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College Savings Plans of Maryland - College Investment Plan
Maryland
T. Rowe Price manages this 529 savings program and utilizes its mutual funds in 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:
2001
State agency(ies):
College Savings Plans of Maryland
Program manager:
T. Rowe Price Associates, Inc.
Program distributor:
T. Rowe Price Associates, Inc.
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, 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 Maryland's 529 plans for the same beneficiary reach $320,000.
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.
Investment Options
Age-based investment options:
The Enrollment-Based Portfolios contain eight portfolios of underlying mutual funds, ranging from 100% equity to 20% equity. Contributions are placed into the portfolio corresponding to the number of years to expected enrollment based on the age of the beneficiary or as selected by the account owner. Seven portfolios shift to a more conservative investment allocation over time, eventually transferring to the Portfolio for College.
Static investment options:
Select among two multi-fund portfolios (Equity Portfolio and Balanced Portfolio) and three individual-fund portfolios (Bond and Income Portfolio, Short-Term Bond Portfolio, and Total Equity Market Index Portfolio).
Underlying investments:
T. Rowe Price mutual funds
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:
$20 annually for accounts with less than $25,000 (waived with automatic investments)
Program management fees:
0.20% manager fee
Expenses of the underlying investments:
Approximate range is 0.40% to 0.72% (portfolio weighted average).
Total asset-based expense ratio:
0.68% - 1.00%
Taxes and other Benefits
Program match on contributions:
None
State tax deduction or credit for contributions:
Contributions to the Maryland College Investment Plan of up to $2,500 per beneficiary per year are deductible in computing Maryland taxable income, with a 10-year carryforward of excess contributions. Only contributions made by the account owner are deductible. Rollover contributions are deductible if not previously deducted. Contribution deadline is December 31 postmark.
Value of in-state tax benefits:
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State tax recapture provisions:
The principal portion of nonqualified withdrawals from this plan are included in Maryland taxable income to the extent of prior Maryland tax deductions. Rollovers are not subject to recapture.
State tax treatment of qualified distributions:
Maryland law exempts qualified distributions from a Maryland 529 plan (via specific exclusion) and from non-Maryland 529 plans (via conformity to the federal tax exclusion).
State tax treatment of rollovers:
Maryland 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:
Beneficiary, beneficiary and eligible educational institution jointly, estate of 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?
No, enrollment but not initial funding may be completed online
Documents and other services accessible or downloadable on the program's public Web site:
Premium subscription required for this data.
Contact
Telephone:
1-888-463-4723
Web site:
Plan News
- College Savings Plans of Maryland - College Investment Plan reducing fees (06/29/2010)
- Maryland 529 savings plan reduces expenses (07/10/2006)
State News
- Maryland to add broker 529 plan; modify tax deduction (05/19/2008)
- T Rowe Price to retain Maryland 529 management (09/16/2005)
- Maryland bill would extend tax deduction to out-of-state 529s (02/14/2004)
- Maryland Governor vetoes bill permitting wider deductibility (05/16/2002)
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