General InformationDownload PDF Report
Florida 529 Savings Plan
Florida 529 Savings Plan - Instead of utilizing mutual funds, the Florida Prepaid College Board hires various money management firms to manage the separate investment pools, which are available as either static portfolios or as part of an age-based strategy.
- Program typeSavings
- State agencyFlorida Prepaid College Board
- Program ManagerFlorida Prepaid College Board
- Program distributorNot applicable
- Manager contract termUNLOCK PRO
Ratings & Rankings
Our overall rating for non-residents
This is a very good program that offers valuable benefits but may have some limitations or concerns that investors need to know.
Each plan's performance score is developed directly from Savingforcollege.com's Quarterly 529 Performance Rankings. A 529 savings plan must have at least one year of performance history before they will be assigned a 5-cap rating. For those plans that are not part of our quarterly performance rankings, such as plans offering a single set of bank-based investment options, we assign a performance score by evaluating the returns currently available on similar types of investments outside of 529 plans.
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 legal entities organized in the U.S.
Significant time or age restrictions imposed by the program:None
Maximum contributions:Accepts contributions until all account balances in Florida's 529 plans for the same beneficiary reach $418,000.
Minimum contributions:No minimum contribution. With the automatic investment plan, the minimum contribution level is $25 per month.
Age-based investment options:The Age-Based / Years-To-Enrollment Option contains 5 age bands with each band targeting a different allocation between the Fixed Income portfolio and the Blended Equity portfolio. Contributions are invested based on the assignment of the beneficiary to one of the five age bands.View more age-based investment options
Static investment options:Select from two investment portfolios (Blended Equity and Balanced Portfolios) and 8 single investment funds (Money Market Fund, Fixed Income Fund, Domestic Equity Index Fund, Large Cap Growth Fund, Large Cap Value Fund, Mid Cap Fund, Small Cap Fund, and International (Developed Markets) Fund).View more static investment options
Underlying investments:Investment portfolios separately managed by Columbia Threadneedle Investments; AllianceBernstein LP, Quantitative Management Associates, LLC (QMA); The Boston Company Asset Management, LLC; BMO Global Asset Management, Fiduciary Management, Inc.; PanAgora Asset Management, Inc. and Federated Investors, Inc.View a full list of this plan's investment options
Underlying fund allocations:UNLOCK PRO
Portfolio Fees & Performance LookupUNLOCK PRO
Fees & Expenses
Enrollment or application fee:None.
Account maintenance fee:None.
Program management fees:0.39% - 0.75% management fee (None for Money Market option); fee includes underlying investment manager fees.
Expenses of the underlying investments:Not applicable, included in the program management fee.
Total asset-based expense ratio:0.39% - 0.75% management fee (None for Money Market option)
Taxes and other Benefits
- Tax deduction for single filersNone
- Tax deduction for joint filersNone
Florida doesn't offer tax deductions
Program match on contributions:None.
State tax deduction or credit for contributions:Not applicable. Florida does not have a personal income tax.
State definition of qualified expensesThe state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, as well as up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school.
State tax treatment of qualified distributions:Not applicable. Florida does not have a personal income tax.
State tax treatment of rollovers:Florida 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?No
Does the program have a formal agreement with a rewards program or outside scholarship program?No
Statutory protection of an account from creditors:UNLOCK PRO
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