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The ScholarShare College Savings Plan

California

TIAA-CREF took over the management of the California ScholarShare College Savings Plan from Fidelity in November 2011. The plan features two age-based options; one using actively managed mutual funds and one using index mutual funds. It also offers 17 static investment options. Among the static portfolio options is a socially responsible investment option, as well as one that protects principal.

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
4.84	4.14	3.37	4.90	0.00

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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.

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Program type:

Savings

Telephone:

1-800-544-5248

Web site:

Click here to visit

How to enroll:

Enroll directly with the program.

Initial year of operation:

1999

State agency(ies):

The ScholarShare Investment Board (SIB) chaired by the State Treasurer

Program manager:

TIAA-CREF Tuition Financing, Inc. (TFI)

Program distributor:

TIAA-CREF Tuition Financing, Inc. (TFI)

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 California's 529 plans for the same beneficiary reach $350,000.

Minimum contributions:

With lump-sum contributions and non-payroll automatic contributions, the minimum initial contribution is $25 per investment portfolio, and the minimum subsequent contribution is $25 per investment portfolio. With the payroll deduction plan, the minimum contribution level per portfolio is $15 per payroll period.

Investment Options

Age-based investment options:

Choose between 2 age-based options, one invested in actively-managed mutual funds and the other invested in index mutual funds. Contributions are placed into the portfolio corresponding to the beneficiary’s age. The portfolios automatically shift to a more conservative investment allocation over time.

Static investment options:

Select among 12 multi-fund portfolios, 4 individual-fund portfolios (including the Social Choice Portfolio), and a principal-protection portfolio.

Underlying investments:

Actively-managed portfolios: T. Rowe Price, TIAA-CREF, DFA, PIMCO. Index-fund portfolios: TIAA-CREF. The Principal Plus Interest Option is provided through a funding agreement with TIAA-CREF Life.

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:

0.10% (includes 0.05% state fee). None for the Principal Plus Interest Portfolio.

Expenses of the underlying investments:

Ranges from 0.08% to 0.17% annualized in the index fund portfolios, from 0.24% to 0.52% annualized in the actively managed fund portfolios, 0.09% to 0.19% in the passive portfolios, 0.20% in the Social Choice Portfolio, and none for the Principal Plus Interest Portfolio.

Total asset-based expense ratio:

0.18% - 0.62%. None for the Principal Plus Interest Portfolio.

Taxes and other Benefits

Program match on contributions:

None.

State tax deduction or credit for contributions:

None.

State tax recapture provisions:

There is no state tax deduction and therefore no recapture. However, a non-qualified withdrawal by a California taxpayer is subject to an additional 2.5% California penalty tax on the earnings portion, but only if subject to the the additional 10% federal additional penalty tax.