The Education Plan College Savings Program is managed by OppenheimerFunds and features age-based and static portfolio options, some of which are a blend of active-managed funds and index funds, and others are entirely composed of index funds.
- Summary: The Education Plan College Savings Program is managed by OppenheimerFunds and features age-based and static portfolio options, some of which are a blend of active-managed funds and index funds, and others are entirely composed of index funds.
- 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: The required minimum initial contribution is $25, and the minimum subsequent contribution is $25. With the automatic investment plan, the minimum contribution level is $25 per month.
- Age-based investment options: Choose between 2 age-based approaches, one containing 8 portfolios of underlying mutual funds invested in a blend of actively-managed and index funds and the other containing 8 portfolios of underlying index funds. Contributions in the age-based approaches are placed into the portfolio corresponding to the beneficiary's age, and later reassigned to more conservative portfolios as the beneficiary approaches college age. Each approach is offered in an aggressive, growth and balanced track and each offers two fixed income options.
- Static investment options: Select among 8 multi-fund portfolios invested in a blend of actively-managed and index funds, 8 multi-fund portfolios invested only in index funds, and 1 individual-fund portfolio (the Short Term Yield Portfolio).
- Underlying investments: Investments managed by OppenheimerFunds Inc. and its affiliates along with Vanguard and Dreyfus.
- Enrollment or application fee: None.
- Account maintenance fee: $25 annually for accounts with less than $10,000, waived if either the designated beneficiary or account owner is a New Mexico resident, for accounts in an automatic contribution plan, and for accounts with all assets invested in index options.
- Program management fees: 0.15% management fee (includes 0.05% fee to the state) for index-only options; 0.20% management fee (includes 0.10% fee to the state) for all other options.
- Expenses of the underlying investments: Ranges from 0.09% to 0.22% (portfolio weighted average) for index-only options, and from 0.15% to 0.51% (portfolio weighted average) for all other options.
- Total asset-based expense ratio: 0.24% - 0.71%
- 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: 1-877-337-5268