SHORTCUTS

529 Plan Details:

Enter your state:

World's Simplest College Calculator:

How old is your child?

Find a 529 Pro:

Enter your zip code:

Enroll In a 529 Plan:

View a list of participating plans

OPTIONS

529 PLANS

The Education Plan's College Savings Program

New Mexico

The Education Plan College Savings Program is managed by OppenheimerFunds and features age-based and static portfolio options, some of which are a blend of active-managed funds and index funds, and others are entirely composed of index funds.

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
2.70 3.88 2.57 4.20 0.63

Start saving today

Access enrollment materials and open an account with The Education Plan's College Savings Program in just a few easy steps.

Enroll Now

General

Program type:

Savings

How to enroll:

Enroll directly with the program. Enroll Now

Initial year of operation:

2000

State agency(ies):

Education Trust Board of New Mexico

Program manager:

OFI Private Investments, Inc., a subsidiary of OppenheimerFunds, Inc.

Program distributor:

OppenheimerFunds Distributor, Inc.

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 and resident aliens at least 18 years old, emancipated minors, 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 New Mexico's 529 plans for the same beneficiary reach $294,000.

Minimum contributions:

With lump-sum contributions, the minimum initial contribution is $250, and the minimum subsequent contribution is $25. With the automatic investment plan, the minimum contribution level is $25 per month or $75 per quarter.

Investment Options

Age-based investment options:

Choose between 2 age-based approaches, one containing 6 portfolios of underlying mutual funds invested in a blend of actively-managed and index funds and the other containing 6 portfolios of underlying index funds. Contributions in the age-based approaches are placed into the portfolio corresponding to the beneficiarys age, and later reassigned to more conservative portfolios as the beneficiary approaches college age.

Static investment options:

Select among 6 multi-fund portfolios invested in a blend of actively-managed and index funds, 6 multi-fund portfolios invested only in index funds, and 1 individual-fund portfolio (the Short Term Yield Portfolio).

Underlying investments:

Investments managed by OppenheimerFunds Inc. and its affiliates along with Vanguard and Dreyfus.

Underlying fund allocations:

Premium subscription required for this data.

Investment performance link:

Premium subscription required for this data.

Portfolio Fees & Performance Lookup

Premium subscription required for this data.

Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

$25 annually for accounts with less than $10,000, waived if either the designated beneficiary or account owner is a New Mexico resident, for accounts in an automatic contribution plan, and for accounts with all assets invested in index options.

Program management fees:

0.15% management fee (includes 0.05% fee to the state) for index-only options; 0.20% management fee (includes 0.10% fee to the state) for all other options.

Expenses of the underlying investments:

Ranges from 0.14% to 0.22% (portfolio weighted average) for index-only options, and from 0.16% to 0.51% (portfolio weighted average) for all other options.

Total asset-based expense ratio:

0.29% - 0.71%

Taxes and other Benefits

Program match on contributions:

None.

State tax deduction or credit for contributions:

Contributions to a New Mexico 529 plan are fully deductible in computing New Mexico taxable income.

Value of in-state tax benefits:

Premium subscription required for this data.

State tax recapture provisions:

The principal portion of rollovers and nonqualified withdrawals from this plan are included in New Mexico taxable income to the extent of prior New Mexico tax deductions.

State tax treatment of qualified distributions:

Qualified distributions from New Mexico and non-New Mexico 529 plans are exempt.

State tax treatment of rollovers:

New Mexico 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?

No

Statutory protection of an account from creditors:

Premium subscription required for this data.

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:

Premium subscription required for this data.

Contact

Web site:

visit Enroll Now

Telephone:

1-877-337-5268

Open an account in just a few easy steps. Start saving today!

Enroll Now