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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.

Our Ratingx

3.0 of 5

Fee Scorex

2.5 of 5

Performancex

3.5 of 5

  • Program typeSavings
  • Inception2002
  • State agency
    Florida Prepaid College Board
  • Tax deduction
  • Program Manager
    Florida Prepaid College Board
  • Program distributor
    Not applicable
  • Manager contract termUNLOCK PRO

Ratings & Rankings

Our overall rating for FL residents

This is a recent program and does not yet have a 5-Cap Rating assigned.

Our overall rating for non-residents

This is a recent program and does not yet have a 5-Cap Rating assigned.

Savingforcollege.com's 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories.


3.53of 5

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.

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 legal entities organized in the U.S.

Significant time or age restrictions imposed by the program:

None

Alternative 529 Plans

Other great plans to consider

You are not limited to opening your own state's 529 plan, so shop around. Here are some highly rated options to consider:

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Contributions

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.

Investment Options

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 AllianceBernstein LP, Quantitative Management Associates, LLC (QMA); The Boston Company Asset Management, LLC; BMO Global Asset Management, Fiduciary Management, Inc., FPanAgora Asset Management, Federated Investors, Inc. and Wellington ManagementView a full list of this plan's investment options

Underlying fund allocations:

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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:

0.39% - 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

Note

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 expenses

The 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?

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.

Upromise Helps Families Save for College

Upromise Helps Families Save for College

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

Website:

http://www.myfloridaprepaid.com/what-we-offer/529-savings-plan/

Telephone:

1-800-552-4723