While a similar program (SMART529 WV Direct) is available to West Virginia residents on a direct basis, this broker-sold version is available nationally. The Hartford SMART529 program features a stable value option along with a menu of age-based and static portfolio options utilizing Hartford Funds, three MFS funds and one Goldman Sachs fund. Accounts can be linked to the Upromise rewards service.
- Summary: While a similar program (SMART529 WV Direct) is available to West Virginia residents on a direct basis, this broker-sold version is available nationally. The Hartford SMART529 program features a stable value option along with a menu of age-based and static portfolio options utilizing Hartford Funds, three MFS funds and one Goldman Sachs fund. 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 ($50 for West Virginia residents), and the minimum subsequent contribution is $25 (no minimum for West Virginia residents). With the automatic investment plan, the minimum contribution level is $25 per month ($15 per month for West Virginia residents).
- 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 Checks and Balances), 14 individual-fund portfolios, and a stable value portfolio.
- Underlying investments: Hartford Funds, three MFS funds, and Invesco Stable Value.
- Enrollment or application fee: None.
- Account maintenance fee: $25 annually, deducted at the end of each year, waived for accounts over $25,000, for WV residents, and for accounts in the automatic investment program. No annual maintenance fee for Class E fee structure.
- Program management fees: 0.25% management fee (includes 0.07% to the state) except Stable Value has 0.23% management fee (includes 0.05% to the state), plus distribution/servicing fees of 0.25% (Class A), 0.80% (Class B), 0.99% (Class C), or 0% (Class E).
- Expenses of the underlying investments: Ranges from 0.40% to 1.34%.
- Total asset-based expense ratio: Class A: 0.88% - 1.84%
Class B: 1.43 - 2.39%
Class C: 1.62% - 2.58%
Class E: 0.63% - 1.59%
- 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 and who open a new account on or after May 2, 2011 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