The West Virginia SMART529 Select 529 savings program is managed by Hartford Life and features age-based and static portfolio options utilizing Dimensional Fund Advisors mutual funds. Although DFA funds are typically available only through financial advisers, this 529 plan is direct-sold. Accounts can be linked to the Upromise rewards service.
- Summary: The West Virginia SMART529 Select 529 savings program is managed by Hartford Life and features age-based and static portfolio options utilizing Dimensional Fund Advisors mutual funds. Although DFA funds are typically available only through financial advisers, this 529 plan is direct-sold. Accounts can be linked to the Upromise rewards service.
- Program type: Savings
- Program manager: Hartford Life Insurance Company
- State residency requirements: None
- 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, the minimum initial contribution is $250 per fund ($50 per fund for West Virginia residents), and the minimum subsequent contribution is $25 per fund (no minimum for West Virginia residents). With the automatic investment plan, the minimum contribution level is $25 per month per fund ($15 per month per fund for West Virginia residents).
- Age-based investment options: The Age-Based Portfolios option consists of 7 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 10 multi-fund portfolios with varying risk tolerances.
- Underlying investments: Dimensional Fund Advisors Inc.
- Enrollment or application fee: None.
- Account maintenance fee: $25 annually, deducted at end of each year. Waived for accounts over $25,000, for WV residents, and for accounts in the automatic investment program.
- Program management fees: 0.47% management fee (includes 0.05% to the state).
- Expenses of the underlying investments: Ranges from 0.22% to 0.31% (portfolio weighted average).
- Total asset-based expense ratio: 0.64% - 0.78%
- Program match on contributions: Beginning June 15, 2011, the program 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. Account owners who are residents of West Virginia are eligible to apply. The Account Owner must meet family income guidelines that are subject to the number of related dependents under the age of 18, e.g., AGI less than or equal to $50,000 with one dependent; AGI less than or equal to $80,000 with four dependents. The designated beneficiary must be 12 years old or younger at the time the first Matching Grant application is made and a new application must be submitted each year for each designated beneficiary.
- 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