2009-2010 EDITION

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SHORTCUTS

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529 PLANS

Utah Educational Savings Plan (UESP) Trust

Utah

This state-administered 529 savings program utilizes the State Treasurer's fixed-income fund and Vanguard index funds in its five different age-based options and five static portfolio options. An FDIC-insured savings account was added in 2009 as a sixth static option.

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General

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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:

1996

State agency(ies):

Utah Higher Education Assistance Authority

Program manager:

Utah Higher Education Assistance Authority

Program distributor:

N/A

Manager contract term:

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Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

Individuals at least 18 years old, UGMA/UTMA custodians, and legal entities

Significant time or age restrictions imposed by the program:

None. The requirement that distributions begin by a certain age or date was removed in 2008.

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Contributions

Maximum contributions:

Accepts contributions until all account balances in Utah's 529 plan for the same beneficiary reach $346,500.

Minimum contributions:

No minimum

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Investment Options

Age-based investment options:

Five age-based options, with different underlying investments and risk levels, are offered. Contributions are allocated among the underlying investments according to the option selected and the age of the beneficiary, and are reallocated to become more conservative as the beneficiary approaches college age.

Static investment options:

Select among the State Treasurer’s Investment Fund, two individual-fund index portfolios, two equity-index, multi-fund portfolios, and an FDIC-insured savings account with Zions Bank.

Underlying investments:

Vanguard mutual funds, the Utah Public Treasurer Income Fund (PTIF), and a savings account held at Zions Bank that pays interest at a rate tied to the PTIF.

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:

$3 per $1,000 of account balance up to a maximum of $15 annually (waived for Utah residents); charged monthly

Program management fees:

0.22% annualized administrative fee; charged monthly. The fee is waived for Option 1: Treasurer's Investment Fund (PTIF) for Utah residents only.

Expenses of the underlying investments:

Range is 0.025% to 0.13% (portfolio weighted average), except the State Treasurer's Investment Fund (PTIF) incurs no additional expenses.

Total asset-based expense ratio:

0.22% - 0.35% (Utah residents 0.00% - 0.35%)

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Taxes and other Benefits

Program match on contributions:

Pilot program matches contributions of low-income Utah participants.

State tax deduction or credit for contributions:

In 2009, a 5-percent tax credit on up to $1,740 per beneficiary in contributions by a single taxpayer, and on up to $3,480 per beneficiary in contributions by married taxpayers filing jointly, may be claimed against Utah income tax. The maximum credit is $87.00 per beneficiary for single taxpayers and $174 per beneficiary for joint filers. The credit limits are increased each year for inflation. Contributions to an account established after a beneficiary reaches age 19 are not eligible. Contributions from a non-owner are creditable by the account owner and not by the non-owner/contributor. Contribution deadline is receipt by the last business day of the year.

Value of in-state tax benefits:

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State tax recapture provisions:

The principal portion of rollovers and nonqualified withdrawals from this plan are included in Utah taxable income to the extent of prior Utah tax deductions or Utah tax credits.

State tax treatment of qualified distributions:

Utah law exempts qualified distributions from the Utah 529 plan (via specific exclusion) and from non-Utah 529 plans (via conformity to the federal tax exclusion).

State tax treatment of rollovers:

Utah follows federal tax-free treatment except that outbound rollovers are subject to the recapture of prior state tax deductions or tax credits.

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?

No, except that for accounts opened before May 5, 2008, beneficiaries may receive in-state tuition at an eligible Utah school if they held a UESP account and lived in Utah for eight consecutive years prior to moving out of state.