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North Dakota
Upromise Investments replaced Morgan Stanley as program manager of this 529 plan in November 2006. It now offers 9 investment options: three age-based options and six individual portfolios managed by Vanguard.
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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:
2001, but substantially changed in November 2006
State agency(ies):
Bank of North Dakota
Program manager:
Upromise Investments, Inc.
Program distributor:
Upromise Investments, 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, UTMA/ UGMA custodians, trusts, state/local governments, and 501(c)(3) organizations
Significant time or age restrictions imposed by the program:
None
Contributions
Maximum contributions:
Accepts contributions until all account balances in North Dakota's 529 plan for the same beneficiary reach $269,000.
Minimum contributions:
The minimum initial contribution is $25 and the minimum subsequent contribution is $25.
Investment Options
Age-based investment options:
There are three age-based options (Conservative, Moderate, and Aggessive), each containing up to five investment portfolios. Contributions are placed into the portfolio corresponding to the selected option and age of the beneficiary, and later reassigned to more conservative portfolios as the withdrawal date draws nearer.
Static investment options:
Six asset allocation portfolios are offered. The Aggressive Growth, Growth, Moderate Growth, and Conservative Growth portfolios invest in Vanguard stock and bond index funds. The Income Portfolio invests in a Vanguard bond index fund, inflation-protected securities fund, and a money market fund. The Money Market Portfolio invests 100% in the Vanguard Prime Money Market Fund.
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 annually (waived for North Dakota residents)
Program management fees:
0.85% manager fee; fee includes underlying fund expenses and the 0.10% fee to the state.
Expenses of the underlying investments:
N/A, included in the program management fee.
Total asset-based expense ratio:
0.85%
Taxes and other Benefits
Program match on contributions:
The program provides a one-time match of contributions up to $300 per beneficiary for North Dakota participants with incomes below $40,000 (single) or $80,000 (joint). Contributions within 12 months of the account opening are eligible for the match. The beneficiary must be 12 years of age or younger. For participants with incomes below $20,000 (single) or $40,000 (joint), the match is available for an additional two years.
State tax deduction or credit for contributions:
Contributions to the North Dakota 529 plan of up to $5,000 per year for an individual taxpayer, and $10,000 for a married couple filing jointly, are deductible in computing North Dakota taxable income. Contribution deadline is December 31
Value of in-state tax benefits:
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State tax recapture provisions:
Apparently none.
State tax treatment of qualified distributions:
North Dakota law exempts qualified distributions from North Dakota and non-North Dakota 529 plans via conformity to the federal tax exclusion.
State tax treatment of rollovers:
North Dakota 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?
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:
Beneficiary, account owner, or eligible educational institution, 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
Telephone:
1-866-728-3529
Web site:
State News
- North Dakota to offer 529 matching contributions (06/28/2007)
- North Dakota enacts tax deduction for 529 contributions (04/16/2007)
- Article: Bill approved in North Dakota brings state income tax benefits (03/24/2007)
- Upromise becomes new plan manager of ND 529 (10/25/2006)
- North Dakota issues RFP for new 529 plan manager (07/06/2005)
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