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Summary: This TIAA-managed 529 savings program features an age-based option and five fixed options including a guaranteed option with minimum 3% annual interest. |
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Program type: Savings |
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Program manager: TIAA-CREF Tuition Financing, Inc. |
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State residency requirements: None |
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Maximum contributions: Accepts contributions until all account balances in Minnesota's 529 plan for the same beneficiary reach $235,000. |
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Minimum contributions: $25 per investment option, or $15 per investment option via payroll deduction |
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Age-based investment options: The Managed Allocation Option contains six portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the beneficiary?s age and later reassigned to more conservative portfolios as the beneficiary approaches college age. |
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Static investment options: Select among five options: 100% Equity, Balanced, 100% Fixed-Income, Money Market, and the Guaranteed Option. |
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Underlying investments: TIAA-CREF institutional mutual funds; the Guaranteed Option is invested in a funding agreement with TIAA-CREF Life Insurance Company that guarantees principal and a minimum 3% annual rate of interest (actual rate is declared annually). |
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Enrollment or application fee: None |
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Account maintenance fee: None |
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Program management fees: 0.5125% to 0.6125% manager fee, varying by option. The manager fee includes underlying fund expenses and a 0.0125% state fee. No fee for the Guaranteed Option. |
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Expenses of the underlying investments: Not applicable, included in the program management fee. |
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Total asset-based expense ratio: 0.5125% to 0.6125%. None for the Guaranteed Option. |
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Program match on contributions: A 15% or 10% matching grant of up to $400 per year for Minnesota residents, subject to income limitations. Applications for the 2008 matching grant are due by May 1, 2009. |
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State tax deduction or credit for contributions: None |
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Telephone: 1-877-338-4646 |
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Web site: Click here to visit |
