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NJBEST 529 College Savings Plan

New Jersey

New Jersey's NJBEST 529 College Savings Plan is managed by Franklin Templeton and features age-based and static portfolio options utilizing mutual funds and/or ETFs along with a stable value option.

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
4.00 3.43 3.47 4.20 0.40

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General

Program type:

Savings

How to enroll:

Enroll directly with the program. Enroll Now

Initial year of operation:

1998

State agency(ies):

New Jersey Higher Education Student Assistance Authority (HESAA)

Program manager:

Franklin Templeton Distributors, Inc.

Program distributor:

Franklin Templeton Distributors, Inc.

Manager contract term:

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Eligibility

State residency requirements:

The contributor or the beneficiary must be a New Jersey resident at the time of program enrollment.

Who can be a participant/owner in the program?

Individuals of legal age, trusts, corporations, and other legal entities. Account owners must provide a Taxpayer Identification Number.

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Accepts contributions until all account balances in New Jersey's 529 plans for the same beneficiary reach $305,000.

Minimum contributions:

$25 per investment option.

Investment Options

Age-based investment options:

The Age-Based Investment Portfolios option offers the choice of 3 risk levels: Growth, Moderate, and Conservative. Each consists of 4 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the beneficiary's age, and later reassigned to more conservative portfolios as the beneficiary ages.

Static investment options:

Select among 4 multi-fund portfolios (Franklin Growth Allocation, Franklin Corefolio, Franklin Growth & Income Allocation, and Franklin Income Allocation), S&P 500 Index portfolio, and a stable value portfolio.

Underlying investments:

Franklin Templeton mutual funds, a Franklin Templeton stable value portfolio and possibly ETFs.

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:

0.10% manager fee

Expenses of the underlying investments:

Ranges from 0.14% to 0.84% (portfolio weighted average) in the age-based and objective-based portfolios, and from 0.07% to 0.36% in the individual-fund portfolios.

Total asset-based expense ratio:

0.17% - 0.94%

Taxes and other Benefits

Program match on contributions:

There is no program match, however New Jersey beneficiaries are eligible for a one-time scholarship of up to $1,500 for the first semester at any New Jersey college or university subject to minimum participation and contribution requirements.

State tax deduction or credit for contributions:

None.

State tax treatment of qualified distributions:

Qualified distributions from New Jersey and non-New Jersey 529 plans are exempt.

State tax treatment of rollovers:

New Jersey follows federal tax-free treatment.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

Yes, by state regulation.

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:

Accept 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:

visit Enroll Now

Telephone:

1-877-4NJBEST (1-877-465-2378)

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