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U.Fund College Investing Plan
Massachusetts
This Fidelity-managed 529 plan follows the same approach as other Fidelity plans in Arizona, California, Delaware, and New Hampshire. It features two age-based options, one using actively managed mutual funds, and one using index mutual funds, along with 11 static 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):
Massachusetts Educational Financing Authority (MEFA)
Program manager:
Fidelity Investments
Program distributor:
Fidelity Brokerage Services, LLC
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, UGMA/UTMA custodians, and trusts
Significant time or age restrictions imposed by the program:
Premium subscription required for this data.
Contributions
Maximum contributions:
Accepts contributions until all account balances in Massachusetts' 529 plan for the same beneficiary reach $300,000.
Minimum contributions:
With lump-sum contributions, the minimum initial contribution is $50, and the minimum subsequent contribution is $25. With the automatic investment plan, the minimum contribution level is $15 per month or $45 per quarter.
Investment Options
Age-based investment options:
Choose between two 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 six multi-fund portfolios and five individual-fund portfolios.
Underlying investments:
Fidelity Investments 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:
None
Program management fees:
0.50% for the index fund options (fee includes underlying fund expenses); 0.30% for the actively managed fund options (fee does not include underlying fund expenses); figures include 0.15% fee to the state
Expenses of the underlying investments:
Included in the program management fee in the index fund portfolios; ranges from approximately 0.39% to 0.77% annualized in the actively managed portfolios.
Total asset-based expense ratio:
0.50% - 1.07%
Taxes and other Benefits
Program match on contributions:
None
State tax deduction or credit for contributions:
None
State tax treatment of qualified distributions:
Massachusetts law exempts qualified distributions from Massachusetts and non-Massachusetts 529 plans via conformity to the federal tax exclusion.
State tax treatment of rollovers:
Massachusetts 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, Fidelity Investments 529 College Rewards American Express Card rebates 1.5% of purchases
Statutory protection of an account from creditors:
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Distributions & Terminations
To whom are distributions made payable:
To whomever the account owner specifies - the account owner, the beneficiary, a school, or anyone else.
Account Changes
Policy regarding participant/owner changes:
Account ownership may not be transferred prior to the owner's death or incapacity.
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:
1-800-544-2776
Web site:
Plan News
- Fidelity makes enhancements to MA 529 (11/18/2006)
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