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NJBEST 529 College Savings Plan
New Jersey
This 529 savings program is managed by Franklin Templeton and features age-based and static portfolio options utilizing Franklin Templeton and UBS funds along with a stable value option.
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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:
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:
Premium subscription required for this data.
Eligibility
State residency requirements:
The contributor (account owner) 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
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 consists of four 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. For accounts established prior to March 17, 2003, contributions may be invested in age-based portfolios managed by the New Jersey Division of Investment.
Static investment options:
Select among four multi-fund portfolios (Growth, Corefolio, Growth & Income, and Income), S&P 500 Index portfolio, and a stable value portfolio.
Underlying investments:
Franklin Templeton mutual funds, one UBS-managed fund and a Franklin Templeton stable value portfolio.
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:
0.40% manager fee
Expenses of the underlying investments:
Approximate range is 0.56% to 0.81% (portfolio weighted average) in the age-based and objective-based portfolios and 0.45% to 0.67% in the individual-fund portfolios.
Total asset-based expense ratio:
0.85% - 1.21%
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:
New Jersey law specifically exempts qualified distributions from New Jersey and non-New Jersey 529 plans.
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:
Premium subscription required for this data.
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 change 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:
Premium subscription required for this data.
Contact
Telephone:
1-877-4NJBEST (1-877-465-2378)
Web site:
State News
- New Jersey to add a prepaid tuition plan (12/13/2001)
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