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John Hancock Freedom 529

4.5 / 5

Our rating

Good AK resident benefits

AK resident benefits

T. Rowe Price and John Hancock have teamed up with Alaska to offer the John Hancock Freedom 529 advisor-sold 529 savings program. It features enrollment-based, individual, and static portfolios utilizing mutual funds from over 20 asset managers. To find a financial advisor in your area, use the Directory of Financial Professionals.

John Hancock Freedom 529Top of the Class

KEY METRICS

OVERVIEW

Program type

Savings

Inception

2001

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

John Hancock Distributors LLC

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

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 $250, and the minimum subsequent contribution is $50. With the automatic investment plan, the minimum contribution level is $50 per month.

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

This plan does not offer an online gifting portal but allows mail-in gift contributions.

Investment Options

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

The Enrollment-Based Portfolios contain 6 multi-managed 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. 5 portfolios shift to a more conservative investment allocation over time, eventually transferring to the Enrollment Portfolio.
PortfolioE.R. % Equity1yr performance
Portfolio 2037-20401.21%98.75%4.69%
Portfolio 2041-20441.22%100%4.48%
Portfolio 2025-20281.07%35.75%5.17%
Enrollment Portfolio1.01%20%5.43%
Portfolio 2029-20321.15%57.75%4.84%
Portfolio 2033-20361.18%78.75%4.8%

Age-based/Enrollment Year investment options:

The Enrollment-Based Portfolios contain 6 multi-managed 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. 5 portfolios shift to a more conservative investment allocation over time, eventually transferring to the Enrollment Portfolio.

Static investment options:

Select among 3 multi-fund portfolios (Fixed Income Portfolio, Future Trends Portfolio and Equity Portfolio), Stable Value Portfolio, and 3 lifestyle portfolios (the Multimanager Lifestyle Growth 529, Multimanager Lifestyle Balanced 529 and Multimanager Lifestyle Moderate 529 Portfolios) and 8 individual-fund portfolios.

Underlying investments:

John Hancock, T. Rowe Price, Allspring, American, Axiom, Bain Capital, Boston Partners, Dimensional, Epoch, Graham, Jennison, Manulife, Pictet, Redwood, Wellington

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

None, but contributions may be subject to a sales charges depending on share class.

Account maintenance fee:

$15 charged in November of each year. Waived for account balances of $25,000 or more, for account balances of $75,000 or more when combined with other beneficiary accounts, or for accounts in an automatic contribution plan, or for account holders who elect to receive electronic statements and confirmations, or for account holders who invest through a financial intermediary that maintains the plan assets in an omnibus account.

Program management fees:

All portfolios except Fixed Income Portfolio and Stable Value Portfolio: 0.29% (includes state fee of 0.04%) plus distribution fees of 0.25% (Class A), 1.00% (Class C2) and none (Class F). Fixed Income Portfolio: 0.29% (includes state fee of 0.04%) plus distribution fees of 0.15% (Class A), or 0.90% (Class C2) and none (Class F) Stable Value Portfolio: 0.29% (includes a state fee of 0.04%); no distribution fee

Expenses of the underlying investments:

Ranges from 0.34% to 0.97% (portfolio weighted average) in the age-based and static multi-fund portfolios, 0.27% to 0.78% in the individual-fund portfolios.

Total asset-based expense ratio:

Class A: 0.63% - 1.51%
Class C2: 0.63% - 2.26%
Class F: 0.56% - 1.26%

Broker loads and commissions:

Breakpoint pricing:

Does breakpoint pricing include non-529 assets under rights of accumulation policies

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.

State tax deduction or credit for contributions:

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

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?

A John Hancock Freedom 529 Account Holder or Beneficiary who has held an account for two years or more and is attending the University of Alaska is eligible for a waiver of the nonresident tuition surcharge and may receive the in-state rate without regard to his or her actual state of residency.

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:

Distributions & Terminations

To whom are distributions made payable:

Beneficiary, an eligible educational institution for the benefit of the beneficiary (FBO), 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?

No

Documents and other services accessible or downloadable on the program's public Web site:

Contact

Website:

https://www.jhinvestments.com/529#why-use-a-529-plan-

Telephone:

1-866-222-7498

Telephone for broker use:

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