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Bright Start College Savings Program -- Advisor-sold Plan

Illinois

The Illinois Bright Start College Savings Program -- Advisor-sold Plan launched in 2007 as part of the state's change in program manager to OFI Private Investments, an affiliate of OppenheimerFunds Inc. It offers its menu of investment options at lower cost than many other advisor-sold 529 plans. 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
2.26 4.46 2.60 4.20 0.40

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General

Program type:

Savings

How to enroll:

Enroll through a financial advisor. Find a Professional

Initial year of operation:

2007

State agency(ies):

Illinois State Treasurer

Program manager:

OFI Private Investments, Inc., a subsidiary of OppenheimerFunds, Inc.

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?

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

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Accepts contributions until all account balances in Illinois' 529 plans for the same beneficiary reach $350,000.

Minimum contributions:

The minimum initial contribution is $25, and the minimum subsequent contribution is $15. Minimums may be lowered for employer-sponsored plans.

Investment Options

Age-based investment options:

The Age Based Portfolios contain 6 portfolios of underlying equity, fixed, income, and money market investments. Contributions are placed into the portfolio corresponding to the beneficiary's age, and later reassigned to more conservative portfolios as the beneficiary approaches college age.

Static investment options:

Select among 5 Static Portfolios: Equity, Balanced, Fixed Income, Conservative Fixed Income and a Money Market Portfolio.

Underlying investments:

OFI-managed investment strategies and mutual funds and an American Century 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:

0.18% (includes 0.03% state administrative fee), plus distribution/servicing fees of 0.25% (Classes A and G), 0.50% (Class C), or 0.00% (Class H). No state administrative, distribution/servicing fee for the Money Market portfolio.

Expenses of the underlying investments:

Ranges from 0.23% to 0.54% (portfolio weighted average); 0.16% for Money Market Portfolio.

Total asset-based expense ratio:

Class A: 0.30% - 0.97%
Class C: 0.30% - 1.22%
Class G: 0.30% - 0.97%
Class H: 0.30% - 0.72%

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 an Illinois 529 plan of up to $10,000 per year by an individual, and up to $20,000 per year by a married couple filing jointly, are deductible in computing Illinois taxable income. For a rollover contribution, only the principal portion is eligible for the deduction. Contribution deadline is December 31 postmark. For tax years ending on or between 12/31/09 and 12/31/20, employers may claim a credit against Illinois tax for 25% of matching contributions made to an employee's account in an Illinois 529 plan, with a maximum annual credit of $500 per employee. Unused credits may be carried forward for five years.

Value of in-state tax benefits:

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State tax recapture provisions:

Effective January 1, 2007, rollovers from this plan to an out-of-state program are included in Illinois taxable income to the extent of prior Illinois deductions. Effective January 1, 2009, nonqualified distributions from this plan are included in Illinois taxable income to the extent of prior Illinois deductions.

State tax treatment of qualified distributions:

Qualified distributions from an Illinois 529 plan are exempt. Qualified distributions from a non-Illinois plan are exempt provided the plan meets certain disclosure requirements.

State tax treatment of rollovers:

Illinois follows federal tax-free treatment except that, beginning in 2007, 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?

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:

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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:

1-877-432-7444

Telephone for broker use:

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