The Kansas Schwab 529 College Savings Plan is available through discount broker Charles Schwab and managed by American Century. The Plan utilizes a variety of mutual fund families in its age-based and static portfolio options. Accounts can be linked to the Upromise rewards service.
- Summary: The Kansas Schwab 529 College Savings Plan is available through discount broker Charles Schwab and managed by American Century. The Plan utilizes a variety of mutual fund families in its age-based and static portfolio options. Accounts can be linked to the Upromise rewards service.
- Program type: Savings
- Program manager: American Century Investment Management, Inc.
- State residency requirements: None
- Maximum contributions: Accepts contributions until all account balances in Kansas' 529 plans for the same beneficiary reach $345,000.
- Minimum contributions: With lump-sum contributions, the minimum initial contribution is $25. With the automatic investment plan, the minimum contribution level is $25 per month.
- Age-based investment options: An Index Age-Based option and a Static Age-Based option are offered in 4 different risk levels (Aggressive, Moderately Aggressive, Moderate, and Moderately Conservative) each containing 5 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the selected risk level and the age of the beneficiary or the number of years to expected enrollment, and later reassigned to more conservative portfolios as the beneficiary approaches college age.
- Static investment options: Select among 13 options: 6 multi-fund portfolios with varying degrees of risk tolerance, 6 index portfolios, and a money market fund portfolio.
- Underlying investments: Schwab, Laudus, American Century, American Beacon, Baron, J.P. Morgan, Metropolitan West Asset Management, Vanguard and PIMCO mutual funds.
- Enrollment or application fee: None.
- Account maintenance fee: None.
- Program management fees: 0.20% manager fee
- Expenses of the underlying investments: Ranges from 0.21% - 1.14% (portfolio weighted average).
- Total asset-based expense ratio: 0.41% - 1.34%; Index portfolios have all-inclusive fee of 0.55%.
- Program match on contributions: None.
- State tax deduction or credit for contributions: Contributions to Kansas AND non-Kansas state-sponsored 529 plans of up to $3,000 per beneficiary per year by an individual, and up to $6,000 per beneficiary per year by a married couple filing jointly, are deductible in computing Kansas taxable income. Rollover contributions are not deductible. Contribution deadline is December 31.
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- Telephone: 1-866-903-3863
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