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Florida 529 Savings Plan
Florida
Florida 529 Savings Plan - Instead of utilizing mutual funds, the Florida Prepaid College Board hires various money management firms to manage the separate investment pools, which are available as either static portfolios or as part of an age-based strategy.
5-Cap Rating
| Resident: |  |
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| Non-Resident: |
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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 |
|---|---|---|---|---|
| 3.44 | 1.93 | 2.87 | 2.80 | 0.00 |
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
Telephone:
1-800-552-4723
Web site:
How to enroll:
Enroll directly with the program.
Initial year of operation:
2002
State agency(ies):
Florida Prepaid College Board
Program manager:
Florida Prepaid College Board
Program distributor:
Not applicable
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 resident aliens at least 18 years old, UGMA/UTMA custodians, and legal entities organized in the U.S.
Significant time or age restrictions imposed by the program:
None
Contributions
Maximum contributions:
Accepts contributions until all account balances in Florida's 529 plans for the same beneficiary reach $394,000.
Minimum contributions:
With lump-sum contributions, the minimum initial contribution is $250, and subsequent contributions can be any amount. With the automatic investment plan, the minimum contribution level is $25 per month.
Investment Options
Age-based investment options:
The Age-Based / Years-To-Enrollment Option contains 5 age bands with each band targeting a different allocation between the Fixed Income portfolio and the U.S. Equity portfolio. Contributions are invested based on the assignment of the beneficiary to one of the five age bands.
Static investment options:
Select among 4 separately-managed portfolios (Fixed Income, U.S. Equity, Balanced, and Money Market).
Underlying investments:
Investment portfolios separately managed by Columbia Management Advisors LLC, Quantitative Management Associates LLC, Fiduciary Management Inc., Northern Trust Investments N.A., and Federated Investment Counseling.
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:
$50, or $80 for both this plan and the Florida Prepaid College Plan.
Account maintenance fee:
None.
Program management fees:
0.75% management fee; fee includes underlying investment manager fees
Expenses of the underlying investments:
Not applicable, included in the program management fee.
Total asset-based expense ratio:
0.75%
Taxes and other Benefits
Program match on contributions:
None.
State tax deduction or credit for contributions:
Not applicable. Florida does not have a personal income tax.
State tax treatment of qualified distributions:
Not applicable. Florida does not have a personal income tax.
State tax treatment of rollovers:
Florida does not have a personal income tax.
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:
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:
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