New Mexico's Scholar'sEdge, a broker-sold 529 savings program, managed by OppenheimerFunds, features age-based and static portfolio options utilizing OppenheimerFunds, American Century, Thornburg, and MainStay mutual funds along with a stable value option.
- Summary: New Mexico's Scholar'sEdge, a broker-sold 529 savings program, managed by OppenheimerFunds, features age-based and static portfolio options utilizing OppenheimerFunds, American Century, Thornburg, 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 $294,000.
- 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 Approach contains 6 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 approaches college age.
- Static investment options: Select among 6 multi-fund portfolios with varying risk tolerances, 8 individual-fund portfolios, and the Capital Preservation Portfolio.
- Underlying investments: OppenheimerFunds, American Century, Thornburg, 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, except that the Short Term Yield Portfolio has no distribution/servicing fees.
- Expenses of the underlying investments: Ranges from 0.51% to 0.68% (portfolio weighted average) in the age-based and static multi-fund portfolios, from 0.16% to 1.18% in the individual-fund portfolios, and 0.01% in the Capital Preservation Portfolio.
- Total asset-based expense ratio: Class A: 0.36% - 1.63%
Class C: 0.36% - 2.38%
- 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