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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. Ascensus Broker Dealer Services, Inc. (formerly Upromise Investments, Inc.) serves 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:
Non-Resident:

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
2.96 3.06 3.47 3.90 0.40

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General

Program type:

Savings

How to enroll:

Enroll through a financial advisor. Find a Professional

Initial year of operation:

2003

State agency(ies):

Office of the State Comptroller and the New York State Higher Education Services Corporation

Program manager:

Ascensus Broker Dealer Services, 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 0.33% to 0.61% (portfolio weighted average) in the age-based and static multi-fund portfolios, from 0.10% to 0.85% in the individual-fund portfolios.

Total asset-based expense ratio:

Class A: 0.65% - 1.40%
Class C: 1.40% - 2.15%
Advisor Class: 0.40% - 1.15%

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:

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:

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Contact

Web site:

Click here to visit

Telephone:

1-800-774-2108

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