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Minnesota College Savings Plan
Minnesota
This TIAA-managed 529 savings program features an age-based option and five fixed options including a guaranteed option with minimum 3% annual interest.
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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.
Program type:
Savings
How to enroll:
Enroll directly with the program.
Initial year of operation:
2001
State agency(ies):
Minnesota Office of Higher Education and the State Board of Investment
Program manager:
TIAA-CREF Tuition Financing, Inc.
Program distributor:
TIAA-CREF Individual & Institutional Services, LLC
Manager contract term:
Premium subscription required for this data.
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:
An account must be opened at least three years before a beneficiary may receive a distribution of a matching grant.
Contributions
Maximum contributions:
Accepts contributions until all account balances in Minnesota's 529 plan for the same beneficiary reach $235,000.
Minimum contributions:
$25 per investment option, or $15 per investment option via payroll deduction
Investment Options
Age-based investment options:
The Managed Allocation Option contains six 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 approaches college age.
Static investment options:
Select among five options: 100% Equity, Balanced, 100% Fixed-Income, Money Market, and the Guaranteed Option.
Underlying investments:
TIAA-CREF institutional mutual funds; the Guaranteed Option is invested in a funding agreement with TIAA-CREF Life Insurance Company that guarantees principal and a minimum 3% annual rate of interest (actual rate is declared annually).
Underlying fund allocations:
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Investment performance link:
Premium subscription required for this data.
Portfolio Fees & Performance Lookup
Premium subscription required for this data.
Fees & Expenses
Enrollment or application fee:
None
Account maintenance fee:
None
Program management fees:
0.60% manager fee for the Managed Allocation (age-based) Option; 0.65% manager fee for the four static options. Manager fee includes underlying fund expenses. No fee for the Guaranteed Option.
Expenses of the underlying investments:
Not applicable, included in the program management fee.
Total asset-based expense ratio:
0.60% or 0.65%. None for the Guaranteed Option.
Taxes and other Benefits
Program match on contributions:
A 15% or 10% matching grant of up to $400 per year for Minnesota residents, subject to income limitations. Applications for the 2008 matching grant are due by May 1, 2009.
State tax deduction or credit for contributions:
None
State tax treatment of qualified distributions:
Minnesota law exempts qualified distributions from Minnesota and non-Minnesota 529 plans via conformity to the federal tax exclusion.
State tax treatment of rollovers:
Minnesota follows federal tax-free treatment.
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?
No
Statutory protection of an account from creditors:
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Distributions & Terminations
To whom are distributions made payable:
Eligible educational institution and/or the beneficiary, or account owner, as directed by the account owner.
Account Changes
Policy regarding participant/owner changes:
Accepts 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?
Yes
Documents and other services accessible or downloadable on the program's public Web site:
Premium subscription required for this data.
Contact
Telephone:
1-877-338-4646
Web site:
Plan News
- Minnesota 529 reduces age-based expenses (01/03/2009)
- Minnesota 529 is adding options and boosting matching grants (07/30/2007)
State News
- Minnesota to make 529 manager selection (02/06/2009)
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