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Ohio CollegeAdvantage 529 Savings Plan

Ohio

At one time offering only Putnam mutual funds in its age-based and static portfolios, this 529 savings program now offers age-based and static portfolios with using a variety of money managers, as well as the FDIC insured Fifth Third 529 Savings Account and Fifth Third 529 Certificate of Deposits.

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General

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.

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Program type:

Savings

How to enroll:

Enroll directly with the program.

Initial year of operation:

2000

State agency(ies):

Ohio Tuition Trust Authority, part of the Office of the Chancellor, Ohio Board of Regents

Program manager:

Ohio Tuition Trust Authority

Program distributor:

Ohio Tuition Trust Authority

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, UGMA/UTMA custodians, trusts, and 501(c)(3) organizations

Significant time or age restrictions imposed by the program:

None

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Contributions

Maximum contributions:

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

Minimum contributions:

$25 ($500 for the Fifth Third CD option)

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Investment Options

Age-based investment options:

Two separate age-based options are offered. The Vanguard Age-Based Option offers a choice among three different risk levels (Aggressive, Moderate, and Conservative). Contributions are placed into one of five mutual-fund portfolios corresponding to the selected risk level and age of the beneficiary, and reassigned to more conservative portfolios as the beneficiary approaches college age. The Advantage Age-Based Option invests in four distinct asset class portfolios made up of existing CollegeAdvantage equity and fixed-income options with funds from Vanguard, PIMCO, OppenheimerFunds and GE Asset Management. Asset allocation is based on the age of the beneficiary and shifts toward more conservative options as the beneficiary approaches college age.

Static investment options:

The Vanguard investment options consist of four multi-fund portfolios and eight individual-fund portfolios. The Fifth Third Bank options consist of certificates of deposit and a savings account. The remaining options include two PIMCO fixed-income funds, a small-cap option from OppenheimerFunds and an international option managed by GE Asset Management.

Underlying investments:

Vanguard, PIMCO, OppenheimerFunds and GE Asset Management mutual funds; certificates of deposit and savings accounts from Fifth Third Bank.

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:

Multi-manager ("Advantage") age-based option: 0.16% - 0.17% manager fee including 0.13% - 0.15% fee to the state.

Vanguard age-based and static portfolios except Vanguard 500 Index Option: 0.19% manager fee including 0.15% fee to the state.

Vanguard 500 Index Option: 0.14% management fee including 0.10% fee to the state.

GE Asset Management option: 0.16% manager fee including 0.15% fee to the state.

PIMCO and OppenheimerFunds options: 0.15% fee to the state only.

Fifth Third options: No fees.

Expenses of the underlying investments:

Advantage multi-manager portfolios: Approximately 0.26% to 0.39%
Vanguard portfolios: Approximately 0.05% to 0.29%
PIMCO: Approximately 0.56% to 0.64%
OppenheimerFunds: Approximately 0.89%
GE Asset Management: Approximately 0.55%
Fifth Third options: None

Total asset-based expense ratio:

0.19% - 1.04%. None for Fifth Third options.

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Taxes and other Benefits

Program match on contributions:

None

State tax deduction or credit for contributions:

Contributions to any of Ohio's 529 plans of up to $2,000 per beneficiary per year are deductible in computing Ohio taxable income, with an unlimited carryforward of excess contributions. 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 Ohio taxable income to the extent of prior Ohio tax deductions. Nonqualified withdrawals for this purpose do not include withdrawals made as the result of the beneficiary's death or disability, withdrawals made on account of the beneficiary's receipt of a scholarship, or rollovers.

State tax treatment of qualified distributions:

Ohio law exempts qualified distributions from a Ohio 529 plan (via specific exclusion) and from non-Ohio 529 plans (via conformity to the federal tax exclusion). Ohio also exempts distributions from a Ohio 529 plan attributable to the beneficiary's death, disability, or receipt of a scholarship.