Upromise Investments, Inc. became manager of the Indiana CollegeChoice Advisor 529 Savings Plan in September 2008, replacing JPMorgan. The plan now uses iShares ETFs in its Year of Enrollment option and mutual funds from various investment managers in its individual-fund options. The plan also offers a FDIC-insured bank savings option from Sallie Mae Bank. Accounts can be linked to the Upromise rewards service.
- Summary: Upromise Investments, Inc. became manager of the Indiana CollegeChoice Advisor 529 Savings Plan in September 2008, replacing JPMorgan. The plan now uses iShares ETFs in its Year of Enrollment option and mutual funds from various investment managers in its individual-fund options. The plan also offers a FDIC-insured bank savings option from Sallie Mae Bank. Accounts can be linked to the Upromise rewards service.
- Program type: Savings
- Program manager: Upromise Investments, Inc.
- State residency requirements: None
- Maximum contributions: Accepts contributions until all account balances in Indiana's 529 plan for the same beneficiary reach $298,770.
- Minimum contributions: $25
- Age-based investment options: The Year of Enrollment option contains 7 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the anticipated year of college enrollment, and reassigned to the College Portfolio upon reaching that year.
- Static investment options: Select among 10 individual-fund portfolios with various investment managers. A FDIC-insured bank savings option is also offered.
- Underlying investments: iShares exchange-traded funds (ETF) from BlackRock Institutional Trust Company, N.A. and mutual funds offered by American Funds, BlackRock Advisors, Columbia Management, PIMCO, and T. Rowe Price. The Savings Portfolio invests in the Sallie Mae High-Yield Savings account.
- Enrollment or application fee: None, but contributions may be subject to a sales charge depending on share class.
- Account maintenance fee: $20 annually, waived for accounts with an Indiana resident as beneficiary and for accounts with balances of $25,000 or more.
- Program management fees: 0.44% manager fee (includes 0.10% state administrative fee) plus distribution expenses of 0.25% (Class A) or 1.00% (Class C). The Savings Portfolio is subject to a 0.34% manager fee.
- Expenses of the underlying investments: Ranges from 0.13% to 0.16% in the Year of Enrollment portfolio option and from 0.08% to 0.82% in the Individual portfolio options (portfolio weighted average). None for the Savings Portfolio.
- Total asset-based expense ratio: Class A: 0.34% - 1.51%
Class C: 0.34% - 2.26%
- Program match on contributions: None.
- State tax deduction or credit for contributions: A 20% tax credit on up to $5,000 per year in contributions to an Indiana 529 plan can be claimed against Indiana income tax (maximum yearly credit is $1,000). Effective January 1, 2010, rollover contributions and contributions generated through a rewards program are not eligible for the credit.
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- Telephone: 1-866-485-9413