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State Farm College Savings Plan

Nebraska

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 Find a 529 Pro Directory.

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
2.76 3.46 2.77 3.60 0.40

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General

Program type:

Savings

How to enroll:

Enroll through a State Farm VP Management Corp. Registered Representative. Find a Professional

Initial year of operation:

2003

State agency(ies):

Nebraska State Treasurer

Program manager:

First National Bank of Omaha, with OFI Private Investments Inc. as investment manager and servicing agent.

Program distributor:

OppenheimerFunds Distributor, Inc.

Manager contract term:

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Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

Individuals of legal age, UGMA/UTMA custodians, trusts, state/local governments and 501(c)(3) organizations.

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Accepts contributions until all account balances in Nebraska's 529 plans for the same beneficiary reach $360,000.

Minimum contributions:

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.

Investment Options

Age-based investment options:

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.

Static investment options:

Select among 4 portfolios: Growth, Moderate Growth, Balanced, and Money Market.

Underlying investments:

OppenheimerFunds mutual funds, Federated U.S. Government Securities Fund, and State Farm Bond Fund.

Underlying fund allocations:

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Investment performance link:

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Portfolio Fees & Performance Lookup

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Fees & Expenses

Enrollment or application fee:

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

Account maintenance fee:

None.

Program management fees:

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.

Expenses of the underlying investments:

Ranges from 0.16% to 0.82%.

Total asset-based expense ratio:

Class A: 0.38% - 1.29%
Class B: 0.38% - 2.04%

Broker loads and commissions:

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Breakpoint pricing:

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Taxes and other Benefits

Program match on contributions:

None.

State tax deduction or credit for contributions:

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.

Value of in-state tax benefits:

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State tax recapture provisions:

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.

State tax treatment of qualified distributions:

Qualified distributions from Nebraska and non-Nebraska 529 plans are exempt.

State tax treatment of rollovers:

Nebraska follows federal tax-free treatment except that 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?

No

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?

No

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

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Contact

Web site:

Click here to visit

Telephone:

1-800-321-7520

Telephone for broker use:

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State News

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