The University of Alaska College Savings Plan is a direct-sold 529 savings plan. The Program features both enrollment-based and static portfolios, along with an additional portfolio called the ACT Portfolio providing special benefits to future University of Alaska students along with a very low expense ratio. Alaska residency is not required to participate in this T. Rowe Price-managed program.
- Summary: The University of Alaska College Savings Plan is a direct-sold 529 savings plan. The Program features both enrollment-based and static portfolios, along with an additional portfolio called the ACT Portfolio providing special benefits to future University of Alaska students along with a very low expense ratio. Alaska residency is not required to participate in this T. Rowe Price-managed program.
- 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 $25. With the automatic investment plan, the minimum contribution level is $25 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 3 multi-fund portfolios (Equity Portfolio, Balanced Portfolio, and ACT Portfolio), the Total Equity Market Index Portfolio, the Fixed-Income Portfolio (a fund-of-funds), and the Money Market Portfolio. The ACT Portfolio is guaranteed by the University of Alaska to provide a minimum return equal to tuition increases at the University of Alaska, but only for beneficiaries enrolling at that institution.
- 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 for investments in the ACT portfolio and 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, or if the account is enrolled in electronic delivery of documents.
- Program management fees: 0.13% manager fee (0.11% for the Total Equity Market Index Portfolio), including 0.07% fee to the state. Fee waived for the ACT Portfolio.
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 0.67% in the age-based portfolios and 0.30% to 0.68% in the static portfolios; 0.16% in the money market portfolio (portfolio weighted averages).
- Total asset-based expense ratio: 0.17% - 0.81%
- Program match on contributions: None, however the state offers a tuition-value guarantee for University of Alaska students invested in the ACT Portfolio.
- State tax deduction or credit for contributions: Not applicable. Alaska does not have a personal income tax.
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