New Mexico's Scholar'sEdge, an advisor-sold 529 savings program, managed by OppenheimerFunds, features age-based and static portfolio options utilizing OppenheimerFunds, American Century, Dreyfus, Monetta, and MainStay mutual funds along with a stable value option.
- Summary: New Mexico's Scholar'sEdge, an advisor-sold 529 savings program, managed by OppenheimerFunds, features age-based and static portfolio options utilizing OppenheimerFunds, American Century, Dreyfus, Monetta, and MainStay mutual funds along with a stable value option.
- Program type: Savings
- Program manager: OFI Private Investments, Inc., a subsidiary of OppenheimerFunds, Inc.
- State residency requirements: None
- Maximum contributions: Accepts contributions until all account balances in New Mexico's 529 plans for the same beneficiary reach $400,000.
- Minimum contributions: With lump-sum contributions, the minimum initial contribution is $250 ($25 per portfolio), and the minimum subsequent contribution is $25. With the automatic investment plan, the minimum contribution level is $25.
- Age-based investment options: The Age-Based Option contains 8 portfolios invested in mutual funds. Contributions are placed into six of the portfolios corresponding to the age of the beneficiary and later reassigned to more conservative portfolios as the beneficiary approaches college. Two fixed income options are also available within the age-based approach.
- Static investment options: Select among 8 multi-fund portfolios with varying risk tolerances, 28 individual-fund portfolios, and the Capital Preservation Portfolio.
- Underlying investments: OppenheimerFunds, American Century, Dreyfus, Monetta and MainStay mutual funds; the Capital Preservation Portfolio invests primarily in investment contracts issued by New York Life Insurance Company.
- Enrollment or application fee: None, but contributions may be subject to a sales charge depending on share class.
- Account maintenance fee: $25 annually for accounts with less than $25,000, waived if either the designated beneficiary or account owner is a New Mexico resident and for accounts in an automatic contribution plan.
- Program management fees: 0.20% management fee (includes 0.10% fee to the state), plus distribution/servicing fees of 0.25% for Class A and 1.00% for Class C (0.50% for class C of the Capital Preservation Portfolio). The Institutional Money Market Portfolio has no distribution/servicing fees
- Expenses of the underlying investments: Ranges from 0.40% to 0.67% (portfolio weighted average) in the age-based and static multi-fund portfolios, from 0.15% to 1.29% in the individual-fund portfolios, and 0.01% in the Capital Preservation Portfolio.
- Total asset-based expense ratio: Class A: 0.35% - 1.74%
Class C: 0.35% - 2.49%
- Program match on contributions: None.
- State tax deduction or credit for contributions: Contributions to a New Mexico 529 plan are fully deductible in computing New Mexico taxable income.
- Web site: Click here to visit
- Telephone: 1-866-529-7283