: “The information contained in this material and related materials ("Information") is based on information from sources believed to be accurate and reliable and every reasonable effort has been made to make the Information as complete and accurate as possible but such completeness and accuracy cannot and is not guaranteed. The reader and user of the Information should use the Information as a general guide and not as the ultimate source of information. The Information is not intended to include every possible bit of information regarding the Information but rather to complement and supplement information otherwise available and the reader and user should use the Information accordingly. The Information contains information about tax and other laws and these laws may change. The reader and user should realize that any investment involves risk and the assumptions and projections used in the Information may not be how the investments turn out. The reader and user should consult with their own tax, financial and legal advisors about all of the Information.”
College Financing
Compare today's rates
NATIONAL OVERNIGHT AVERAGES
Stafford - in school 4.66%
PLUS loan 7.21%
Private loan 7.35%

RELATED CALCULATORS
  College planning  
  Tax-free savings  
  Financial aid  
  Home equity loan  
VIEW ALL 

BASICS SERIES
College Financing Basics
Where there's a will, there's a way to pay.
The value of a degree
What is a 529 plan?
Getting more financial aid
Paying off student loans
- advertisement -

About Bankrate | Privacy Policy/Your California Privacy Rights | Online Media Kit | Partnerships | Investor Relations | Press Room | Contact Us | Sitemap
NYSE: RATE | RSS Feeds |

* Mortgage rate may include points. See rate tables for details. Click here.
* To see the definition of overnight averages click here.

Bankrate.com ®, Copyright © 2014 Bankrate, Inc., All Rights Reserved, Terms of Use.