TIAA-CREF succeeded Wells Fargo as manager of Wisconsin's Edvest 529 savings program in October 2012. The revised program features two age-based options, twelve static portfolio options, and six individual fund options utilizing mutual funds from TIAA-CREF, DFA and PIMCO. A CD option and a principal plus interest option are also available.
- Summary: TIAA-CREF succeeded Wells Fargo as manager of Wisconsin's Edvest 529 savings program in October 2012. The revised program features two age-based options, twelve static portfolio options, and six individual fund options utilizing mutual funds from TIAA-CREF, DFA and PIMCO. A CD option and a principal plus interest option are also available.
- Program type: Savings
- Program manager: TIAA-CREF Tuition Financing, Inc.
- State residency requirements: None
- Maximum contributions: Accepts contributions until all account balances in Wisconsin's 529 plans for the same beneficiary reach $330,000.
- Minimum contributions: $25 per investment option, or $15 per investment option with the automatic contribution plan.
- Age-based investment options: The Age-Based Option is offered in 2 different risk levels, each containing 9 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the number of years to expected enrollment, and later reassigned to more conservative portfolios as the beneficiary approaches college enrollment.
- Static investment options: Select among 5 index-based multi-fund portfolios (Aggressive, Growth, Moderate, Conservative and Income), 5 active-based multi-fund portfolios (Aggressive, Growth, Moderate, Conservative and Income), two additional multi-fund portfolios, 6 individual-fund portfolios, a bank CD Portfolio and a principal plus interest portfolio that guarantees an annual interest rate of 1% - 3%.
- Underlying investments: Mutual funds managed by TIAA-CREF, DFA, MetWest, T. Rowe Price and Franklin Templeton.
- Enrollment or application fee: None.
- Account maintenance fee: None.
- Program management fees: 0.08% management fee, none for the Principal Plus Interest Portfolio. These figures do not include the state administrative fee (0.10%) which is currently being waived.
- Expenses of the underlying investments: Ranges from 0.09% to 0.36% (portfolio weighted average) in the age-based and static multi-fund portfolios, 0.05% to 0.19% in the individual-fund portfolios, none in the Principal Plus Interest portfolio. The CD option has no underlying expense beyond the management and state administration fee.
- Total asset-based expense ratio: 0.08% - 0.44%
- Program match on contributions: None.
- State tax deduction or credit for contributions: Contributions to a Wisconsin 529 plan of up to $3,100 per beneficiary per year (any filing status) are deductible in computing Wisconsin taxable income. The maximum annual deductible will be increased annually to reflect inflation. Contributions in excess of the maximum annual limit may be carried forward to one or more future years and deducted up to the then annual maximum deductible amount each year until all amounts invested have been deducted from Wisconsin taxable income. Rollover contributions for the 2014 tax year (made by April 15, 2015) are eligible for the deduction and unlimited carryover, but rollover contributions for 2015 and future years are not eligible. Contributors do not need to be the account owner to claim the deduction. Any Wisconsin taxpayer may claim a deduction for contributions to any account. Contribution deadline is April 15 of the year following the tax year. Beginning in 2010, parents no longer need to claim their child as a dependent in order to claim the deduction; however, the maximum deduction is reduced to $1,550 for a parent who is married and filing separately or who is divorced, unless the divorce judgment specified a different division of the $3,100 combined maximum.
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