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Florida 529 Savings Plan NEW! PDF ReportPRO
Florida
The Florida 529 Savings Plan is administered by the Florida Prepaid College Board. In September 2019 the Board enhanced the plan with expanded investment options, reduced fees, and additional investment managers. In 2022 the Board converted the age-based option to enrollment year funds that automatically reallocate quarterly within each fund. As a result, the plan currently offers 20 enrollment year options (each year represents an estimated time for when the funds will be needed), six static options (predesigned based on investment goals such as growth or income), and 15 individual funds (for more sophisticated investors who want to do it themselves).
5-Cap Rating
| Resident: |  |
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| Non-Resident: |
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Savingforcollege.com's 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories. (Scale 0 to 5; 5 is highest)
| Performance | Costs | Features | Reliability | Resident Upgrade |
|---|---|---|---|---|
| 3.13 | 4.94 | 4.55 | 5.00 | 0.00 |
General
Did you know?
Residents are not limited to investing in their own state's plan. Another state may offer a plan that performs better and has lower fees.
The plan chosen does not affect which state the student enrolls in. An investor can live in NY, invest in a plan from NV and send a student to college in FL.
The best way to maximize your college savings? Start early and save often. You can get started today with easy online enrollment.
Program type:
Savings
How to enroll:
Enroll directly with the program.
Initial year of operation:
2002
State agency(ies):
Florida Prepaid College Board
Program manager:
Florida Prepaid College Board
Program distributor:
Not applicable
Manager contract term:
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Eligibility
State residency requirements:
Beginning September 2019, the beneficiary must be a Florida resident at time of enrollment.
Who can be a participant/owner in the program?
U.S. citizens and resident aliens at least 18 years old, UGMA/UTMA custodians, and legal entities organized in the U.S.
Significant time or age restrictions imposed by the program:
None
Contributions
Maximum contributions:
Accepts contributions until all account balances in Florida's 529 plans for the same beneficiary reach $418,000.
Minimum contributions:
No minimum contribution.
Does the program offer an e-gifting platform for receiving gift contributions?
This plan offers an online tool to share a gift contribution link with family and friends.
Investment Options
Age-based/Enrollment Year investment options:
The enrollment year portfolios allocate funds between stocks and bonds as a student approaches enrollment. Over time, the investment transitions from majority-stock to majority-bond. Stocks generally exhibit higher returns but may present more risk/volatility -- a balance appropriate for a long investment horizon. As the student approaches enrollment, funds are increasingly invested in bonds, which generally exhibit less risk/volatility.
Static investment options:
Account owners may create a customized portfolio from six predesigned static portfolio options, including three multi-manager static options (growth, blended, income), three static passive options (growth, blended, income) and fifteen individual fund options (including money market, bond and stock choices).
Underlying investments:
Underlying investments managed by Vanguard, BlackRock, Dimensional Fund Advisors (DFA), Eaton Vance, Florida PRIME and Wellington Management
Underlying fund allocations:
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Portfolio Fees & Performance Lookup
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See Investment OptionsFees & Expenses
Enrollment or application fee:
None.
Account maintenance fee:
None.
Program management fees:
None
Expenses of the underlying investments:
0.05% to 0.09% in the Enrollment Year Portfolio, 0.05% to 0.18% for Static portfolios, and 0.02% to 0.74% in the Individual Options.
Total asset-based expense ratio:
0.02% - 0.74%
Taxes and other Benefits
Program match on contributions:
None.
State tax deduction or credit for contributions:
Not applicable. Florida does not have a personal income tax.
State definition of qualified expenses
The state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, apprenticeship programs, interest and/or principal on qualified education loans up to a $10,000 lifetime cap, and up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school. Distributions from a 529 account directly to a Roth IRA are considered a qualified expense.
State tax treatment of qualified distributions:
Not applicable. Florida does not have a personal income tax.
State tax treatment of rollovers:
Florida does not have a personal income tax.
Does the sponsoring state exclude the value of an account for state financial aid purposes?
Florida 529 Savings Plans to do not impact Florida Bright Futures Scholarship Awards (the primary state financial aid program in Florida).
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
No
Is there a rewards program or outside scholarship program that works with this program?
Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.
Statutory protection of an account from creditors:
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Distributions & Terminations
To whom are distributions made payable:
Eligible educational institution, beneficiary, or account owner, as directed by the account owner.
Account Changes
Policy regarding participant/owner changes:
Accepts requests to transfer account ownership.
Documents, Access & Reporting
Does participant have online password-protected access to account?
Yes
Can the complete enrollment process including funding be done online?
Yes
Documents and other services accessible or downloadable on the program's public Web site:
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Contact
Website:
https://www.myfloridaprepaid.com/savings-plan/
Telephone:
1-800-552-4723
@FloridaPrepaid
