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
- Telephone: 1-877-337-5268
- Web site: Click here to visit
- 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, and the minimum subsequent contribution is $25. With the automatic investment plan, the minimum contribution level is $25 per month or $75 per quarter.
- Age-based investment options: Choose between 2 age-based approaches, one containing 6 portfolios of underlying mutual funds invested in a blend of actively-managed and index funds and the other containing 6 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.
- Static investment options: Select among 6 multi-fund portfolios invested in a blend of actively-managed and index funds, 6 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 0.14% to 0.23% (portfolio weighted average) for index-only options, and from 0.17% to 0.57% (portfolio weighted average) for all other options.
- Total asset-based expense ratio: 0.29% - 0.77%
- 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.