SHORTCUTS

View our latest poll:

Would you consider donating any leftover funds in your 529 account to a charitable scholarship program?

529 Plan Details:

Enter your state:

World's Simplest College Calculator:

How old is your child?

Find a 529 Pro:

Enter your zip code:

Enroll In a 529 Plan:

View a list of participating plans

OPTIONS

529 PLANS

Bright Start College Savings Program - Direct-sold Plan

Illinois

This program changed managers to OFI Private Investments, an affiliate of OppenheimerFunds Inc., in July 2007. It features a choice of actively-managed investments and passively-managed (index) investments. The Active Portfolios are managed by OppenheimerFunds affiliates while the lower-cost Index Portfolios utilize Vanguard index funds.

5-Cap Rating


(Resident Rating)
(Non-Resident Rating)

About 5 Cap Ratings

Ready to enroll?

Obtain this plan's official enrollment materials by completing our form. It's free and we will forward your details to the program manager. Enroll Today!

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.

Research other State plans
or
Compare between State plans

Program type:

Savings

How to enroll:

Enroll directly with the program.

Initial year of operation:

2000, but substantially changed in July 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:

Premium subscription required for this data.

Submit update

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

Submit update

Contributions

Maximum contributions:

Accepts contributions until all account balances in Illinois' 529 plans for the same beneficiary reach $320,000.

Minimum contributions:

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

Submit update

Investment Options

Age-based investment options:

Choose between Blended Age Based Portfolios and the Index Age Based Portfolios, each containing six 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 four Active Portfolios and three Index Portfolios. The Active Portfolio choices are Equity, Balanced, Fixed Income, and Principal Protection Income (a guaranteed investment contract). The Index Portfolio choices are Equity, Balanced, and Fixed Income.

Underlying investments:

The Active Portfolios invest in OFI-managed investment strategies and mutual funds, except the Principal Protection Income Portfolio is a separately-managed pool with an insurance wrapper. The Index Portfolios invest in Vanguard mutual funds.

Underlying fund allocations:

Premium subscription required for this data.

Investment performance link:

Premium subscription required for this data.

Portfolio Fees & Performance Lookup

Premium subscription required for this data.

Submit update

Fees & Expenses

Enrollment or application fee:

None

Account maintenance fee:

None for Oppenheimer actively managed portfolios; $10 annually per portfolio for the Vanguard portfolio options

Program management fees:

Blended Portfolios: 0.21%-0.42% (includes 0.03% state administrative fee).
Index Portfolios: 0.14% (no state administrative fee).

Expenses of the underlying investments:

Active Portfolios: Approximate range is 0.15% to 0.42%.
Index Portfolios: Approximate range is 0.06% to 0.08%.

Total asset-based expense ratio:

0.20% - 0.68%

Submit update

Taxes and other Benefits

Program match on contributions:

None

State tax deduction or credit for contributions:

Contributions to either an Illinois 529 savings plan or the Illinois prepaid tuition program of up to $10,000 per year for an individual taxpayer, and $20,000 per year for married taxpayers 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.

Value of in-state tax benefits:

Premium subscription required for this data.

State tax recapture provisions:

Beginning in 2007, rollovers from this plan to an out-of-state program are included in Illinois taxable income to the extent of prior Illinois deductions. Nonqualified distributions apparently remain free from recapture.

State tax treatment of qualified distributions:

Illinois law specifically exempts qualified distributions from an Illinois 529 plan and from any non-Illinois 529 plan that 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?

Yes, with Futuretrust

Statutory protection of an account from creditors:

Premium subscription required for this data.

Submit update

Distributions & Terminations

To whom are distributions made payable:

Eligible educational institution, beneficiary, or account owner, as directed by the account owner.

Submit update

Account Changes

Policy regarding participant/owner changes:

Accepts requests to change account ownership.

Submit update

Documents, Access & Reporting

Does participant have online password-protected access to account?

Yes

Can the complete enrollment process including funding be done online?

Yes

Documents and other services accessible or downloadable on the program's public Web site:

Premium subscription required for this data.

Submit update

Contact

Telephone:

1-877-432-7444

Web site:

Click here to visit

Submit update

Plan News

State News