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CollegeChoice Advisor 529 Savings Plan
Upromise Investments, Inc., which was acquired by Ascensus College Savings in 2013, became manager of the Indiana CollegeChoice Advisor 529 Savings Plan in September 2008, replacing JPMorgan. The plan uses iShares, Schwab and Vanguard ETFs in its Year of Enrollment Option and mutual funds from various investment managers in its individual portfolios. The plan also offers an FDIC-insured Savings Portfolio from NexBank and the Capital Preservation Portfolio invested in the New York Life Guaranteed Interest Account. Accounts can be linked to the Upromise Rewards service. To find a financial advisor in your area, use the Directory of Financial Professionals.
- Program typeSavings
- Inception1997, but substantially changed in 2008
- State agencyIndiana Education Savings Authority (IESA)
- Tax deduction
- Program ManagerAscensus College Savings
- Program distributorAscensus College Savings
- Manager contract termUNLOCK PRO
Ratings & Rankings
Our overall rating for non-residents
This is an excellent program with many benefits for the participant and positive investment attributes. If it has any significant weaknesses then it also has some particularly good things to recommend it.
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, emancipated minors, UGMA/UTMA custodians, and legal entities.
Significant time or age restrictions imposed by the program:For Indiana taxpayers claiming a state tax credit on contributions, the account must remain open for at least one year to avoid recapture of the tax credit on distributions used to pay qualified education expenses.
Maximum contributions:Accepts contributions until all account balances in Indiana's 529 plan for the same beneficiary reach $450,000.
Age-based investment options:The Year of Enrollment option contains 7 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the anticipated year of college enrollment, and reassigned to the College Portfolio upon reaching that year.View more age-based investment options
Static investment options:Select among 12 individual-fund portfolios with various investment managers. An FDIC-insured bank savings option and capital preservation option are also offered.View more static investment options
Underlying investments:BTC, The Boston Company, Capital Research and Management, Diamond Hill Capital Management, PIMCO, Schwab, T. Rowe Price and Vanguard The Savings Portfolio invests in the NexBank High-Yield Savings account and the Capital Preservation Portfolio invests in the New York Guaranteed Interest Account.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, but contributions may be subject to a sales charge depending on share class.
Account maintenance fee:$20 annually, waived for accounts with an Indiana resident as owner or beneficiary and for accounts with balances of $25,000 or more.
Program management fees:0.41% manager fee (includes 0.10% state administrative fee) plus distribution expenses of 0.25% (Class A) or 1.00% (Class C). The Savings Portfolio and Capital Preservation Portfolio are subject to a 0.31% manager fee.
Expenses of the underlying investments:Ranges from 0.05% to 0.11% in the Year of Enrollment portfolio option and from 0.04% to 0.84% in the Individual portfolio options (portfolio weighted average). None for the Savings Portfolio.
Total asset-based expense ratio:Class A: 0.68% - 1.47%
Class C: 1.43% - 2.22%
Savings Portfolio - 0.31%
Capital Preservation Portfolio - 0.31%
Broker loads and commissions:UNLOCK PRO
Breakpoint pricing:UNLOCK PRO
Does breakpoint pricing include non-529 assets under rights of accumulation policiesUNLOCK PRO
Taxes and other Benefits
- For single filers, 20% on up to $5,000/yr
- For joint filers, 20% on up to $5,000/yr
Married filing jointly residents contributing $100/month can expect an additional $0 a year in tax savings.