North Dakota's College SAVE, Upromise-managed 529 savings program offers 9 investment options: three age-based options and six individual portfolios managed by Vanguard. Accounts can be linked to the Upromise rewards service.
- Summary: North Dakota's College SAVE, Upromise-managed 529 savings program offers 9 investment options: three age-based options and six individual portfolios managed by Vanguard. 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 North Dakota's 529 plan for the same beneficiary reach $269,000.
- Minimum contributions: The minimum initial contribution is $25 and the minimum subsequent contribution is $25.
- Age-based investment options: There are 3 age-based options (Conservative, Moderate, and Aggessive), each containing up to 5 investment portfolios. Contributions are placed into the portfolio corresponding to the selected option and age of the beneficiary, and later reassigned to more conservative portfolios as the withdrawal date draws nearer.
- Static investment options: 6 asset allocation portfolios are offered. The Aggressive Growth, Growth, Moderate Growth, and Conservative Growth portfolios invest in Vanguard stock and bond index funds. The Income Portfolio invests in a Vanguard bond index fund, inflation-protected securities fund, and a money market fund. The Money Market Portfolio invests 100% in the Vanguard Prime Money Market Fund.
- Underlying investments: Vanguard mutual funds.
- Enrollment or application fee: None.
- Account maintenance fee: $20 annually, waived for North Dakota residents.
- Program management fees: 0.85% manager fee; fee includes underlying fund expenses and the 0.10% fee to the state.
- Expenses of the underlying investments: N/A, included in the program management fee.
- Total asset-based expense ratio: 0.85%
- Program match on contributions: The program provides a one-time match of contributions up to $300 per beneficiary for North Dakota participants with incomes below $60,000 (single) or $100,000 (joint). Contributions within 12 months of the account opening are eligible for the match. The beneficiary must be 15 years of age or younger. For participants with incomes below $30,000 (single) or $60,000 (joint), the match is available for an additional two years. An additional matching program, Children FIRST, provides a North Dakota resident child born on or after January 1, 2011 with an initial $100 contribution for participants who opt into the program. Children FIRST participants have until their child turns 4 years old to match the $100 contribution and retain the state-sponsored donation.
- State tax deduction or credit for contributions: Contributions to the North Dakota 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 North Dakota taxable income. Contribution deadline is December 31.
- Web site: Click here to visit
- Telephone: 1-866-728-3529