The team of Upromise Investments and The Vanguard Group manages New York's 529 College Savings Program -- Direct Plan. It features age-based and static portfolio options utilizing Vanguard mutual funds. Accounts can be linked to the Upromise rewards service.
- Summary: The team of Upromise Investments and The Vanguard Group manages New York's 529 College Savings Program -- Direct Plan. It features age-based and static portfolio options utilizing Vanguard mutual funds. Accounts can be linked to the Upromise rewards service.
- Program type: Savings
- Telephone: 1-877-697-2837
- Web site: Click here to visit
- 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: $25, or $15 per pay period via payroll deduction.
- Age-based investment options: The Age-Based Option offers a choice among 3 different risk levels (Aggressive, Moderate, or Conservative) each containing 5 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the selected risk level and beneficiary?s age, and later reassigned to more conservative portfolios as the beneficiary approaches college age.
- Static investment options: Select among 4 multi-fund portfolios (Growth, Moderate Growth, Conservative Growth, and Income), 8 individual index-fund portfolios, and the Interest Accumulation portfolio.
- Underlying investments: Vanguard mutual funds.
- Enrollment or application fee: None.
- Account maintenance fee: None.
- Program management fees: 0.17% manager fee; fee includes underlying fund expenses.
- Expenses of the underlying investments: Not applicable, included in the program management fee.
- Total asset-based expense ratio: 0.17%
- 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.