Kansas Learning Quest Advisor version of Learning Quest was overhauled in May 2007 and now offers multi-manager age-based portfolios and static portfolios in addition to a menu of individual funds. Accounts can be linked to the Upromise rewards service.
- Summary: Kansas Learning Quest Advisor version of Learning Quest was overhauled in May 2007 and now offers multi-manager age-based portfolios and static portfolios in addition to a menu of individual funds. Accounts can be linked to the Upromise rewards service.
- Program type: Savings
- Telephone: 1-877-882-6236
- Web site: Click here to visit
- Twitter Click here to visit
- 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 $335,000.
- 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: The age-based portfolios are offered in 3 different risk levels: Aggressive, Moderate and Conservative. Contributions are placed into the portfolio corresponding to the selected risk level and the beneficiary?s age. Over time, accounts move between one or more of the 6 portfolios that make up these tracks, eventually ending in the Short-Term portfolio.
- Static investment options: Select among 7 multi-fund portfolios and 12 American Century individual-fund options.
- Underlying investments: Mutual funds from American Century, T. Rowe Price, Principal Financial Group, Columbia Management, and American Beacon
- 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: 0.20% manager fee (waived for the Money Market portfolio) plus distribution/servicing fees of 0.25% (Class A); 1% (0.75% for the Money Market portfolio)(Class C).
- Expenses of the underlying investments: Ranges from 0.42% to 1.03% in the age-based and static portfolios and 0.29% to 1.42% in the individual fund portfolios (portfolio weighted averages).
- Total asset-based expense ratio: Class A: 0.54% - 1.87%
Class C: 1.04% - 2.62%
- Program match on contributions: The state will match on a dollar-for-dollar basis contributions above $100 and up to $600 per year by Kansas residents with household incomes below 200% of the federal poverty income level. The program is limited to 300 participants from each of Kansas' four Congressional districts per year. Applications and contributions must be received by December 31 each year.
- 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.