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Learning Quest 529 Education Savings Program (Direct-sold)

Kansas

American Century manages this 529 savings program for Kansas, featuring three age-based tracks with a mix of American Century and Vanguard funds, one age-based track with Vanguard index funds, and 14 static options.

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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):

Kansas State Treasurer

Program manager:

American Century Investment Management, Inc.

Program distributor:

American Century Investment Services, Inc.

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, and legal entities

Significant time or age restrictions imposed by the program:

None

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Contributions

Maximum contributions:

Accepts contributions until all account balances in Kansas' 529 plans for the same beneficiary reach $300,000.

Minimum contributions:

With lump-sum contributions, the minimum initial contribution is $1,000 ($250 for Kansas residents), and the minimum subsequent contribution is $50. With the automatic investment plan, the minimum contribution level is $50 per month ($25 per month for Kansas residents).

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Investment Options

Age-based investment options:

The age-based portfolios (non-index) are offered in three different tracks: Aggressive, Moderate, and Conservative. Contributions are placed into the portfolio corresponding to the selected risk level and the beneficiary’s age. Over time, accounts move between one or more of the six portfolios that make up these tracks, eventually ending in the Short-Term portfolio. The program also offers an index age-based track that invests primarily in Vanguard index funds. Accounts will move through one or more of three age-based portfolios and eventually end in the Short-Term portfolio.

Static investment options:

Select among 14 options: four Vanguard index fund portfolios, the 100% Equity Portfolio invested in both American Century and Vanguard mutual funds, the Money Market portfolio invested in American Century funds, the six multi-fund portfolios used in the age-based tracks, and the LIVESTRONG™ 2015 and LIVESTRONG™ 2025 Portfolios. The two LIVESTRONG™ portfolios have a defined target year and as that date approaches, the asset mix of the underlying funds will change to a more conservative focus following a pre-set schedule. The underlying funds do not invest in any tobacco-related companies, and American Century Investments will make a contribution to the Lance Armstrong Foundation based on assets in the portfolios.

Underlying investments:

American Century and Vanguard mutual funds

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:

0.20% manager fee (waived for the Money Market portfolio)

Expenses of the underlying investments:

Approximate range is 0.32% to 0.71% in the age-based portfolios and 0.05% to 0.85% in the static portfolios (portfolio weighted averages). For the three portfolios used in the index age-based track, an all-in fee of 0.55% includes the 0.20% program manager fee.

Total asset-based expense ratio:

0.25% - 1.05%

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Taxes and other Benefits

Program match on contributions:

The state will match on a dollar-for-dollar basis contributions above $100 and up to $600 per year by Kansas residents with household incomes below 200% of the federal poverty income level. The program is limited to 300 participants from each of Kansas' four Congressional districts in 2009. Applications and contributions must be received by December 31, 2009.

State tax deduction or credit for contributions:

Contributions to any Kansas or non-Kansas state-sponsored 529 plan of up to $3,000 per beneficiary per year for an individual taxpayer, and $6,000 per beneficiary per year for a married couple filing jointly, are deductible in computing Kansas taxable income. Prior to 2007, the deduction was limited to contributions made only to a Kansas 529 plan. Rollover contributions are not deductible. 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 Kansas taxable income to the extent of prior Kansas tax deductions. Rollovers are not subject to recapture.

State tax treatment of qualified distributions:

Kansas law exempts qualified distributions from Kansas and non-Kansas 529 plans via conformity to the federal tax exclusion.

State tax treatment of rollovers:

Kansas follows federal tax-free treatment.

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

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

Yes, Washburn University currently offers in-state tuition to non-residents enrolled in the program. Washburn University also offers $1,000 scholarships to students with Learning Quest accounts who meet certain criteria.