The IAdvisor 529 Plan is managed by ING Investment Management, LLC. ING succeeded Upromise Investments as program manager in March 2013. The revised program features an age-based option, five static allocation options, and 12 single fund options utilizing mutual funds managed by ING, BlackRock, Clarion, Delaware, JP Morgan, PIMCO, RBC, and Wellington.
- Summary: The IAdvisor 529 Plan is managed by ING Investment Management, LLC. ING succeeded Upromise Investments as program manager in March 2013. The revised program features an age-based option, five static allocation options, and 12 single fund options utilizing mutual funds managed by ING, BlackRock, Clarion, Delaware, JP Morgan, PIMCO, RBC, and Wellington.
- Program type: Savings
- Program manager: ING Investment Management, LLC
- State residency requirements: None
- Maximum contributions: Accepts contributions until all account balances in Iowa's 529 plans for the same beneficiary reach $320,000.
- Minimum contributions: With lump-sum contributions, the minimum initial and subsequent contribution is $250 per investment option ($50 per month per option with the automatic investment plan, $25 per pay period per option with payroll direct deposit).
- 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.
- Static investment options: Select among 5 static allocation portfolios and 12 individual-fund portfolios investing in ING funds managed by BlackRock, Clarion, Delaware, ING IM, JPMorgan, PIMCO, RBC, and Wellington.
- Underlying investments: Mutual funds from ING IM, Baillie Gifford, BlackRock, Clarion, Delaware, JPMorgan, RBC, Lazard, PIMCO, T. Rowe Price, and Wellington.
- Enrollment or application fee: None.
- Account maintenance fee: $25 annually, waived if the account balance in each investment option is greater than $25,000; waived for accounts with an automatic investment plan or payroll direct deposit of $100 per month in each investment option running on a monthly basis for 12 consecutive months.
- Program management fees: 0.50% (0.40% for Money Market) management fee includes 0.075% fee to the state, plus distribution/marketing fee of 0.25% (Class A) or 1.00% (Class C, except Money Market is 0.25%).
- Expenses of the underlying investments: Ranges from 0.27% to 1.05%.
- Total asset-based expense ratio: Class A: 0.99% - 1.80%
Class C: 0.99% - 2.55%
- Program match on contributions: None.
- State tax deduction or credit for contributions: Contributions to an Iowa 529 plan of up to $3,098 for 2014 per beneficiary by an individual, and up to $6,196 per beneficiary by married taxpayers filing jointly who each make their own contributions, are deductible in computing Iowa taxable income. The maximum deduction increases each year with inflation. Only contributions made by the account owner are deductible. Contribution deadline is December 31 postmark.
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- Telephone: 1-800-774-5127