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NextGen 529 -- Client Select Series
The Maine NextGen 529 -- Client Select Series advisor-sold 529 plan consists of age-based, static multi-fund, and individual-fund options from a number of money managers: American Century, BlackRock, Franklin Templeton, iShares, Lord Abbett, MainStay, MFS and Neuberger Berman. In addition, the Principal Plus Portfolio and NextGen Savings Portfolio are offered. For complete details, see a Merrill Lynch Financial Advisor or, for Maine residents, a participating Maine Distribution Agent. To find a financial advisor in your area, use the Directory of Financial Professionals.
- Program typeSavings
- State agencyFinance Authority of Maine (FAME)
- Tax deductionTax deduction for single filers NoneTax deduction for joint filers None
- Program ManagerMerrill Lynch, Pierce, Fenner & Smith Incorporated
- Program distributorMerrill Lynch
- 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, UGMA/UTMA custodians, and legal entities.
Significant time or age restrictions imposed by the program:None
Maximum contributions:Accepts contributions until all account balances in 529 plans for the same beneficiary reach $475,000.
Minimum contributions:The minimum initial contribution is $25, which may be waived for Maine residents eligible for certain Maine grants. With the automatic investment plan, there is no initial contribution amount required but subsequent automated contributions must be at least $25 per month.
Age-based investment options:Four age-based options are offered, each using a different investment manager. The Franklin Templeton Age-Based Portfolios option contains eight portfolios of underlying mutual funds. The MFS Age-Based Portfolios, the BlackRock Age-Based Portfolios, and the iShares Age-Based Portfolios each contain 7 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the beneficiary's age and desired investment manager, and later reassigned to more conservative portfolios as the beneficiary approaches college age.View more age-based investment options
Static investment options:Select among 11 diversified portfolios using BlackRock, iShares, Franklin Templeton and MFS funds; 17 individual-fund portfolios using American Century, BlackRock, iShares, Franklin Templeton, MFS Lord Abbett, MainStay and Neuberger Berman funds; and the Principal Plus Portfolio and NextGen Savings Portfolio.View more static investment options
Underlying investments:American Century, BlackRock, Franklin Templeton, Lord Abbett, MainStay, MFS or Neuberger Berman mutual funds. The Principal Plus Portfolio consists of one or more GIA issued by one or more insurance companies, deposits in an interest-bearing FDIC-insured bank account at Bank of America, N.A., and to the extent approved by FAME, corporate fixed-income investments and/or similar instruments. The NextGen Savings Portfolio is comprised of an interest-bearing bank deposit account with Bank of America, N.A.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:None
Program management fees:For the Principal Plus Portfolio:
0.44%, includes 0.09% fee to the state
None for the NextGen Savings Portfolio
For iShares Portfolios:
0.50% distribution/servicing fee (Class A), or 1.25% distribution/servicing fee (Class C) with additional 0.09% fee to the state.
For all other portfolios:
None (Class A), or 0.75% distribution/servicing fee (Class C) with additional 0.09% fee to the state
Expenses of the underlying investments:Ranges from 0.05% to 1.04% (portfolio weighted average) in the age-based and static multi-fund portfolios and from 0.25% to 1.22% in the individual-fund portfolios. None for the Principal Plus Portfolio and NextGen Savings Portfolio.
Total asset-based expense ratio:Class A: 0.00% - 1.31%
Class C: 0.00% - 2.06%
Broker loads and commissions:UNLOCK PRO
Breakpoint pricing:UNLOCK PRO
Taxes and other Benefits
- Tax deduction for single filersNone
- Tax deduction for joint filersNone
Maine doesn't offer tax deductions