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Schwab 529 College Savings Plan
Kansas
The Kansas Schwab 529 College Savings Plan is available through discount broker Charles Schwab and managed by American Century. The Plan utilizes a variety of mutual fund families in its age-based and static portfolio options. Accounts can be linked to the Upromise rewards service.
5-Cap Rating
| Resident: |  |
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| Non-Resident: |
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Savingforcollege.com's 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories. (Scale 0 to 5; 5 is highest)
| Performance | Costs | Features | Reliability | Resident Upgrade |
|---|---|---|---|---|
| 3.42 | 3.01 | 3.47 | 4.40 | 0.00 |
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
Telephone:
1-866-903-3863
Web site:
How to enroll:
Enroll through Charles Schwab & Co., Inc. or through independent advisers associated with Schwab.
Initial year of operation:
2003
State agency(ies):
Kansas State Treasurer
Program manager:
American Century Investment Management, Inc.
Program distributor:
Charles Schwab & Co. Inc.
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, and UGMA/UTMA custodians.
Significant time or age restrictions imposed by the program:
None
Contributions
Maximum contributions:
Accepts contributions until all account balances in Kansas' 529 plans for the same beneficiary reach $325,000.
Minimum contributions:
With lump-sum contributions, the minimum initial contribution is $25. With the automatic investment plan, the minimum contribution level is $25 per month.
Investment Options
Age-based investment options:
The Age-Based option is offered in 4 different risk levels (Aggressive, Moderately Aggressive, Moderate, and Moderately Conservative) each containing 3 to 5 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the selected risk level and the age of the beneficiary or the number of years to expected enrollment, and later reassigned to more conservative portfolios as the beneficiary approaches college age.
Static investment options:
Select among 7 options: 6 multi-fund portfolios with varying degrees of risk tolerance and a money market fund portfolio.
Underlying investments:
Schwab, Laudus, American Century, American Beacon, Baron, Metropolitan West Asset Management and PIMCO 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.
Account maintenance fee:
None.
Program management fees:
0.20% manager fee
Expenses of the underlying investments:
Ranges from 0.21% - 1.21% (portfolio weighted average).
Total asset-based expense ratio:
0.41% - 1.41%
Taxes and other Benefits
Program match on contributions:
None.
State tax deduction or credit for contributions:
Contributions to Kansas AND non-Kansas state-sponsored 529 plans of up to $3,000 per beneficiary per year by an individual, and up to $6,000 per beneficiary per year by a married couple filing jointly, are deductible in computing Kansas taxable income. Rollover contributions are not deductible. 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 Kansas taxable income to the extent of prior Kansas tax deductions. Rollovers are not subject to recapture.
State tax treatment of qualified distributions:
Qualified distributions from Kansas and non-Kansas 529 plans are exempt.
State tax treatment of rollovers:
Kansas 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?
Yes, Washburn University currently offers in-state tuition to non-residents enrolled in the program. Washburn University also offers $1,000 scholarships to students with Schwab 529 accounts who meet certain criteria.
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:
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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:
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