New Jersey's NJBEST 529 College Savings Plan is managed by Franklin Templeton and features age-based and static portfolio options utilizing mutual funds and/or ETFs along with a money market option.
- Summary: New Jersey's NJBEST 529 College Savings Plan is managed by Franklin Templeton and features age-based and static portfolio options utilizing mutual funds and/or ETFs along with a money market option.
- Program type: Savings
- Program manager: Franklin Templeton Distributors, Inc.
- State residency requirements: The contribut or the beneficiary must be a New Jersey resident at the time of program enrollment.
- Maximum contributions: Accepts contributions until all account balances in New Jersey's 529 plans for the same beneficiary reach $305,000.
- Minimum contributions: $25 per investment option.
- Age-based investment options: The Age-Based Investment Portfolios option offers the choice of 3 risk levels: Growth, Moderate, and Conservative. Each consists of 4 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 ages.
- Static investment options: Select among 4 multi-fund portfolios (Franklin Growth Allocation, Franklin Corefolio, Franklin Growth & Income Allocation, and Franklin Income Allocation), S&P 500 Index portfolio, and the Franklin Money 529 portfolio.
- Underlying investments: Franklin Templeton mutual funds, a Franklin Templeton money market portfolio and possibly ETFs.
- Enrollment or application fee: None.
- Account maintenance fee: None.
- Program management fees: 0.10% manager fee
- Expenses of the underlying investments: Ranges from 0.31% to 0.81% (portfolio weighted average) in the age-based and objective-based portfolios, and from 0.07% to 0.08% in the individual-fund portfolios.
- Total asset-based expense ratio: 0.08% - 0.91%
- Program match on contributions: There is no program match, however New Jersey beneficiaries are eligible for a one-time scholarship of up to $1,500 for the first semester at any New Jersey college or university subject to minimum participation and contribution requirements.
- State tax deduction or credit for contributions: None.
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- Telephone: 1-877-4NJBEST (1-877-465-2378)
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