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U.Fund College Investing Plan
Massachusetts' U.Fund College Investing Plan, a Fidelity-managed 529 plan follows the same approach as other Fidelity plans in Arizona, Delaware and New Hampshire. It features three age-based options; one using Fidelity mutual funds; one using Fidelity index mutual funds; and a third multi-firm option with portfolios that invest in funds offered by several different companies. The plans also offer 11 static options, and one option that invests in an interest-bearing deposit account.
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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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.
Massachusetts Educational Financing Authority (MEFA)
Fidelity Brokerage Services, LLC
Through December 31, 2016. May be extended in one year increments through 2019 by mutual agreement.
U.S. citizens and resident aliens at least 18 years old, UGMA/UTMA custodians, and trusts.
Accepts contributions until all account balances in Massachusetts' 529 plan for the same beneficiary reach $375,000.
With lump-sum contributions, the minimum initial contribution is $50, and the minimum subsequent contribution is $25. With the automatic investment plan, the minimum contribution level is $15 per month or $45 per quarter.
Choose between 3 age-based options, one invested in Fidelity mutual funds, another invested in Fidelity index mutual funds, and a third multi-firm option with portfolios that invest in funds offered by several different companies. Contributions are placed into the portfolio corresponding to the beneficiary's age. The portfolios automatically shift to a more conservative investment allocation over time.
Select among 6 multi-fund portfolios, 5 individual-fund portfolios and a Bank Deposit Portfolio.
Fidelity Investments, Aston, BlackRock, Credit Suisse, Harbor, JPMorgan, Royce, Acadian Funds, Causeway, MFS, William Blair, Western Asset, Natixis, Invesco, Eaton Vance, and PIMCO mutual funds. For the Bank Deposit Portfolio only, a deposit in a FDIC-insured interest-bearing account.
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
0.09% for the index fund options (includes 0.045% state fee); 0.20% for the Fidelity fund options (includes 0.10% state fee); 0.35% for the multi-firm fund options (includes 0.10% state fee). For the Bank Deposit Portfolio, there is a 0.10% Program Management Fee (includes 0.05% state fee) and is based on the Federal Funds Target Rate.
Ranges from 0.10% to 0.20% annualized in the Fidelity index fund portfolios, from 0.36% to 0.82% annualized in the Fidelity funds portfolios, and 0.70% to 1.08% in the multi-firm portfolios. For the Bank Deposit Portfolio, there is no underlying fund expense. There is, however, a Bank Administration Fee, which ranges from 0.00%-0.40% and is based on the Federal Funds Target Rate.
0.19% - 1.43%
Taxes and other Benefits
Qualified distributions from Massachusetts and non-Massachusetts 529 plans are exempt.
Massachusetts follows federal tax-free treatment.
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
Yes, Fidelity Investments 529 College Rewards American Express Card rebates 2% of purchases.
Distributions & Terminations
To whomever the account owner specifies - the account owner, the beneficiary, a school, or anyone else.
Account ownership may not be transferred prior to the owner's death or incapacity.
Documents, Access & Reporting
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