T. Rowe Price College Savings Plan, the nationally-branded version of Alaska's direct-sold 529 savings program mirrors the University of Alaska College Savings Plan but lacks the ACT Portfolio found in the UA program. The enrollment-based and static portfolios available in this program utilize T. Rowe Price mutual funds.
- Summary: T. Rowe Price College Savings Plan, the nationally-branded version of Alaska's direct-sold 529 savings program mirrors the University of Alaska College Savings Plan but lacks the ACT Portfolio found in the UA program. The enrollment-based and static portfolios available in this program utilize T. Rowe Price mutual funds.
- Program type: Savings
- Program manager: T. Rowe Price Associates, Inc.
- State residency requirements: None
- Maximum contributions: Accepts contributions until all account balances in Alaska's 529 plans for the same beneficiary reach $400,000.
- Minimum contributions: With lump-sum contributions, the minimum initial contribution is $250, and the minimum subsequent contribution is $50. With the automatic investment plan, the minimum contribution level is $50 per portfolio per month.
- Age-based investment options: The Enrollment-Based Portfolios contain 8 portfolios of underlying mutual funds, ranging from 100% equity to 20% equity. Contributions are placed into the portfolio corresponding to the number of years to expected enrollment based on the age of the beneficiary or as selected by the account owner. 7 portfolios shift to a more conservative investment allocation over time, eventually transferring to the College portfolio.
- Static investment options: Select among 2 multi-fund portfolios (Equity Portfolio and Balanced Portfolio), the Fixed-Income Portfolio (a fund-of-funds), the Total Equity Market Index Portfolio, and the Money Market Portfolio.
- Underlying investments: T. Rowe Price mutual funds.
- Enrollment or application fee: None.
- Account maintenance fee: $10 annually for accounts with less than $25,000, fee is prorated across all accounts for the same account owner and beneficiary if the total balance of all accounts is less than $25,000. The fee is waived with automatic bank account investments or payroll deductions or if the total balance of all accounts owned by the same account owner, regardless of the beneficiary, is at least $75,000.
- Program management fees: 0.20% manager fee, including 0.04-0.06% fee to the state
0.01% for Money Market portfolio (all or a portion of the program management fee may be waived to maintain a net yield of at least 0.00%)
- Expenses of the underlying investments: Ranges from 0.50% to 0.68% in the age-based portfolios; 0.39% to 0.68% in the static portfolios and 0.23% in the money market portfolio (portfolio weighted averages).
- Total asset-based expense ratio: 0.24% - 0.88%
- Program match on contributions: None.
- State tax deduction or credit for contributions: Not applicable. Alaska does not have a personal income tax.
- Web site: Click here to visit
- Telephone: 1-800-369-3641