College & Career

Nebraska

State Farm College Savings Plan
5 Cap Ratings
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Summary

Nebraska's State Farm College Savings Plan utilizes OppenheimerFunds, Federated, and State Farm mutual funds in its age-based and static portfolios. For complete details, see a State Farm financial advisor.

Program Details
  • Summary: Nebraska's State Farm College Savings Plan utilizes OppenheimerFunds, Federated, and State Farm mutual funds in its age-based and static portfolios. For complete details, see a State Farm financial advisor.
  • Program type: Savings
  • Program manager: First National Bank of Omaha, with OFI Private Investments Inc. as investment manager and servicing agent.
  • State residency requirements: None
  • Maximum contributions: Accepts contributions until all account balances in Nebraska's 529 plans for the same beneficiary reach $360,000.
  • Minimum contributions: With lump-sum contributions, the minimum initial contribution is $250 per account, and the minimum subsequent contribution is $50 per portfolio. With the automatic investment plan, the minimum contribution level is $50 per portfolio.
  • Age-based investment options: The Enrollment-Based Portfolios contain 5 portfolios. Contributions are placed into the portfolio corresponding to the number of years to expected enrollment, and later reassigned to more conservative investment allocations as the beneficiary approaches college age.
  • Static investment options: Select among 4 portfolios: Growth, Moderate Growth, Balanced, and Money Market.
  • Underlying investments: OppenheimerFunds mutual funds, Federated U.S. Government Securities Fund, and State Farm Bond Fund.
  • 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: 0.22% (including 0.05% state fee), plus distribution/servicing fee of 0.25% (Class A) or 1.00% (Class B), except the Money Market Portfolio has no distribution/servicing fee.
  • Expenses of the underlying investments: Ranges from 0.16% to 0.82%.
  • Total asset-based expense ratio: Class A: 0.38% - 1.29%
    Class B: 0.38% - 2.04%
  • Program match on contributions: None.
  • State tax deduction or credit for contributions: Contributions to a Nebraska 529 plan of up to $10,000 per year for single taxpayers and married taxpayers filing jointly, and up to $5,000 per year for married taxpayers filing separately, are deductible in computing Nebraska taxable income. Contributions made by the account owner or parents or guardians of UTMA/UGMA accounts are deductible. Contribution deadline is December 31 postmark.
  • Web site: Click here to visit
  • Telephone: 1-800-321-7520
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