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John Hancock Freedom 529
Alaska
T. Rowe Price and John Hancock have teamed up with Alaska to offer this broker-sold 529 savings program. It features enrollment-based and static portfolios utilizing mutual funds from T. Rowe Price and a number of other fund companies. To find a financial advisor in your area, use the Find a 529 Pro Directory.
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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 through a broker.
Initial year of operation:
2001
State agency(ies):
Education Trust of Alaska
Program manager:
T. Rowe Price Associates, Inc.
Program distributor:
John Hancock Distributors LLC
Manager contract term:
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Eligibility
State residency requirements:
None
Who can be a participant/owner in the program?
Individuals of legal age residing in the U.S., UGMA/UTMA custodians, and legal entities organized in the U.S.
Significant time or age restrictions imposed by the program:
None
Contributions
Maximum contributions:
Accepts contributions until all account balances in Alaska's 529 plans for the same beneficiary reach $320,000.
Minimum contributions:
With lump-sum contributions, the minimum initial contribution is $1,000 per portfolio, and the minimum subsequent contribution is $50 per portfolio. With the automatic investment plan, the minimum contribution level is $50 per month.
Investment Options
Age-based investment options:
The Enrollment-Based Portfolios contain six multi-managed portfolios of underlying mutual funds, ranging from 100% equity to 20% equity. Contributions are placed into the portfolio corresponding to the number of years to expected enrollment based on the age of the beneficiary or as selected by the account owner. Five portfolios shift to a more conservative investment allocation over time, eventually transferring to the College portfolio.
Static investment options:
Select among three multi-fund portfolios (Future Trends Portfolio, Equity Portfolio, and Fixed Income Portfolio), a money market portfolio, three lifestyle portfolios (Lifestyle Growth 529 Portfolio, Lifestyle Balanced 529 Portfolio, Lifestyle Moderate 529 Portfolio) and nine individual-fund portfolios. A dollar-cost averaging option provides for automatic monthly reallocations.
Underlying investments:
American Funds, Davis, Franklin Templeton, Jennison, John Hancock, Oppenheimer, PIMCO, and T. Rowe Price 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, but contributions may be subject to a sales charges depending on share class
Account maintenance fee:
$25 charged in November of each year (waived for account balances of $25,000 or more, for account balances of $75,000 or more when combined with other beneficiary accounts, and for accounts in an automatic contribution plan). For payroll deduction accounts, a $15 annual fee is charged if the balance is less than $6,000.
Program management fees:
All portfolios except Money Market:
0.40% (includes state fee of 0.05%) plus distribution fees of 0.25% (Class A) or 1.00% (Classes B and C2).
Money Market Portfolio:
0.30% (no state fee) plus distribution fee of 0.25%.
Expenses of the underlying investments:
Approximate range is 0.65% to 0.93% (portfolio weighted average) in the age-based and static multi-fund portfolios, 0.55% to 0.96% in the individual-fund portfolios, and 0.45% in the money market portfolio.
Total asset-based expense ratio:
Class A: 1.20% - 1.61%
Class B: 1.95% - 2.36%
Class C2: 1.95% - 2.36%
Money Market: 1.00%
Broker loads and commissions:
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Breakpoint pricing:
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Taxes and other Benefits
Program match on contributions:
None
State tax deduction or credit for contributions:
Not applicable. Alaska does not have a personal income tax.
State tax treatment of qualified distributions:
Not applicable. Alaska does not have a personal income tax.
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:
Beneficiary and an eligible educational institution jointly, beneficiary, estate of 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?
No
Documents and other services accessible or downloadable on the program's public Web site:
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Contact
Telephone:
1-866-222-7498
Telephone for broker use:
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