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Virginia Education Savings Trust (VEST)
Virginia
This state-administered 529 savings program features a mix of different mutual funds and separately-managed accounts in its age-based and static portfolio options.
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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:
1999
State agency(ies):
Virginia College Savings Plan
Program manager:
Virginia College Savings Plan Board and its Executive Director
Program distributor:
N/A
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 legal residents at least 18 years old, UGMA/UTMA custodians, and legal entities
Significant time or age restrictions imposed by the program:
The account must be used within ten years after the projected date of high school graduation, or within 10 years after account is opened if the beneficiary has already graduated from high school, unless an extension is granted by the program.
Contributions
Maximum contributions:
Accepts contributions until all account balances in Virginia's 529 plans for the same beneficiary reach $350,000.
Minimum contributions:
The minimum initial contribution is $25. Failure to contribute at least $250 within the first 12 months may result in termination of the account.
Investment Options
Age-based investment options:
The Age-based Evolving Portfolios option contains seven portfolios of underlying mutual funds and separately-managed investments. Contributions may be invested in any of the portfolios. The portfolios automatically shift to a more conservative investment allocation over time.
Static investment options:
Select among ten portfolios, nine of which invest in a Vanguard mutual fund and the tenth investing in the Parnassus Equity Income Fund.
Underlying investments:
Mutual funds and separately-managed accounts from Vanguard, Rothschild Asset Management, American Funds, Franklin Templeton, Western Asset Management, INVESCO, and Parnassus.
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:
$25 non-refundable one-time fee
Account maintenance fee:
None
Program management fees:
0.20% manager fee, except 0.10% manager fee for the Money Market portfolio.
Expenses of the underlying investments:
Approximate range is 0.10% to 0.28% (portfolio weighted average) in the age-based and static multi-fund portfolios, and 0.06% to 0.80% in the individual-fund portfolios.
Total asset-based expense ratio:
0.20% - 1.00%
Taxes and other Benefits
Program match on contributions:
None
State tax deduction or credit for contributions:
Beginning in 2009, contributions to any of Virginia's 529 plans of up to $4,000 per account per year are deductible in computing Virginia taxable income, with an unlimited carryforward of excess contributions. Contributions are fully deductible in the year of contribution for taxapayers at least 70 years of age. Contributions from a non-owner are deductible by the account owner and not by the non-owner/contributor. Contribution deadline is receipt (not postmark date) by the last business day of the year based on agency calendar.
Value of in-state tax benefits:
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State tax recapture provisions:
The principal portion of rollovers and nonqualified withdrawals from this plan are included in Virginia taxable income to the extent of prior Virginia tax deductions. Nonqualified withdrawals for this purpose do not include withdrawals made as the result of the beneficiary's death or disability or withdrawals made on account of the beneficiary's receipt of a scholarship.
State tax treatment of qualified distributions:
Virginia law exempts qualified distributions from a Virginia 529 plan (via specific exclusion) and from non-Virginia 529 plans (via conformity to the federal tax exclusion). Virginia also exempts distributions from a Virginia 529 plan attributable to the beneficiary's death, disability, or receipt of a scholarship.
State tax treatment of rollovers:
Virginia 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:
Account owner, beneficiary, eligible educational institution, or other third party, as directed by account owner.
Account Changes
Policy regarding participant/owner changes:
Accepts requests to transfer account ownership ($10 fee except where owner has died or become disabled).
Documents, Access & Reporting
Does participant have online password-protected access to account?
Yes
Can the complete enrollment process including funding be done online?
Yes, once an account has been accepted, online payments are accepted.
Documents and other services accessible or downloadable on the program's public Web site:
Premium subscription required for this data.
Contact
Telephone:
1-888-567-0540
Web site:
Plan News
- Virginia 529 reduces admin fees (04/14/2010)
- Virginia 529 adds socially targeted option (10/12/2009)
- Virginia's VEST adds Vanguard options, reduces expenses (07/29/2005)
State News
- Virginia annual deduction cap to increase in 2009 (04/30/2007)
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