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CollegeChoice Advisor 529 Savings Plan

Indiana

Upromise Investments, Inc., which was acquired by Ascensus College Savings in 2013, became manager of the Indiana CollegeChoice Advisor 529 Savings Plan in September 2008, replacing JPMorgan. The plan now uses iShares ETFs in its Year of Enrollment option and mutual funds from various investment managers in its individual-fund options. The plan also offers a FDIC-insured bank savings option from Sallie Mae Bank. Accounts can be linked to the Upromise rewards service. 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
2.29 3.04 3.93 4.00 0.55

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General

Program type:

Savings

How to enroll:

Enroll through a financial advisor. Find a Professional

Initial year of operation:

1997, but substantially changed in 2008

State agency(ies):

Indiana Education Savings Authority (IESA)

Program manager:

Ascensus College Savings

Program distributor:

Ascensus College Savings

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 at least 18 years old, emancipated minors, UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:

For Indiana taxpayers claiming a state tax credit on contributions, the account must remain open for at least one year to avoid recapture of the tax credit on distributions used to pay qualified education expenses.

Contributions

Maximum contributions:

Accepts contributions until all account balances in Indiana's 529 plan for the same beneficiary reach $298,770.

Minimum contributions:

$25

Investment Options

Age-based investment options:

The Year of Enrollment option contains 7 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the anticipated year of college enrollment, and reassigned to the College Portfolio upon reaching that year.

Static investment options:

Select among 10 individual-fund portfolios with various investment managers. A FDIC-insured bank savings option is also offered.

Underlying investments:

iShares exchange-traded funds (ETF) from BlackRock Institutional Trust Company, N.A. and mutual funds offered by American Funds, BlackRock Advisors, Columbia Management, PIMCO, and T. Rowe Price. The Savings Portfolio invests in the Sallie Mae High-Yield Savings account.

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:

$20 annually, waived for accounts with an Indiana resident as beneficiary and for accounts with balances of $25,000 or more.

Program management fees:

0.44% manager fee (includes 0.10% state administrative fee) plus distribution expenses of 0.25% (Class A) or 1.00% (Class C). The Savings Portfolio is subject to a 0.34% manager fee.

Expenses of the underlying investments:

Ranges from 0.13% to 0.16% in the Year of Enrollment portfolio option and from 0.08% to 0.82% in the Individual portfolio options (portfolio weighted average). None for the Savings Portfolio.

Total asset-based expense ratio:

Class A: 0.34% - 1.51%
Class C: 0.34% - 2.26%

Broker loads and commissions:

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Breakpoint pricing:

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Does breakpoint pricing include non-529 assets under rights of accumulation policies

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Taxes and other Benefits

Program match on contributions:

None.

State tax deduction or credit for contributions:

A 20% tax credit on up to $5,000 per year in contributions to an Indiana 529 plan can be claimed against Indiana income tax (maximum yearly credit is $1,000). Effective January 1, 2010, rollover contributions and contributions generated through a rewards program are not eligible for the credit.

Value of in-state tax benefits:

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State tax recapture provisions:

An account owner must pay with the Indiana tax return a tax equal to the 20 percent of a nonqualified withdrawal from this plan, to the extent of Indiana tax credits previously claimed. Nonqualified withdrawals for this purpose include rollovers but do not include withdrawals made as the result of the beneficiary's death or disability or withdrawals made on account of the beneficiary's receipt of a scholarship. Recapture will apply to accounts terminated within 12 months from account opening date.

State tax treatment of qualified distributions:

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

State tax treatment of rollovers:

Indiana follows federal tax-free treatment except that outbound rollovers are subject to the recapture of prior state tax credits.

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?

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?

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:

1-866-485-9413

Telephone for broker use:

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