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.
- 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
- Telephone: 1-800-321-7520
- Web site: Click here to visit
- 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 0.17% to 0.75%.
- Total asset-based expense ratio: Class A: 0.39% - 1.23%
Class B: 0.39% - 1.98%
- Program match on contributions: None.
- State tax deduction or credit for contributions: Contributions to a Nebraska 529 plan of up to $5,000 per year for single taxpayers and married taxpayers filing jointly, and up to $2,500 per year for married taxpayers filing separately, are deductible in computing Nebraska taxable income. Only contributions made by the account owner are deductible. Contribution deadline is December 31 postmark.