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SMART529 Select
West Virginia
This 529 savings program is managed by Harford Life and features age-based and static portfolio options utilizing Dimensional Fund Advisors mutual funds. Although DFA funds are typically available only through financial advisers, this 529 plan is direct-sold.
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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:
2004
State agency(ies):
State Treasurer's Office under the authority of the West Virginia College Prepaid Tuition and Savings Program Board of Trustees
Program manager:
Hartford Life Insurance Company
Program distributor:
Hartford Securities Distribution Company, 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 at least 18 years old, 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 West Virginia's 529 plans for the same beneficiary reach $265,620.
Minimum contributions:
With lump-sum contributions, the minimum initial contribution is $250 per fund ($50 per fund for West Virginia residents), and the minimum subsequent contribution is $25 per fund (no minimum for West Virginia residents). With the automatic investment plan, the minimum contribution level is $25 per month per fund ($15 per month per fund for West Virginia residents).
Investment Options
Age-based investment options:
The Age-Based Portfolios option consists of seven portfolios of underlying mutual funds with varying risk tolerances. 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 10 multi-fund portfolios with varying risk tolerances.
Underlying investments:
Dimensional Fund Advisors Inc.
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:
$25 annually, deducted at end of each year. Waived for accounts over $25,000, for WV residents, and for accounts in the automatic investment program.
Program management fees:
0.47% management fee (includes 0.05% to the state)
Expenses of the underlying investments:
Approximate range is 0.18% to 0.30% (portfolio weighted average).
Total asset-based expense ratio:
0.65% - 0.77%
Taxes and other Benefits
Program match on contributions:
None
State tax deduction or credit for contributions:
Contributions to any of West Virginia's 529 plans are fully deductible in computing West Virginia taxable income.
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 West Virginia taxable income to the extent of prior West Virginia tax deductions. Rollovers apparently are not subject to recapture.
State tax treatment of qualified distributions:
West Virginia law exempts qualified distributions from West Virginia and non-West Virginia 529 plans via conformity to the federal tax exclusion.
State tax treatment of rollovers:
West Virginia follows federal tax-free treatment.
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?
No
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, including subsequent contributions.
Documents and other services accessible or downloadable on the program's public Web site:
Premium subscription required for this data.
Contact
Telephone:
1-866-574-3542
Web site:
Plan News
- WV SMART529 Select reduces fees (11/02/2004)
- West Virginia launches new 529 with Dimensional (09/27/2004)
State News
- West Virginia consolidates broker 529s (04/17/2008)
- Improvements in place for West Virginia 529 plans (10/11/2007)
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