The Utah Educational Savings Plan (UESP) state-administered 529 savings program utilizes Vanguard and Dimensional mutual funds, the State Treasurer's fixed-income fund, and an FDIC-insured account in its five different age-based options and nine static portfolio options.
- Summary: The Utah Educational Savings Plan (UESP) state-administered 529 savings program utilizes Vanguard and Dimensional mutual funds, the State Treasurer's fixed-income fund, and an FDIC-insured account in its five different age-based options and nine static portfolio options.
- Program type: Savings
- Program manager: Utah Higher Education Assistance Authority
- State residency requirements: None
- Maximum contributions: Accepts contributions until all account balances in Utah's 529 plan for the same beneficiary reach $397,000.
- Minimum contributions: No minimum.
- Age-based investment options: Four age-based investment options, with different underlying investments and risk levels, are offered. Contributions are allocated among the underlying investments according to the option selected and the age of the beneficiary, and are reallocated to become more conservative as the beneficiary approaches college age. A fifth, the Customized Age-Based investment option allows for a customized account asset allocation from as many as 22 underlying investments, and automatically reallocates to a new customized underlying investment allocation each time the beneficiary's age qualifies for the next of seven possible age brackets.
- Static investment options: Eight static investment options are offered, allowing selection among one individual-fund index portfolio, one fixed income multi-fund portfolio, four equity-index multi-fund portfolios, an FDIC-insured account held in trust by UESP at Sallie Mae Bank and U.S. Bank National Association (U.S. Bank), and the State Treasurers' Investment Fund (one for Non-Utah residents and one for Utah residents). A ninth, the Customized Static Option, allows for a customized mix of investments using as many as 22 underlying fund choices.
- Underlying investments: 16 Vanguard mutual funds, six Dimensional mutual funds, FDIC-insured accounts held in trust by UESP at Sallie Mae Bank and U.S. Bank National Association (U.S. Bank, and the Utah Public Treasurers' Investment Fund.
- Enrollment or application fee: None.
- Account maintenance fee: Administrative Mail Delivery Fee: $2 per $1,000 of account balance up to a maximum of $12 annually. Fee is waived for Utah residents and for non-Utah residents who agree to electronic delivery of quarterly account statements.
- Program management fees: Ranges from 0.14% to 0.20%, except the State Public Treasurers' Investment Fund and the FDIC-Insured option incur no additional expenses.
- Expenses of the underlying investments: Ranges from 0.012% to 0.054%, except the State Public Treasurers' Investment Fund and the FDIC-Insured option incur no additional expenses.
- Total asset-based expense ratio: 0.160% - 0.224% (Utah residents 0.000% - 0.224%) for UESP investment options excluding the Customized Age-Based and the Customized Static options. The Customized Static and Age-Based options range is 0.200% - 0.615%, depending on the investment mix selected by the account owner.
- Program match on contributions: The Fast Forward Matching Program provides an annual match of up to $400 in contributions per beneficiary for eligible Utah families. Participation is subject to income limits, age requirements, and funds availability.
- State tax deduction or credit for contributions: Contributions to the Utah 529 plan of up to $1,860 in 2014 per beneficiary by an individual, and up to $3,720 in 2014 per beneficiary by a married couple filing jointly, are eligible for a 5% credit against Utah income tax. The maximum credit in 2014 is $93 per beneficiary for single taxpayers and $186 per beneficiary for joint filers. The credit limits are increased each year for inflation, but not decreased for deflation. Contributions to an account established after a beneficiary reaches age 19 are not eligible. Contributions from a non-owner are creditable by the account owner and not by the non-owner/contributor. Contribution deadline is receipt by the last business day of the year.
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- Telephone: 1-800-418-2551
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