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New York's 529 Advisor-Guided College Savings Plan
New York
In May 2012 New York's 529 College Savings Program was renamed New York's 529 Advisor-Guided College Savings Plan. Upromise Investments continues to serve as Progam Manager but J.P. Morgan Investment Management replaced Columbia Management Group, LLC as the plan's Investment Manager. The plan features age-based, static asset-allocation, and single-fund portfolios utilizing mutual funds from JPMorgan and SSgA. Accounts can be linked to the Upromise rewards service. To find a financial advisor in your area, use the Find a 529 Pro Directory.
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 |
|---|---|---|---|---|
| N/A | 2.99 | 3.47 | 3.90 | 0.40 |
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Enroll in New York's 529 Advisor-Guided College Savings Plan through a financial advisor. Search our directory of qualified 529 professionals to find one near you.
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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:
1-800-774-2108
Web site:
How to enroll:
Enroll through a financial advisor.
Initial year of operation:
2003
State agency(ies):
Office of the State Comptroller and the New York State Higher Education Services Corporation
Program manager:
Upromise Investments, Inc.
Program distributor:
JPMorgan Distribution Services, 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 including minors, trusts, and UGMA/UTMA custodians.
Significant time or age restrictions imposed by the program:
None
Contributions
Maximum contributions:
Accepts contributions until all account balances in New York's 529 plans for the same beneficiary reach $375,000.
Minimum contributions:
The minimum initial contribution is $1,000 per account. The minimum subsequent contribution is $25 per account.
Investment Options
Age-based investment options:
The Age-Based Option contains 6 portfolios, each invested in mutual funds. Contributions are placed into the portfolio corresponding to the age of the beneficiary and later reassigned to more conservative portfolios as the beneficiary approaches college.
Static investment options:
Select among 7 multi-fund portfolios with varying risk tolerances and 16 individual-fund portfolios.
Underlying investments:
Primarily JPMorgan, but also funds from SSgA.
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 charge depending on share class.
Account maintenance fee:
$25 annually for accounts with $25,000 or less.
Program management fees:
0.30% manager fee, plus distribution/servicing fees of 0.25% (Class A), .90% - 1.00% (Class C), and None (Advisor Class)
Expenses of the underlying investments:
Ranges from 0.36% to 0.67% (portfolio weighted average) in the age-based and static multi-fund portfolios, from 0.20% to 0.99% in the individual-fund portfolios.
Total asset-based expense ratio:
Class A: 0.75% - 1.54%
Class C: 1.50% - 2.29%
Advisor Class: 0.50% - 1.29%
Broker loads and commissions:
Premium subscription required for this data.
Breakpoint pricing:
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Taxes and other Benefits
Program match on contributions:
None.
State tax deduction or credit for contributions:
Contributions to a New York 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing New York taxable income. Only contributions made by the account owner, or if filing jointly, by the account owner's spouse, are deductible. Contribution deadline is December 31 postmark.
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 subject to New York tax to the extent of prior New York tax deductions, but only after removal of non-deducted contributions. A rollover for this purpose does not include a trustee-to-trustee transfer between two different accounts in New York's 529 plan.
State tax treatment of qualified distributions:
Qualified distributions from New York and non-New York 529 plans (via conformity to the federal tax exclusion) are exempt.
State tax treatment of rollovers:
New York follows tax-free treatment for rollovers except that, according to a New York State Dept. of Taxation and Finance interpretation, a rollover out of a New York 529 plan is treated as a nonqualified withdrawal. A direct trustee-to-trustee rollover between two New York 529 accounts is not treated as a nonqualified withdrawal for this purpose.
Does the sponsoring state exclude the value of an account for state financial aid purposes?
Yes
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:
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Distributions & Terminations
To whom are distributions made payable:
Choice of account owner, beneficiary, or eligible educational institution; if the institution, then the withdrawal amount is first directed to the NY Higher Education Services Corp. and then paid to the institution from HESC
Account Changes
Policy regarding participant/owner changes:
Account ownership may not be transferred prior to the owner's death without a court order.
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:
Premium subscription required for this data.
State News
- New York 529 decides to keep Upromise/Vanguard, add JPMorgan (07/07/2011)
- New York issues RFP for 529 program manager (12/22/2010)
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