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Schwab 529 College Savings Plan

Kansas

The Kansas Schwab 529 College Savings Plan is available through discount broker Charles Schwab and managed by American Century. The Plan utilizes a variety of mutual fund families in its age-based and static portfolio options. Accounts can be linked to the Upromise rewards service.

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
3.59 3.67 3.47 4.40 0.00

General

Program type:

Savings

How to enroll:

Enroll through Charles Schwab & Co., Inc. or through independent advisers associated with Schwab.

Initial year of operation:

2003

State agency(ies):

Kansas State Treasurer

Program manager:

American Century Investment Management, Inc.

Program distributor:

Charles Schwab & Co. Inc.

Manager contract term:

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Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

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

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Accepts contributions until all account balances in Kansas' 529 plans for the same beneficiary reach $345,000.

Minimum contributions:

With lump-sum contributions, the minimum initial contribution is $25. With the automatic investment plan, the minimum contribution level is $25 per month.

Investment Options

Age-based investment options:

An Index Age-Based option and a Static Age-Based option are offered in 4 different risk levels (Aggressive, Moderately Aggressive, Moderate, and Moderately Conservative) each containing 5 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the selected risk level and the age of the beneficiary or the number of years to expected enrollment, and later reassigned to more conservative portfolios as the beneficiary approaches college age.

Static investment options:

Select among 13 options: 6 multi-fund portfolios with varying degrees of risk tolerance, 6 index portfolios, and a money market fund portfolio.

Underlying investments:

Schwab, Laudus, American Century, American Beacon, Baron, Metropolitan West Asset Management, Vanguard and PIMCO mutual funds.

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.

Account maintenance fee:

None.

Program management fees:

0.20% manager fee

Expenses of the underlying investments:

Ranges from 0.21% - 1.14% (portfolio weighted average).

Total asset-based expense ratio:

0.41% - 1.34%; Index portfolios have all-inclusive fee of 0.55%.

Taxes and other Benefits

Program match on contributions:

None.

State tax deduction or credit for contributions:

Contributions to Kansas AND non-Kansas state-sponsored 529 plans of up to $3,000 per beneficiary per year by an individual, and up to $6,000 per beneficiary per year by a married couple filing jointly, are deductible in computing Kansas taxable income. Rollover contributions are not deductible. Contribution deadline is December 31.

Value of in-state tax benefits:

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State tax recapture provisions:

The principal portion of nonqualified withdrawals from this plan are included in Kansas taxable income to the extent of prior Kansas tax deductions. Rollovers are not subject to recapture.

State tax treatment of qualified distributions:

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

State tax treatment of rollovers:

Kansas follows federal tax-free treatment.

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?

Yes, with the Upromise rewards service.

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?

Yes

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:

1-866-903-3863

Twitter

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