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Hawaii's College Savings Program
Hawaii
Hawaii switched program managers in November 2007 from Delaware Investments to Upromise Investments, Inc. The program now uses Vanguard Funds in its age-based option, four multi-fund fixed options, and two individual-fund options.
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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:
2002, but substantially changed in November 2007
State agency(ies):
Hawaii Department of Budget and Finance and its Director of Finance
Program manager:
Upromise Investments, Inc., with The Vanguard Group as investment manager
Program distributor:
Upromise Investments, Inc.
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 of legal age, UGMA/UTMA custodians, and legal entities
Significant time or age restrictions imposed by the program:
None
Contributions
Maximum contributions:
Accepts contributions until all account balances in Hawaii's 529 plan for the same beneficiary reach $305,000.
Minimum contributions:
$15
Investment Options
Age-based investment options:
The Age-Based Option contains four portfolios of underlying investment strategies. 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 four multi-fund portfolios (Growth, Moderate Growth, Conservative Growth, and Income) and two individual-fund portfolios (Total Stock Market Index and Money Market).
Underlying investments:
Vanguard mutual funds
Underlying fund allocations:
Premium subscription required for this data.
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:
$20 annually
Program management fees:
0.75% manager fee; fee includes underlying fund expenses.
Expenses of the underlying investments:
Not applicable, included in the program manager fee.
Total asset-based expense ratio:
0.75%
Taxes and other Benefits
Program match on contributions:
None
State tax deduction or credit for contributions:
None
State tax treatment of qualified distributions:
Hawaii law exempts qualified distributions from Hawaii and non-Hawaii 529 plans via conformity to the federal tax exclusion.
State tax treatment of rollovers:
Hawaii 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?
Yes, with the Upromise Rewards Service
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:
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:
1-866-529-3343
Web site:
State News
- Hawaii introduces 529 tax deduction bill (02/01/2009)
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