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Alaska 529

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Good AK resident benefits

AK resident benefits

Alaska 529 (previously known as University of Alaska College Savings Plan) is a direct-sold 529 savings plan. The plan features both enrollment-based and static portfolios, along with an additional portfolio called the University of Alaska Portfolio providing special benefits to future University of Alaska students along with a very low expense ratio. Alaska residency is not required to participate in this T. Rowe Price-managed program.

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KEY METRICS

OVERVIEW

Program type

Savings

Inception

1991

State agency

Education Trust of Alaska

Tax deduction

For single filers: None

For joint filers: None

Program manager

T. Rowe Price Associates, Inc.

Program distributor

T. Rowe Price Investment Services, Inc.

Manager contract term

MORE INFORMATION

Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

U.S. resident individuals of legal age, UGMA/UTMA custodians, and legal entities organized in the U.S.

Significant time or age restrictions imposed by the program:

None

Did you know?

  • 529 plan contributions grow tax-free.

    Withdrawals are tax-free when used to pay for qualified higher education expenses.

  • You can contribute as much as you want, as often as you want.

    The key is to get started. Enroll today by completing a quick form online.

Alaska 529
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Contributions

Maximum contributions:

Accepts contributions until all account balances in Alaska's 529 plans for the same beneficiary reach $550,000.

Minimum contributions:

With lump-sum contributions, the minimum initial contribution is $25, and the minimum subsequent contribution is $25. With the automatic investment plan, the minimum contribution level is $25 per portfolio per month.

Does the program offer an e-gifting platform for receiving gift contributions?

This plan offers the Ugift gifting portal, an online tool that allows your family and friends to contribute to your child's college savings plan in lieu of traditional gifts for celebrations like graduations, holidays, and birthdays

Investment Options

Investors in Alaska 529 can select from the following investment options. Click on a portfolio name for more information.

The Enrollment-Based Portfolios contain 8 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. 7 portfolios shift to a more conservative investment allocation over time, eventually transferring to the Portfolio for Education Today portfolio.
PortfolioE.R. % Equity1yr performance
Portfolio 20390.65%97.5%6.37%
Portfolio 20420.65%100%6.23%
Portfolio 20450.65%100%N/A
Portfolio for Education Today0.36%20%6.21%
Portfolio 20270.49%34.25%6.18%
Portfolio 20300.58%51.25%6.12%
Portfolio 20330.61%67%6.2%
Portfolio 20360.63%82.5%6.3%

Age-based/Enrollment Year investment options:

The Enrollment-Based Portfolios contain 8 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. 7 portfolios shift to a more conservative investment allocation over time, eventually transferring to the Portfolio for Education Today portfolio.

Static investment options:

Select among 3 multi-fund portfolios (Equity Portfolio, Balanced Portfolio, and University of Alaska Portfolio), the Total Equity Market Index Portfolio, the Fixed-Income Portfolio (a fund-of-funds), the Global Impact Equity Portfolio and the Money Market Portfolio. The University of Alaska Portfolio is guaranteed by the University of Alaska to provide a minimum return equal to tuition increases at the University of Alaska, but only for beneficiaries enrolling at that institution.

Underlying investments:

T. Rowe Price mutual funds.

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

None

Program management fees:

0.05% Program Fee except 0.02% on enrollment portfolios; plus 0.04% Trust Fee The University of Alaska Portfolio does not have a Program Fee or Trust Fee.

Expenses of the underlying investments:

Ranges from 0.30% to 0.59% in the year of enrollment portfolios and 0.07% to 0.79% in the static portfolios; 0.23% in the money market portfolio and 0.10% in the University of Alaska Portfolio (portfolio weighted averages).

Total asset-based expense ratio:

0.15% - 0.88%

Taxes and other Benefits

Tax deduction for single filers:

None

Tax deduction for joint filers:

None

Note:

Alaska doesn't offer tax deductions

Program match on contributions:

None, however the state offers a tuition-value guarantee for University of Alaska students invested in the University of Alaska Portfolio.

Dash to Save Incentive Program: A program designed to encourage new account holder/beneficiary relationships in the Alaska 529 education savings plan. The first 5,000 Alaska 529 account relationships established between January 1 and December 31, 2022 with a minimum investment of $25 will qualify for a $250 incentive.

Dash to Save More Incentive Program: A program designed to encourage certain contribution methods to new and existing Alaska 529 qualifying Account relationships. Qualifying Account Holder/Beneficiary relationships will receive up to $100 for certain recurring contributions between July and December of the calendar year.

State tax deduction or credit for contributions:

Not applicable. Alaska does not have a personal income tax.

State tax recapture provisions:

N/A

State definition of qualified expenses

The state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, apprenticeship programs, interest and/or principal on qualified education loans up to a $10,000 lifetime cap, and up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school. Distributions from a 529 account directly to a Roth IRA are considered a qualified expense.

State tax treatment of qualified distributions:

Not applicable. Alaska 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?

Yes, a beneficiary receiving a qualified distribution from an account to pay tuition at the University of Alaska may be eligible for a waiver of the nonresident tuition surcharge

Is there a rewards program or outside scholarship program that works with this program?

Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.

Statutory protection of an account from creditors:

Did you know?

  • Residents are not limited to investing in their own state's 529 plan.

    Another state may offer a plan that performs better and has lower fees.

  • The 529 plan chosen does not affect which state the student enrolls in.

    You can live in New York, open a plan from Nevada and send a student to college in Florida.

  • The best way to maximize your college savings?

    Start early and save often. You can get started today with easy online enrollment.

Alaska 529
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Distributions & Terminations

To whom are distributions made payable:

Beneficiary and an eligible educational institution jointly, beneficiary, estate of the 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:

Contact

Website:

http://www.Alaska529plan.com

Telephone:

1-888-425-2752

Twitter

https://twitter.com/Alaska529

Social Media

https://www.facebook.com/alaska529

Start saving for your child's future today

Complete the online application and make your first deposit

Alaska 529
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