Minnesota College Savings Plan is a TIAA-managed 529 savings program features an age-based option and six fixed options including a guaranteed option.
- Summary: Minnesota College Savings Plan is a TIAA-managed 529 savings program features an age-based option and six fixed options including a guaranteed option.
- Program type: Savings
- Program manager: TIAA-CREF Tuition Financing, Inc.
- State residency requirements: None
- Maximum contributions: Accepts contributions until all account balances in Minnesota's 529 plan for the same beneficiary reach $235,000.
- Minimum contributions: $25 per investment option, or $15 per investment option via payroll deduction.
- Age-based investment options: The Managed Allocation Option contains 6 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the beneficiary?s age and later reassigned to more conservative portfolios as the beneficiary approaches college age.
- Static investment options: Select among 6 options: 100% Equity, Balanced, 100% Fixed-Income, 100% International Equity Index, Money Market, and the Guaranteed Option.
- Underlying investments: TIAA-CREF institutional mutual funds; the Guaranteed Option is invested in a funding agreement with TIAA-CREF Life Insurance Company that guarantees principal and a minimum rate of interest (actual rate is declared annually).
- Enrollment or application fee: None.
- Account maintenance fee: None.
- Program management fees: 0.4625% to 0.5625% manager fee, varying by option. The manager fee includes underlying fund expenses and a 0.0125% state fee. No fee for the Guaranteed Option. Manager and state fee are currently waived for the Money Market option.
- Expenses of the underlying investments: Not applicable, included in the program management fee.
- Total asset-based expense ratio: 0.4625% to 0.5625%. None for the Guaranteed Option. 0.13% for the Money Market option after waiver.
- Program match on contributions: Minnesota no longer offers a matching grant. For years prior to 2011, a 15% or 10% matching grant of up to $400 per year was available to Minnesota residents, subject to income limitations.
- State tax deduction or credit for contributions: None.
- Web site: Click here to visit
- Telephone: 1-877-338-4646