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KY Saves 529

4 / 5

Our rating

Basic KY resident benefits

KY resident benefits

The manager for KY Saves 529 (previously known as The Kentucky Education Savings Plan Trust) changed from TIAA-CREF to Ascensus College Savings in February 2019. The plan features a school enrollment based option, four asset allocation options, and an FDIC-insured option.

KY Saves 529High Honors

KEY METRICS

OVERVIEW

Program type

Savings

Inception

1990, substantially changed in 2019

State agency

Kentucky Higher Education Assistance Authority

Tax deduction

For single filers: None

For joint filers: None

Program manager

Ascensus College Savings

Program distributor

Ascensus College Savings

Manager contract term

MORE INFORMATION

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.

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Accepts contributions until all account balances in Kentucky's 529 plans for the same beneficiary reach $450,000.

Minimum contributions:

As of May 1, 2022 KY Saves will no longer require a minimum contribution amount for contributions received by check, recurring contributions, payroll direct deposit, or EFT.

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

This plan offers a robust gifting platform that allows gift-givers to save their own profile for recurring or future contributions.

SPONSORED

Other great plans to consider

You are not limited to your own state's 529 plan, so compare the plan and tax benefits offered by your state to other options. Here are some plans that are available to residents of any state and have earned awards in our 529 Plan Ratings:

Investment Options

Investors in KY Saves 529 can select from the following investment options. Click on a portfolio name for more information.

Seven Year of Enrollment portfolios are based upon the beneficiary's anticipated year of enrollment. The asset mix (or allocation) of the selected option will adjust on a recurring fixed schedule automatically over time, becoming progressively more conservative as the target year of school enrollment approaches. During the calendar year mentioned in the name of the selected Year of Enrollment Option, all assets will transfer out of the selected option and into the In School Enrollment Option (the most conservative option of the Year of Enrollment Options), and the selected Year of Enrollment Option will be closed.
PortfolioE.R. % Equity1yr performance
2037 Enrollment Option0.46%75.01%6.62%
2034 Enrollment Option0.46%65.01%6.35%
2031 Enrollment Option0.46%52.5%6.1%
2028 Enrollment Option0.46%35.01%5.8%
2025 Enrollment Option0.45%15.01%5.41%
In School Enrollment Option0.45%10%5.04%
2040 Enrollment Option0.46%85.01%6.75%
2043 Enrollment Option0.46%90%6.89%

Age-based/Enrollment Year investment options:

Seven Year of Enrollment portfolios are based upon the beneficiary's anticipated year of enrollment. The asset mix (or allocation) of the selected option will adjust on a recurring fixed schedule automatically over time, becoming progressively more conservative as the target year of school enrollment approaches. During the calendar year mentioned in the name of the selected Year of Enrollment Option, all assets will transfer out of the selected option and into the In School Enrollment Option (the most conservative option of the Year of Enrollment Options), and the selected Year of Enrollment Option will be closed.

Static investment options:

Select among four asset allocation options. A mix of equity and fixed income, and active or index-based allocations is available. As of Oct. 10 2022 Principal Life Funding Agreement is being offered under Capital Preservation Option.

Underlying investments:

Mutual funds and ETFs from American Funds, Baird Advisors, BlackRock, Cohen & Steers Capital Management, Inc. (Cohen & Steers), Dimensional Fund Advisors (DFA), PGIM Investments LLC (PGIM Investments), Charles Schwab Investment Management, Inc. (Schwab), Vanguard, iShares and SPDR.

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

None.

Program management fees:

0.36% manager fee for the Year of Enrollment Options; 0.40% manager fee for the Asset Allocation Options; 0.20% for the Capital Preservation Option; none for the Guaranteed Option.

Expenses of the underlying investments:

0.02% to 0.33%; none for the Capital Preservation option.

Total asset-based expense ratio:

0.20% - 0.80%; None for the Guaranteed Option.

Taxes and other Benefits

Tax deduction for single filers:

None

Tax deduction for joint filers:

None

Note:

Kentucky doesn't offer tax deductions

Program match on contributions:

None.

State tax deduction or credit for contributions:

None.

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 for state income tax purposes.

State tax treatment of qualified distributions:

Qualified distributions from Kentucky and non-Kentucky 529 plans are exempt.

State tax treatment of rollovers:

Kentucky follows federal tax-free treatment.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

Yes

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

Yes, beneficiaries with eight years of program participation and $2,400 in total contributions who move out-of-state remain eligible for resident tuition rates at Kentucky public institutions

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:

Eligible educational institution 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:

http://www.kysaves.com

Telephone:

1-855-840-4855

A good place to start:

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