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State Farm College Savings Plan
Nebraska's State Farm College Savings Plan utilizes OppenheimerFunds, Federated, and State Farm mutual funds in its age-based and static portfolios. For complete details, see a State Farm financial advisor. To find a financial advisor in your area, use the Directory of Financial Professionals.
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)
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Enroll in State Farm College Savings Plan through a financial advisor. Search our directory of qualified financial professionals to find one near you.
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. If there is no tax break offered for in-state investors ... shop around!
Also, 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.
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Nebraska State Treasurer
First National Bank of Omaha, with OFI Private Investments Inc. as investment manager and servicing agent.
OppenheimerFunds Distributor, Inc.
Through December 17, 2017.
Individuals of legal age, UGMA/UTMA custodians, trusts, state/local governments and 501(c)(3) organizations.
Accepts contributions until all account balances in Nebraska's 529 plans for the same beneficiary reach $360,000.
With lump-sum contributions, the minimum initial contribution is $250 per account, and the minimum subsequent contribution is $50 per portfolio. With the automatic investment plan, the minimum contribution level is $50 per portfolio.
The Enrollment-Based Portfolios contain 5 portfolios. Contributions are placed into the portfolio corresponding to the number of years to expected enrollment, and later reassigned to more conservative investment allocations as the beneficiary approaches college age.
Select among 4 portfolios: Growth, Moderate Growth, Balanced, and Money Market.
OppenheimerFunds mutual funds, Federated U.S. Government Securities Fund, and State Farm Bond Fund.
Click here, you need Microsoft Excel to open this document.
Click here to visit, link to the program website containing most current performance data.
Fees & Expenses
None, but contributions may be subject to a sales charge depending on share class.
0.22% (including 0.05% state fee), plus distribution/servicing fee of 0.25% (Class A) or 1.00% (Class B), except the Money Market Portfolio has no distribution/servicing fee.
Ranges from 0.16% to 0.81%.
Class A: 0.38% - 1.28%
Class B: 0.38% - 2.03%
Class A, except Money Market Portfolio:
Maximum initial sales charge: 5.50%
Dealer: 4.75% commission and 0.25% annual trail beginning immediately
Class B, except Money Market Portfolio:
Additional annual fee: $25
CDSC: 5.0% in year one declining to 1.0% in year six (none thereafter)
Dealer: 4.0% commission and 0.25% annual trail beginning immediately
NOTE: Only account owners who owned Class B shares prior to November 3, 2008 are eligible to purchase Class B shares.
Money Market Portfolio: None
A shares sales load (dealer commission):
Less than $25,000 - 5.50% (4.75%)
$25,000 - $49,999 - 5.25% (4.50%)
$50,000 - $99,999 - 4.75% (4.00%)
$100,000 - $249,999 - 3.75% (3.00%)
$250,000 - $499,999 - 3.00% (2.50%)
$500,000 - $999,999 - 2.00% (1.60%)
$1 million and over - 0%
Taxes and other Benefits
Contributions to a Nebraska 529 plan of up to $10,000 per year for single taxpayers and married taxpayers filing jointly, and up to $5,000 per year for married taxpayers filing separately, are deductible in computing Nebraska taxable income. Contributions made by the account owner or parents or guardians of UTMA/UGMA accounts are deductible. Contribution deadline is December 31 postmark.
Investment time horizon:
18 yrs (i.e. newborn): 0.30% annualized
10 yrs (i.e. 8-yr old): 0.53% annualized
2 yrs (i.e. 16-yr old): 2.68% annualized
Based on 6.84% NE tax rate. (For assumptions see 529 State Tax Calculator.)
The principal portion of rollovers and nonqualified withdrawals from this plan are included in Nebraska taxable income to the extent of prior Nebraska tax deductions.
Qualified distributions from Nebraska and non-Nebraska 529 plans are exempt.
Nebraska follows federal tax-free treatment except that outbound rollovers are subject to the recapture of prior state tax deductions.
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
Under Nebraska law, an account in a Nebraska 529 plan is not susceptible to any levy, execution, judgment, or other operation of law, garnishment, or other judicial enforcement, and the amount is not an asset or property of either the participant or the beneficiary for purposes of any state insolvency laws.
Distributions & Terminations
Eligible educational institution, beneficiary, or account owner, as directed by the account owner
Accepts requests to transfer account ownership.
Documents, Access & Reporting