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Florida 529 Savings Plan

4 / 5

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Good FL resident benefits

FL resident benefits

The Florida 529 Savings Plan is administered by the Florida Prepaid College Board. In September 2019 the Board enhanced the plan with expanded investment options, reduced fees, and additional investment managers. In 2022 the Board converted the age-based option to enrollment year funds that automatically reallocate quarterly within each fund. As a result, the plan currently offers 20 enrollment year options (each year represents an estimated time for when the funds will be needed), six static options (predesigned based on investment goals such as growth or income), and 15 individual funds (for more sophisticated investors who want to do it themselves).

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Florida 529 Savings PlanHonors

KEY METRICS

OVERVIEW

Program type

Savings

Inception

2002

State agency

Florida Prepaid College Board

Tax deduction

For single filers: None

For joint filers: None

Program manager

Florida Prepaid College Board

Program distributor

Not applicable

Manager contract term

MORE INFORMATION

Eligibility

State residency requirements:

Beginning September 2019, the beneficiary must be a Florida resident at time of enrollment.

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

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.

Florida 529 Savings Plan
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Contributions

Maximum contributions:

Accepts contributions until all account balances in Florida's 529 plans for the same beneficiary reach $500,000.

Minimum contributions:

No minimum contribution.

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

This plan offers an online tool to share a gift contribution link with family and friends.

Investment Options

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

The enrollment year portfolios allocate funds between stocks and bonds as a student approaches enrollment. Over time, the investment transitions from majority-stock to majority-bond. Stocks generally exhibit higher returns but may present more risk/volatility -- a balance appropriate for a long investment horizon. As the student approaches enrollment, funds are increasingly invested in bonds, which generally exhibit less risk/volatility.
PortfolioE.R. % Equity1yr performance
2041 Portfolio0.1%85%6.95%
2040 Portfolio0.1%85%6.95%
2039 Portfolio0.09%84.25%6.98%
2038 Portfolio0.09%76%7.13%
2037 Portfolio0.08%70%6.93%
2036 Portfolio0.08%64%6.78%
2035 Portfolio0.07%58.5%6.67%
2034 Portfolio0.07%53%6.55%
2033 Portfolio0.06%47%6.43%
2032 Portfolio0.06%41%6.27%
2031 Portfolio0.06%35%6.15%
2030 Portfolio0.06%29%5.99%
2029 Portfolio0.05%22.5%5.98%
2028 Portfolio0.06%16.5%5.82%
2027 Portfolio0.07%12%5.63%
2026 Portfolio0.08%10%5.45%
2025 Portfolio0.09%10%5.44%
Enrolled Portfolio0.1%10%5.49%
2042 Portfolio0.1%85%6.95%
2043 Portfolio0.1%85%N/A

Age-based/Enrollment Year investment options:

The enrollment year portfolios allocate funds between stocks and bonds as a student approaches enrollment. Over time, the investment transitions from majority-stock to majority-bond. Stocks generally exhibit higher returns but may present more risk/volatility -- a balance appropriate for a long investment horizon. As the student approaches enrollment, funds are increasingly invested in bonds, which generally exhibit less risk/volatility.

Static investment options:

Account owners may create a customized portfolio from six predesigned static portfolio options, including three multi-manager static options (growth, blended, income), three static passive options (growth, blended, income) and fifteen individual fund options (including money market, bond and stock choices).

Underlying investments:

Underlying investments managed by Vanguard, BlackRock, Dimensional Fund Advisors (DFA), Eaton Vance, Florida PRIME and Wellington Management

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

None.

Program management fees:

None

Expenses of the underlying investments:

0.05% to 0.10% in the Enrollment Year Portfolio, 0.05% to 0.19% for Static portfolios, and 0.02% to 0.77% in the Individual Options.

Total asset-based expense ratio:

0.02% - 0.77%

Taxes and other Benefits

Tax deduction for single filers:

None

Tax deduction for joint filers:

None

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 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. 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?

Florida 529 Savings Plans to do not impact Florida Bright Futures Scholarship Awards (the primary state financial aid program in Florida).

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

No

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.

Florida 529 Savings Plan
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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:

Contact

Website:

https://www.myfloridaprepaid.com/savings-plan/

Telephone:

1-800-552-4723

Twitter

https://twitter.com/FloridaPrepaid

Social Media

https://www.facebook.com/FloridaPrepaid

Start saving for your child's future today

Complete the online application and make your first deposit

Florida 529 Savings Plan
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Enroll Now Count59,206 Clicked to Enroll

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