The West Virginia SMART529 WV Direct College Savings Plan, available on a direct basis to those who meet certain West Virginia residency requirements, features a stable value option along with a menu of age-based and static portfolio options utilizing index funds from Vanguard. Accounts can be linked to the Upromise rewards service.
- Summary: The West Virginia SMART529 WV Direct College Savings Plan, available on a direct basis to those who meet certain West Virginia residency requirements, features a stable value option along with a menu of age-based and static portfolio options utilizing index funds from Vanguard. Accounts can be linked to the Upromise rewards service.
- Program type: Savings
- Program manager: Hartford Life Insurance Company
- State residency requirements: The account owner or designated beneficiary must have a West Virginia mailing address or be a West Virginia resident on active duty in the U.S. armed forces.
- Maximum contributions: Accepts contributions until all account balances in West Virginia's 529 plans for the same beneficiary reach $265,620.
- Minimum contributions: With lump-sum contributions, there is no minimum initial or subsequent contribution. With the automatic investment plan, there is no minimum initial contribution but the minimum monthly contribution is $15.
- Age-based investment options: The Age-Based Portfolios option consists of 5 portfolios of underlying mutual funds with varying risk tolerances. 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 5 multi-fund portfolios (Aggressive Growth, Growth, Balanced, Conservative Balanced, and Conservative Bond), the SMART529 Stable Value portfolio and the SMART529 500 Index Fund.
- Underlying investments: Vanguard index funds, INVESCO stable value.
- Enrollment or application fee: None.
- Account maintenance fee: None.
- Program management fees: Ranges from 0.03% to 0.25%, none for Stable Value. State fees are waived for participants in the direct plan.
- Expenses of the underlying investments: Ranges from 0.04% to 0.40%.
- Total asset-based expense ratio: 0.29% to 0.40%
- Program match on contributions: The SMART529 Bright Babies Program (effective 8/1/15) provides a one-time incentive contribution in the amount of $100 per designated beneficiary born or adopted on or after 1/1/15. The designated beneficiary must be a resident of West Virginia and the account must be opened within one year of the birth/adoption date.
The SMART529 Matching Grant Program (discontinued for new applications as of 8/31/15) provides matching grants to eligible West Virginia families in an amount up to $500 per designated beneficiary per year, up to a lifetime maximum of $2,500 per designated beneficiary, with a dollar for dollar match.
- State tax deduction or credit for contributions: Contributions to West Virginia's 529 plans are fully deductible in computing West Virginia taxable income.
- Web site: Click here to visit
- Telephone: 1-866-574-3542