College & Career

New York

New York's 529 Advisor-Guided College Savings Plan
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Summary

In May 2012 New York's 529 College Savings Program was renamed New York's 529 Advisor-Guided College Savings Plan. Upromise Investments continues to serve as Progam Manager but J.P. Morgan Investment Management replaced Columbia Management Group, LLC as the plan's Investment Manager. The plan features age-based, static asset-allocation, and single-fund portfolios utilizing mutual funds from JPMorgan and SSgA. Accounts can be linked to the Upromise rewards service.

Program Details
  • Summary: In May 2012 New York's 529 College Savings Program was renamed New York's 529 Advisor-Guided College Savings Plan. Upromise Investments continues to serve as Progam Manager but J.P. Morgan Investment Management replaced Columbia Management Group, LLC as the plan's Investment Manager. The plan features age-based, static asset-allocation, and single-fund portfolios utilizing mutual funds from JPMorgan and SSgA. Accounts can be linked to the Upromise rewards service.
  • Program type: Savings
  • Program manager: Upromise Investments, Inc.
  • State residency requirements: None
  • Maximum contributions: Accepts contributions until all account balances in New York's 529 plans for the same beneficiary reach $375,000.
  • Minimum contributions: The minimum initial contribution is $1,000 per account. The minimum subsequent contribution is $25 per account.
  • Age-based investment options: The Age-Based Option contains 6 portfolios, each invested in mutual funds. Contributions are placed into the portfolio corresponding to the age of the beneficiary and later reassigned to more conservative portfolios as the beneficiary approaches college.
  • Static investment options: Select among 7 multi-fund portfolios with varying risk tolerances and 16 individual-fund portfolios.
  • Underlying investments: Primarily JPMorgan, but also funds from SSgA.
  • 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 $25,000 or less.
  • Program management fees: 0.30% manager fee, plus distribution/servicing fees of 0.25% (Class A), .90% - 1.00% (Class C), and None (Advisor Class)
  • Expenses of the underlying investments: Ranges from 0.33% to 0.59% (portfolio weighted average) in the age-based and static multi-fund portfolios, from 0.10% to 0.85% in the individual-fund portfolios.
  • Total asset-based expense ratio: Class A: 0.65% - 1.40%
    Class C: 1.40% - 2.15%
    Advisor Class: 0.40% - 1.15%
  • Program match on contributions: None.
  • State tax deduction or credit for contributions: Contributions to a New York 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing New York taxable income. Only contributions made by the account owner, or if filing jointly, by the account owner's spouse, are deductible. Contribution deadline is December 31 postmark.
  • Web site: Click here to visit
  • Telephone: 1-800-774-2108
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