The Colorado Stable Value Plus College Savings Program offers a single option: a stable-value investment under a funding agreement with MetLife that declares a new interest rate each year.
- Summary: The Colorado Stable Value Plus College Savings Program offers a single option: a stable-value investment under a funding agreement with MetLife that declares a new interest rate each year.
- Program type: Savings
- Program manager: Metropolitan Insurance Company of Connecticut (MetLife)
- State residency requirements: None
- Maximum contributions: Accepts contributions until all account balances in Colorado's 529 plans for the same beneficiary reach $350,000.
- Minimum contributions: The minimum initial contribution is $25, and the minimum subsequent contribution is $15.
- Age-based investment options: None.
- Static investment options: Funds are invested in a stable value investment under a funding agreement with MetLife Insurance Company. The interest rate is declared annually, with a minimum rate of 2% before fees. The 2016 rate of return is 2.54% per year, assuming the 0.71% administrative fee remains in effect for calendar year 2016. MetLife resets the annual rate of return for the plan each January 1, and CollegeInvest makes the upcoming year's rate of return available the December before the rate is reset.
- Underlying investments: A funding agreement issued by MetLife Insurance Company.
- Enrollment or application fee: None.
- Account maintenance fee: None.
- Program management fees: 0.99% administrative fee to the state (0.28% of this fee waived as of September 1, 2011).
- Expenses of the underlying investments: Not applicable, included in the program management fee.
- Total asset-based expense ratio: 0.99% (0.71% as of September 1, 2011)
- Program match on contributions: The Matching Grant Program provides a dollar-for-dollar match of up to $500 in contributions for lower- to middle-income Colorado residents to accounts with an eligible beneficiary (a dependent under age 13 at the time of initial application). Applications are accepted each year between September 1 and December 31. The match can extend for a maximum five years. Matching grants for future years are subject to continued funding by the sponsor.
The CollegeInvest 529 Scholarship provides a $2,000 scholarship to any full-time student who is a Colorado resident, has maintained or has had a parent/guardian maintain a CollegeInvest account for at least two years, and can substantiate an expected family contribution (EFC) of $25,000 or less. The scholarship is renewable each year up to a total of four years or $8,000. Applications are accepted January 1 through July 31.
- State tax deduction or credit for contributions: Contributions to a Colorado 529 plan, to the extent of the contributor's Colorado taxable income, are deductible in computing Colorado taxable income. Rollover contributions are not eligible for the deduction.
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- Telephone: 1-800-478-5651
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