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Utah Educational Savings Plan (UESP) Trust
Utah
This state-administered 529 savings program utilizes the State Treasurer's fixed-income fund and Vanguard index funds in its five different age-based options and five 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:
1996
State agency(ies):
Utah Higher Education Assistance Authority
Program manager:
Utah Higher Education Assistance Authority
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?
Individuals at least 18 years old, UGMA/UTMA custodians, and legal entities
Significant time or age restrictions imposed by the program:
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Contributions
Maximum contributions:
Accepts contributions until all account balances in Utah's 529 plan for the same beneficiary reach $330,000.
Minimum contributions:
No minimum
Investment Options
Age-based investment options:
Five age-based options, with different underlying investments and risk levels, are offered. Contributions are allocated among the underlying investments according to the option selected and the age of the beneficiary, and are reallocated to become more conservative as the beneficiary approaches college age.
Static investment options:
Select among the State Treasurer’s Investment Fund, two individual-fund index portfolios, and two equity-index, multi-fund portfolios.
Underlying investments:
Vanguard mutual funds and the State Treasurer's fixed income portfolio
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:
$3 per $1,000 of account balance up to a maximum of $15 annually (waived for Utah residents); charged quarterly
Program management fees:
0.22% annualized administrative fee; charged quarterly
Expenses of the underlying investments:
Range is 0.025% to 0.120% (portfolio weighted average), except the State Treasurer's Investment Fund (PTIF) incurs no additional expenses.
Total asset-based expense ratio:
0.22% - 0.34%
Taxes and other Benefits
Program match on contributions:
Pilot program matches contributions of low-income Utah participants.
State tax deduction or credit for contributions:
In 2008, a 5-percent tax credit on up to $1,650 per beneficiary in contributions by a single taxpayer, and on up to $3,300 per beneficiary in contributions by married taxpayers filing jointly, may be claimed against Utah income tax. The maximum credit is $82.50 per beneficiary for single taxpayers and $165 per beneficiary for joint filers. The credit limits are increased each year for inflation. Contributions to an account established after a beneficiary reaches age 19 are not eligible. Contributions from a non-owner are creditable by the account owner and not by the non-owner/contributor. Contribution deadline is receipt by the last business day of the year.
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 Utah taxable income to the extent of prior Utah tax deductions or Utah tax credits.
State tax treatment of qualified distributions:
Utah law exempts qualified distributions from the Utah 529 plan (via specific exclusion) and from non-Utah 529 plans (via conformity to the federal tax exclusion).
State tax treatment of rollovers:
Utah follows federal tax-free treatment except that outbound rollovers are subject to the recapture of prior state tax deductions or tax credits.
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, except that for accounts opened before May 5, 2008, beneficiaries may receive in-state tuition at an eligible Utah school if they held a UESP account and lived in Utah for eight consecutive years prior to moving out of state.
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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Contact
Telephone:
1-800-418-2551
Web site:
Plan News
- Utah 529 drops fees, adds investment option (09/14/2008)
- Utah looking to provide a bank CD option (04/01/2008)
- Utah 529 reduces account fees for most (06/29/2007)
- Article: Utah's 529 plan helps parents save for college (05/21/2006)
- Utah makes changes in wake of 529 plan misappropriation (02/01/2005)
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