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New York details 529 program changes

(November 8, 2003) - Upromise Investments, Inc. takes over from TIAA as program manager of New York's College Savings Program on November 15, 2003. The Vanguard Group becomes the program's investment manager.

Accounts invested previously under TIAA in the Managed Allocation Option are automatically moved to the new Moderate Age-Based Option managed by Vanguard. Accounts invested in the old Aggressive Managed Allocation Option are moved to the new Aggressive Age-Based Option. A third age-based option, the Conservative Age-Based Option, also becomes available in the program.

The new Aggressive Growth Portfolio takes over for the old High Equity Option, and the new Interest Accumulation Portfolio takes over for the old Guaranteed Option. (The Interest Accumulation Portfolio does not provide a guaranteed return). Ten additional static portfolios are introduced for a total of 12 static portfolio options. Eight of these portfolios invest in a single Vanguard mutual fund while the other four invest in a blend of Vanguard funds.

The all-inclusive expense ratio remains at 0.60%, but will be reduced to 0.55% once total assets in the program reach a specified level.

Account owners in New York's College Savings Program will now be allowed to link their accounts to the Upromise Rewards program so that Upromise rebates can be automatically transferred into their accounts.

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