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NextGen 529 -- Client Connect Series

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Basic ME resident benefits

ME resident benefits

The Maine NextGen 529 -- Client Connect Series is managed by Vestwell State Savings, LLC and distributed by BlackRock Investments, LLC. The plan utilizes BlackRock (including iShares ETFs) funds in its Year of Enrollment options options. In addition, the NextGen Savings Portfolio are available.

NextGen 529 -- Client Connect Series

OVERVIEW

Program type

Savings

Inception

2024

State agency

Finance Authority of Maine (FAME)

Tax deduction

For single filers: $1,000/yr per beneficiary

For joint filers: $1,000/yr per beneficiary

Program manager

Vestwell State Savings, LLC; The Bank of New York Mellon provides certain custody and other services to the Program.

Program distributor

Northern Lights Distributors, LLC

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:

$545,000

Minimum contributions:

With lump-sum contributions, the minimum initial contribution is $25; may be waived for Maine residents eligible for certain grants, and there is no minimum subsequent contribution. With the automatic investment plan, there is no initial contribution amount required or no minimum subsequent contribution required.

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

This plan does not offer an online gifting portal allowing for easy sharing but may offer gift certificates or allow mail-in gift 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 NextGen 529 -- Client Connect Series can select from the following investment options. Click on a portfolio name for more information.

Choose between Year of Enrollment options with nine portfolios. Invests in iShares ETFs. Contributions are placed into the portfolio corresponding to the beneficiary's age. The portfolios automatically shift to a more conservative investment allocation over time.
PortfolioE.R. % Equity1yr performance
iShares 2041 Enrollment Portfolio0.21%N/AN/A
iShares 2033 Enrollment Portfolio0.21%N/AN/A
iShares 2029 Enrollment Portfolio0.22%N/AN/A
iShares 2027 Enrollment Portfolio0.22%N/AN/A
iShares 2025 Enrollment Portfolio0.25%N/AN/A
iShares Enrolled Portfolio0.29%N/AN/A
iShares 2035 Enrollment Portfolio0.21%N/AN/A
iShares 2038 Enrollment Portfolio0.21%N/AN/A
iShares 2026 Enrollment Portfolio0.22%N/AN/A
iShares 2043 Enrollment Portfolio0.21%N/AN/A
iShares 2045 Enrollment Portfolio0.21%N/AN/A

Age-based/Enrollment Year investment options:

Choose between Year of Enrollment options with nine portfolios. Invests in iShares ETFs. Contributions are placed into the portfolio corresponding to the beneficiary's age. The portfolios automatically shift to a more conservative investment allocation over time.

Static investment options:

NextGen Savings Portfolio.

Underlying investments:

BlackRock, iShares. The NextGen Savings Portfolio is comprised of an interest-bearing bank deposit account with Fifth Third Bank.

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

None

Account maintenance fee:

None

Program management fees:

A Maine Administration fee of 0.04% is charged for all portfolios except the NextGen Savings Portfolio.

Expenses of the underlying investments:

Ranges from 0.05% to 0.13% (portfolio weighted average) in the Year of enrollment. None for the NextGen Savings Portfolio.

Total asset-based expense ratio:

0.21% - 0.29%

Taxes and other Benefits

Tax deduction for single filers:

$1,000/yr per beneficiary

Tax deduction for joint filers:

$1,000/yr per beneficiary

Program match on contributions:

New Maine accounts may be eligible for a $100 Initial Matching Grant when the account is opened and funded with at least $25 before the last business day of the current calendar year. (One grant per eligible beneficiary, no income limitations) Separately, if a beneficiary is eligible for the $500 Alfond Grant, the initial contribution is waived when a NextGen account is opened. New accounts opened in the current calendar year and funded with $25 before the child's first birthday may also be eligible for the $100 Initial Matching Grant. The NextStep Matching Grant provides a 30% match on contributions up to a $300 grant per year (one grant per beneficiary, no income limitations) A $100 Automated Funding Grant is available for accounts that make six consecutive contributions, no less frequently than quarterly, through an automated funding option (one grant per beneficiary, no income limitations). Grants for Maine residents may be used on behalf of the beneficiary at an eligible institution of higher education only. Grants may lose value.

State tax deduction or credit for contributions:

Individuals who file individual Maine state income returns will be able to deduct up to $1,000 per Designated Beneficiary per tax year for their total, combined contributions to any Section 529 Program during the tax year, for taxable years beginning on or after January 1, 2023. The deduction is not available to taxpayers with federal adjusted gross income over $100,000 (single or married filing separately) or $200,000 (married filing jointly or head of household).

Calculate your Maine 529 tax benefit

Find out how much you can save on state taxes this year by contributing to a Maine 529 plan.

Your tax savings per year
$0

Household income

$100,000

Monthly Contribution

$100

State tax recapture provisions:

None.

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 Maine and non-Maine 529 plans are exempt.

State tax treatment of rollovers:

Maine follows federal tax-free treatment.

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

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, 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:

http://www.nextgenforme.com/

Telephone:

1-833-336-4529

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