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Direct Portfolio College Savings Plan
Colorado
The team of Upromise Investments and The Vanguard Group took over management of this 529 savings program from Citigroup in late 2004. It now features age-based and static portfolio options utilizing Vanguard mutual funds, and accounts can be linked to the Upromise Rewards Service.
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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):
CollegeInvest, a division of the Colorado Department of Higher Education
Program manager:
Upromise Investments, Inc. and The Vanguard Group, Inc.
Program distributor:
Vanguard Marketing Corporation
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 or resident aliens, trusts, 501(c)(3) organizations, and local governments
Significant time or age restrictions imposed by the program:
None
Contributions
Maximum contributions:
Accepts contributions until all account balances in Colorado's 529 plans for the same beneficiary reach $280,000.
Minimum contributions:
The minimum initial contribution is $25, and the minimum subsequent contribution is $15.
Investment Options
Age-based investment options:
The Age-Based option is offered in three different risk levels (Aggressive, Moderate, and Conservative) each containing four or five portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the risk level selected and 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 five multi-fund portfolios with varying risk tolerances and three individual-fund portfolios.
Underlying investments:
Vanguard mutual funds
Underlying fund allocations:
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Investment performance link:
Premium subscription required for this data.
Portfolio Fees & Performance Lookup
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Fees & Expenses
Enrollment or application fee:
None
Account maintenance fee:
$20 for accounts with $10,000 or less, waived for Colorado and Wyoming residents and for accounts opting to receive all documents electronically.
Program management fees:
0.52% manager fee; fee includes underlying fund expenses and a 0.10% fee to the state
Expenses of the underlying investments:
Not applicable, included in the program management fee.
Total asset-based expense ratio:
0.52%
Taxes and other Benefits
Program match on contributions:
Dollar-for-dollar match of up to $500 in contributions for lower- to middle-income Colorado residents to accounts with an eligible beneficiary (a dependent under age 13 at the time of initial application); the match can extend for a maximum five years; matching grants for future years are subject to continued funding by the sponsor.
State tax deduction or credit for contributions:
Contributions to any of Colorado's 529 plans, to the extent of the contributor's federal taxable income, are deductible in computing Colorado taxable income. Rollover contributions are not eligible for the deduction.
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 included in Colorado taxable income to the extent of prior Colorado tax deductions. Nonqualified withdrawals for this purpose do not include withdrawals made as the result of the beneficiary's death or disability or withdrawals made on account of the beneficiary's receipt of a scholarship.
State tax treatment of qualified distributions:
Colorado law specifically exempts qualified distributions from Colorado and non-Colorado 529 plans.
State tax treatment of rollovers:
Colorado follows federal tax-free treatment except that outbound rollovers are subject to the recapture of prior state tax deductions.
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:
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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 change 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:
1-800-997-4295
Web site:
Plan News
- Colorado reduces fees 31% in Direct 529 (11/30/2009)
- Colorado direct-sold accounts moving to new Upromise/Vanguard plan (10/12/2004)
State News
- Colorado launches new 529 through FirstBank (11/10/2009)
- New stable value program opens in Colorado (01/15/2003)
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