The program management of Texas' Lonestar 529 Plan was assumed by OppenheimerFunds in November 2007 and it now offers an age-based option, two multi-fund portfolios, and 11 individual fund portfolios.
- Summary: The program management of Texas' Lonestar 529 Plan was assumed by OppenheimerFunds in November 2007 and it now offers an age-based option, two multi-fund portfolios, and 11 individual fund portfolios.
- 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 Texas' 529 plans for the same beneficiary reach $370,000.
- Minimum contributions: $25 per portfolio, or $15 per portfolio with the automatic contribution plan.
- Age-based investment options: The Age-Based Portfolios option consists of 6 portfolios of underlying funds. Contributions are placed into the portfolio that corresponds to the age of the beneficiary. The portfolios automatically shift to a more conservative investment allocation over time.
- Static investment options: Select among 2 multi-fund portfolios (the 100% Equity portfolio and the Balanced portfolio) and 11 individual-fund portfolios.
- Underlying investments: Mutual funds managed by OppenheimerFunds, The Dreyfus Corporation, Thornburg, and TIAA-CREF.
- Enrollment or application fee: None, but contributions may be subject to a sales charge depending on share class.
- Account maintenance fee: None.
- Program management fees: 0.31% management fee (including 0.10% state fee) for all portfolios except for the Socially Responsible Portfolio which has a 0.40% management fee (including 0.10% state fee). Additional distribution/servicing fees of 0.25% (Class A) or 1.00% (Classes B and C). The Money Market and U.S. Government Money Market Portfolios have no distribution/servicing fees.
- Expenses of the underlying investments: Ranges from 0.44% to 0.80% in the age-based and static multi-fund portfolios, and 0.17% to 1.18% in the individual-fund portfolios.
- Total asset-based expense ratio: Class A: 0.48% - 1.74%
Class B: 0.48% - 2.49%
Class C: 0.48% - 2.49%
- Program match on contributions: None.
- State tax deduction or credit for contributions: Not applicable. Texas does not have a personal income tax.
- Web site: Click here to visit
- Telephone: 1-800-445-4723, option 4