2009-2010 EDITION

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529 PLANS

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. The Putnam Stable Value restricted to Ohio residents while all other options are open to anyone.

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(Non-Resident Rating)

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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 (OTTA)

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 $331,000.

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. A stable value option from Putnam is open available for Ohio residents only.

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:

Vanguard portfolios except Vanguard 500 Index Option: 0.19% manager fee; fee includes 0.15% fee to the state but does not include underlying fund expenses.

Vanguard 500 Index Option: 0.14% management fee; fee includes 0.10% fee to the state but does not include underlying fund expenses.

Fifth Third options: No fees

GE Asset Management option: 0.16% manager fee; fee includes 0.15% fee to the state but does not include underlying fund expenses.

PIMCO and OppenheimerFunds options: 0.15% fee to the state, not including underlying fund expenses.

Putnam Stable Value Option (OH residents only): 0.15% wrapper fee and 0.01% audit fee.

Expenses of the underlying investments:

Vanguard portfolios: Approximately 0.04% to 0.31%
PIMCO: 0.52% to 0.56%
OppenheimerFunds: 0.76%
GE Asset Management: 0.55%
Putnam Stable Value: 0.73%
Fifth Third options: None

Total asset-based expense ratio:

0.19% - 0.91%. 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.