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Minnesota College Savings Plan

Minnesota

Minnesota College Savings Plan is a TIAA-managed 529 savings program features an age-based option and six fixed options including a guaranteed option.

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
2.72 3.23 2.13 4.00 0.00

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General

Program type:

Savings

How to enroll:

Enroll directly with the program. Enroll Now

Initial year of operation:

2001

State agency(ies):

Minnesota Office of Higher Education and the State Board of Investment

Program manager:

TIAA-CREF Tuition Financing, Inc.

Program distributor:

TIAA-CREF Individual & Institutional Services, LLC

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, UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:

An account must be opened at least three years before a beneficiary may receive a distribution of a matching grant.

Contributions

Maximum contributions:

Accepts contributions until all account balances in Minnesota's 529 plan for the same beneficiary reach $235,000.

Minimum contributions:

$25 per investment option, or $15 per investment option via payroll deduction.

Investment Options

Age-based investment options:

The Managed Allocation Option contains 6 portfolios of underlying mutual funds. 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 6 options: 100% Equity, Balanced, 100% Fixed-Income, 100% International Equity Index, Money Market, and the Guaranteed Option.

Underlying investments:

TIAA-CREF institutional mutual funds; the Guaranteed Option is invested in a funding agreement with TIAA-CREF Life Insurance Company that guarantees principal and a minimum rate of interest (actual rate is declared annually).

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:

0.4625% to 0.5625% manager fee, varying by option. The manager fee includes underlying fund expenses and a 0.0125% state fee. No fee for the Guaranteed Option. Manager and state fee are currently waived for the Money Market option.

Expenses of the underlying investments:

Not applicable, included in the program management fee.

Total asset-based expense ratio:

0.4625% to 0.5625%. None for the Guaranteed Option. 0.13% for the Money Market option after waiver.

Taxes and other Benefits

Program match on contributions:

Minnesota no longer offers a matching grant. For years prior to 2011, a 15% or 10% matching grant of up to $400 per year was available to Minnesota residents, subject to income limitations.

State tax deduction or credit for contributions:

None.

State tax treatment of qualified distributions:

Qualified distributions from Minnesota and non-Minnesota 529 plans are exempt.

State tax treatment of rollovers:

Minnesota follows federal tax-free treatment.

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?

No

Statutory protection of an account from creditors:

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Distributions & Terminations

To whom are distributions made payable:

Eligible educational institution and/or the 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

Web site:

visit Enroll Now

Telephone:

1-877-338-4646

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