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Ohio CollegeAdvantage -- Guaranteed Savings Fund

Ohio

Ohio CollegeAdvantage Guaranteed Savings Fund, a prepaid/guaranteed savings program was closed to new enrollments and contributions in 2004.

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)

General

Program type:

Guaranteed savings

How to enroll:

Closed to new enrollment until further action is taken by OTTA.

Initial year of operation:

1989

State agency(ies):

Ohio Tuition Trust Authority, part of the Office of the Chancellor, Ohio Board of Regents

Enrollment period:

Closed to new enrollment until further action is taken by OTTA.

Eligibility

State residency requirements:

Either the beneficiary or the account owner must be a resident of Ohio at the time of program enrollment.

Who can be a participant/owner in the program?

Individuals at least 18 years old and emancipated minors.

Significant time or age restrictions imposed by the program:

The redemption value for any units withdrawn, reallocated or rolled over to another 529 plan prior to age 18 will be actuarially calculated. Beneficiary changes are not allowed once the beneficiary reaches age 22, and are subject to restrictions prior to reaching age 22. Remaining tuition units must be withdrawn when the beneficiary reaches age 28 unless the beneficiary is still attending college.

Contributions

Maximum contributions:

Contributions suspended until further action taken by OTTA.

Minimum contributions:

Currently not accepting contributions.

Contractual Features

Current value of one unit:

As of August 1, 2011:
Tuition Units: $95.08
Tuition Credits: $109.34

Current unit price:

Not accepting new contributions.

Are program benefits backed by the full faith and credit of the state?

Premium subscription required for this data.

Are program benefits collateralized or guaranteed in any other way?

No

Fees & Expenses

Enrollment or application fee:

None.

Taxes and other Benefits

Program match on contributions:

Premium subscription required for this data.

State tax deduction or credit for contributions:

Contributions, including rollover contributions, to a Ohio 529 plan of up to $2,000 per beneficiary per year (any filing status) are deductible in computing Ohio taxable income, with an unlimited carryforward of excess contributions. Contribution deadline is December 31.

State tax recapture provisions:

The principal portion of nonqualified withdrawals from this plan are included in Ohio taxable income to the extent of prior Ohio tax deductions. Nonqualified withdrawals for this purpose do not include withdrawals made as the result of the beneficiary's death or disability, withdrawals made on account of the beneficiary's receipt of a scholarship. Offering materials indicate that distributions subsequently rolled over to another 529 plan are subject to Ohio tax recapture; whether or not "trustee to trustee" rollovers are subject to recapture appears unclear.

State tax treatment of qualified distributions:

Qualified distributions from Ohio and non-Ohio 529 plans are exempt. Ohio also exempts distributions from a Ohio 529 plan attributable to the beneficiary's death, disability, or receipt of a scholarship.

State tax treatment of rollovers:

Ohio follows federal tax-free treatment except that outbound rollovers appear subject to the recapture of prior state tax deductions.

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

No

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?

No

Statutory protection of an account from creditors:

Premium subscription required for this data.

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:

The account owner may be changed to another account owner, but may not thereafter be changed again except where the change is made back to the original owner or where the owner dies or becomes permanently disabled.

Documents, Access & Reporting

Does participant have online password-protected access to account?

Yes

Can the complete enrollment process including funding be done online?

No

Contact

Web site:

Click here to visit

Telephone:

1-800-233-6734