Florida 529 Savings Plan - Instead of utilizing mutual funds, the Florida Prepaid College Board hires various money management firms to manage the separate investment pools, which are available as either static portfolios or as part of an age-based strategy.
- Summary: Florida 529 Savings Plan - Instead of utilizing mutual funds, the Florida Prepaid College Board hires various money management firms to manage the separate investment pools, which are available as either static portfolios or as part of an age-based strategy.
- Program type: Savings
- Telephone: 1-800-552-4723
- Web site: Click here to visit
- Program manager: Florida Prepaid College Board
- State residency requirements: None
- Maximum contributions: Accepts contributions until all account balances in Florida's 529 plans for the same beneficiary reach $418,000.
- Minimum contributions: With lump-sum contributions, the minimum initial contribution is $250, and subsequent contributions can be any amount. With the automatic investment plan, the minimum contribution level is $25 per month.
- Age-based investment options: The Age-Based / Years-To-Enrollment Option contains 5 age bands
with each band targeting a different allocation between the Fixed Income portfolio and the Blended Equity portfolio. Contributions are invested based on the assignment of the beneficiary to one of the five age bands.
- Static investment options: Select from two investment portfolios (Blended Equity and Balanced Portfolios) and 8 single investment funds (Money Market Fund, Fixed Income Fund, Domestic Equity Index Fund, Large Cap Growth Fund, Large Cap Value Fund, Mid Cap Fund, Small Cap Fund, and International (Developed Markets) Fund).
- Underlying investments: Investment portfolios separately managed by Columbia Management Investment Advisers LLC, AllianceBernstein, Silvant Capital Management LLC, Quantitative Management Associates LLC, The Boston Company Asset Management LLC, Fiduciary Management Inc., PanAgora Asset Management, Inc., and Federated Investors, Inc.
- Enrollment or application fee: None.
- Account maintenance fee: None.
- Program management fees: 0.75% management fee (0.10% for Money Market option); fee includes underlying investment manager fees.
- Expenses of the underlying investments: Not applicable, included in the program management fee.
- Total asset-based expense ratio: 0.75% (0.10% for Money Market option)
- Program match on contributions: None.
- State tax deduction or credit for contributions: Not applicable. Florida does not have a personal income tax.