The Illinois Bright Start College Savings Program -- Advisor-sold Plan launched in 2007 as part of the state's change in program manager to OFI Private Investments, an affiliate of OppenheimerFunds Inc. It offers its menu of investment options at lower cost than many other advisor-sold 529 plans.
- Summary: The Illinois Bright Start College Savings Program -- Advisor-sold Plan launched in 2007 as part of the state's change in program manager to OFI Private Investments, an affiliate of OppenheimerFunds Inc. It offers its menu of investment options at lower cost than many other advisor-sold 529 plans.
- Program type: Savings
- Telephone: 1-877-432-7444
- Web site: Click here to visit
- Twitter Click here to visit
- Program manager: OFI Private Investments, Inc., a subsidiary of OppenheimerFunds, Inc.
- State residency requirements: None
- Maximum contributions: Accepts contributions until all account balances in Illinois' 529 plans for the same beneficiary reach $350,000.
- Minimum contributions: The minimum initial contribution is $25, and the minimum subsequent contribution is $15. Minimums may be lowered for employer-sponsored plans.
- Age-based investment options: The Age Based Portfolios contain 6 portfolios of underlying equity, fixed, income, and money market investments. 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 Static Portfolios: Equity, Balanced, Fixed Income, Conservative Fixed Income and a Money Market Portfolio.
- Underlying investments: OFI-managed investment strategies and mutual funds and an American Century bond fund.
- Enrollment or application fee: None, but contributions may be subject to a sales charge depending on share class.
- Account maintenance fee: None.
- Program management fees: 0.18% (includes 0.03% state administrative fee), plus distribution/servicing fees of 0.25% (Classes A and G), 0.50% (Class C), or 0.00% (Class H). No state administrative, distribution/servicing fee for the Money Market portfolio.
- Expenses of the underlying investments: Ranges from 0.20% to 0.57% (portfolio weighted average); 0.17% for Money Market Portfolio.
- Total asset-based expense ratio: Class A: 0.32% - 1.00%
Class C: 0.32% - 1.25%
Class G: 0.32% - 1.00%
Class H: 0.32% - 0.75%
- Program match on contributions: None.
- State tax deduction or credit for contributions: Contributions to an Illinois 529 plan of up to $10,000 per year by an individual, and up to $20,000 per year by a married couple filing jointly, are deductible in computing Illinois taxable income. For a rollover contribution, only the principal portion is eligible for the deduction. Contribution deadline is December 31 postmark. For tax years ending on or between 12/31/09 and 12/31/20, employers may claim a credit against Illinois tax for 25% of matching contributions made to an employee's account in an Illinois 529 plan, with a maximum annual credit of $500 per employee. Unused credits may be carried forward for five years.