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College Savings Iowa
Iowa
This Vanguard-managed 529 savings program features four different tracks in its age-based option along with nine static portfolios, all utilizing Vanguard funds.
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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:
1998
State agency(ies):
State Treasurer of Iowa
Program manager:
State Treasurer of Iowa, Upromise Investments, Inc., and The Vanguard Group
Program distributor:
State Treasurer of Iowa and Vanguard Marketing Group
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, and UGMA/UTMA custodians
Significant time or age restrictions imposed by the program:
None
Contributions
Maximum contributions:
Accepts contributions until all account balances in Iowa's 529 plans for the same beneficiary reach $320,000.
Minimum contributions:
$25, or $15 per pay period via payroll deduction
Investment Options
Age-based investment options:
The Age-Based option is offered in four different risk levels (Tracks A, B, C, and D) each containing four or five portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the risk level selected and the age of the beneficiary, and later reassigned to more conservative portfolios as the beneficiary approaches college age.
Static investment options:
Select among six multi-fund portfolios (Aggressive Growth, Growth, Moderate Growth, Conservative Growth, Income, and Conservative Income) and three individual-fund portfolios (Vanguard Total Bond Market Index Fund, Vanguard Institutional Index Fund and Vanguard Prime Money Market Fund)
Underlying investments:
Vanguard 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:
0.50% manager fee; fee includes underlying fund expenses.
Expenses of the underlying investments:
Not applicable, included in the program management fee.
Total asset-based expense ratio:
0.50%
Taxes and other Benefits
Program match on contributions:
None
State tax deduction or credit for contributions:
Contributions to any of Iowa's 529 plans of up to $2,811 per beneficiary are deductible in computing 2010 Iowa taxable income. The maximum deduction increases each year with inflation. Only contributions made by the account owner 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 included in Iowa taxable income to the extent of prior Iowa tax deductions.
State tax treatment of qualified distributions:
Iowa law exempts qualified distributions from the Iowa 529 plan (via specific exclusion) and from non-Iowa 529 plans (via conformity to the federal tax exclusion).
State tax treatment of rollovers:
Iowa 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?
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:
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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Contact
Telephone:
1-888-672-9116
Web site:
Plan News
- Iowa 529 reduces fees (07/02/2009)
- Iowa 529 reduces expenses (09/04/2007)
- Iowa eliminates age requirement (05/01/2004)
- Upromise to take over management of Iowa 529 (04/30/2004)
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