529 PLANS

CollegeBound 529 (Advisor-sold)

Rhode Island

Rhode Island's CollegeBound 529 savings program is managed by Ascensus College Savings with Invesco Advisors, Inc. as investment manager. The plan is sold through brokers (unit classes A, AR, and C) and registered investment advisors (unit class I). Rhode Island residents purchasing through advisors can use lower-cost classes RA and RZ. The program features a menu of age-based and static portfolio options utilizing Invesco funds. Accounts can be linked to the Upromise rewards service. To find a financial advisor in your area, use the Directory of Financial Professionals.

5-Cap Rating

Resident:
Non-Resident:

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
NA 4.27 4.40 3.60 0.67

Find an advisor

Enroll in CollegeBound 529 (Advisor-sold) through a financial advisor. Search our directory of qualified financial professionals to find one near you.

General

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Program type:

Savings

How to enroll:

Enroll through a financial advisor or registered investment advisor. Find a Professional

Initial year of operation:

1998, substantially changed in 2016.

State agency(ies):

General Treasurer of Rhode Island

Program manager:

Ascensus College Savings

Program distributor:

Invesco Distributors

Manager contract term:

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Eligibility

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State residency requirements:

None

Who can be a participant/owner in the program?

U.S. citizens and resident aliens, UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:

None

Contributions

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Maximum contributions:

Accepts contributions until all account balances in Rhode Island's 529 plan for the same beneficiary reach $395,000.

Minimum contributions:

None

Investment Options

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Age-based investment options:

The Age-Based Portfolios option contains 11 age bands corresponding to expected dated of college enrollment. The asset mix (or allocation) of the Age-Based Portfolios shifts to a more conservative investment allocation over time.

Static investment options:

Select among three Target-Risk Portfolios (Growth, Moderate and Conservative), and 11 individual-fund portfolios.

Underlying investments:

Invesco mutual funds and ETFs.

Underlying fund allocations:

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Portfolio Fees & Performance Lookup

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Fees & Expenses

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Enrollment or application fee:

None, but contributions may be subject to a sales charge depending on share class.

Account maintenance fee:

$20 annually for accounts with less than $25,000, waived for Rhode Island residents, and for accounts in the automatic contribution plan.

Program management fees:

0.17% (includes 0.02% state administrative fee), plus distribution/servicing fee of 0.25% (Class A), 1.00% (Classes AR and C), or 0.00% (Class I). None for Class RA.

Expenses of the underlying investments:

Ranges from 0.40% to 0.52% in the age-based and target-risk portfolios (portfolio weighted average), and from 0.16% to 0.89% in the individual-fund portfolios.

Total asset-based expense ratio:

Class A: 0.58% - 1.31%
Class AR: 1.33% - 2.06%
Class C: 1.33% - 2.06%
Class RA (RI-resident): 0.41% - 1.14%
Class RZ (RI-resident): 0.41% - 1.14%
Class I: 0.33% - 1.06%

Broker loads and commissions:

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Breakpoint pricing:

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Does breakpoint pricing include non-529 assets under rights of accumulation policies

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Taxes and other Benefits

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Program match on contributions:

Children born to or adopted by Rhode Island families are eligible for a $100 "CollegeBoundbaby" grant to be used for Qualified Expenses if the request is received by the Treasurer within one (1) year of their birth or adoption.

State tax deduction or credit for contributions:

Contributions to the Rhode Island 529 plan of up to $500 per year by an individual, and up to $1,000 per year by married taxpayers filing jointly are deductible in computing Rhode Island taxable income, with an unlimited carry forward of excess contributions. Rollovers from another 529 plan are not deductible. Contribution deadline is December 31.

State tax recapture provisions:

The principal portion of rollovers and nonqualified withdrawals from this plan within two taxable years of the contribution are included in Rhode Island taxable income to the extent of prior Rhode Island tax deductions.

State tax treatment of qualified distributions:

Qualified distributions from Rhode Island and non-Rhode Island 529 plans are exempt.

State tax treatment of rollovers:

Rhode Island follows federal tax-free treatment except that, in the two taxable years following the year of deduction, outbound rollovers are subject to the recapture of prior state tax deductions.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

Yes

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

No

Does the program have a formal agreement with a rewards program or outside scholarship program?

Yes, with Upromise. The Upromise Rewards service is free to join and offers cash back for college. Plus, members can earn additional cash back with the Upromise MasterCard®.

Statutory protection of an account from creditors:

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Distributions & Terminations

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To whom are distributions made payable:

Eligible educational institution, beneficiary, or account owner, as directed by the account owner

Account Changes

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Policy regarding participant/owner changes:

Accepts requests to transfer account ownership.

Documents, Access & Reporting

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Does participant have online password-protected access to account?

Yes

Can the complete enrollment process including funding be done online?

No

Documents and other services accessible or downloadable on the program's public Web site:

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Contact

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Web site:

Click here to visit

Telephone:

1-877-615-4116

Telephone for broker use:

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