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Minnesota College Savings Plan
Minnesota College Savings Plan is a TIAA-managed 529 savings program features an age-based option and ten fixed options including a guaranteed option.
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)
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Access enrollment materials and open an account with Minnesota College Savings Plan in just a few easy steps.Enroll Now
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.
Minnesota Office of Higher Education and the State Board of Investment
TIAA-CREF Tuition Financing, Inc.
TIAA-CREF Individual & Institutional Services, LLC
Through August 31, 2019.
U.S. citizens and resident aliens, UGMA/UTMA custodians, and legal entities.
Accepts contributions until all account balances in Minnesota's 529 plan for the same beneficiary reach $350,000.
$25 per investment option, or $15 per investment option via payroll deduction.
The Managed Allocation Option contains 9 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.
Select among 10 options: 7 static blend portfolios, two single fund portfolios, and the Principal Plus Interest Option.
TIAA-CREF institutional mutual funds; the Principal Plus Interest 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).
Click here, you need Microsoft Excel to open this document.
Click here to visit, link to the program website containing most current performance data.
Fees & Expenses
0.15% manager fee plus 0.0065% state fee. No fee for the Principal Plus Interest Option. Manager and state fee are currently waived for the Money Market option.
Not applicable, 0.07% -0.17% in the age-based and static portfolios; 0.06 -0.14% in the individual portfolios.
0.19% to 0.33%. None for the Principal Plus Interest Option. 0.14% for the Money Market Option after fee waiver.
Taxes and other Benefits
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.
Qualified distributions from Minnesota and non-Minnesota 529 plans are exempt.
Minnesota follows federal tax-free treatment.
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
Distributions & Terminations
Eligible educational institution and/or the beneficiary, or account owner, as directed by the account owner.
Accepts requests to transfer account ownership.
Documents, Access & Reporting
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