While DC's 529 College Savings Program is available to District of Columbia residents on a direct basis, on a national basis it is sold through advisors. The program features a menu of age-based and static portfolio options primarily utilizing Calvert mutual funds but with some other fund families as well.
- Summary: While DC's 529 College Savings Program is available to District of Columbia residents on a direct basis, on a national basis it is sold through advisors. The program features a menu of age-based and static portfolio options primarily utilizing Calvert mutual funds but with some other fund families as well.
- Program type: Savings
- Program manager: Calvert Investment Management, Inc.
- State residency requirements: None
- Maximum contributions: Accepts contributions until all account balances in the District of Columbia's 529 plan for the same beneficiary reach $260,000.
- Minimum contributions: With lump-sum contributions, the minimum initial contribution is $100, and the minimum subsequent contribution is $25. With the automatic investment plan, the minimum contribution level is $25 per month via bank transfer or $15 per pay period via payroll deduction.
- Age-based investment options: The Age-Based Option contains 5 portfolios of underlying funds. Contributions are placed into the portfolio corresponding to the beneficiary's age or as selected by the account owner, and later reassigned to more conservative portfolios as the beneficiary approaches college. Account owners have the option to freeze the account at any particular portfolio.
- Static investment options: Select among 6 individual-fund portfolios (Income, Balanced, Equity Index, U.S. Large Cap Equity, U.S. Small Cap Equity, and International Equity), and the Stability of Principal Investment Option.
- Underlying investments: Calvert and State Street mutual funds. The Stability of Principal Option consists of a funding agreement with Ameritas Life Insurance Company which guarantees principal and a minimum 3% annual rate of interest to the Trust.
- Enrollment or application fee: None for D.C. residents, $25 for non-D.C. residents. Contributions are also subject to a sales charge that varies based on the particular portfolio and the amount invested.
- Account maintenance fee: $30, reduced to $15 for DC residents.
- Program management fees: 0.15% management fee, including 0.05% administrative fee to D.C.
- Expenses of the underlying investments: Ranges from 0.48% to 1.02% (portfolio weighted average) in the age-based portfolios, 1.17% to 1.66% in the individual-fund portfolios, and 0.31% in the State Street Equity Index portfolio. None for the Ameritas Principal Plus portfolio.
- Total asset-based expense ratio: 0.46% - 1.81%
Principal Plus option: 0.15%
- Program match on contributions: None.
- State tax deduction or credit for contributions: Contributions to the District of Columbia 529 plan of up to $4,000 per year by an individual, and up to $8,000 per year by married taxpayers who each make contributions to their own account, are deductible in computing District of Columbia taxable income, with a five-year carryforward of excess contributions. Only contributions made by the account owner are deductible. Rollover contributions are not deductible. Contribution deadline is December 31 postmark.
- Web site: Click here to visit
- Telephone: 1-800-987-4859 (DC residents); 1-800-368-2745 (non-residents)