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NextGen 529 -- Client Select Series

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The Maine NextGen 529 -- Client Select Series advisor-sold 529 is managed by Vestwell State Savings, LLC and distributed by BlackRock Investments, LLC.. The plan consists of Year of enrollment, static multi-fund, and individual-fund options from a number of money managers: BlackRock, Franklin Templeton, Lord Abbett, MFS, New York Life (MainStay), and Neuberger Berman. In addition, the Principal Plus Portfolio and NextGen Savings Portfolio are offered. To find a financial advisor in your area, use the Directory of Financial Professionals.

NextGen 529 -- Client Select SeriesHonors

KEY METRICS

OVERVIEW

Program type

Savings

Inception

1999

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

BlackRock Investments, LLC

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:

As of January 1, 2024, accepts contributions until all account balances in 529 plan for the same beneficiary reach $545,000.

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 and no minimum amount for subsequent contributions.

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.

Investment Options

Investors in NextGen 529 -- Client Select Series can select from the following investment options. Click on a portfolio name for more information.

Four Enrollment Year options are offered, each using a different investment manager. The Franklin Templeton Year of enrollment Portfolios option contains 11 portfolios of underlying mutual funds. The MFS Year of enrollment Portfolios, the BlackRock Year of enrollment Portfolios, and the iShares Year of enrollment Portfolios each contain 9 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.
PortfolioE.R. % Equity1yr performance
BlackRock 2035 Enrollment Portfolio0.83%72%5.79%
iShares 2035 Enrollment Portfolio0.54%72.04%6.06%
Franklin Templeton 2030 Enrollment Portfolio0.85%60.5%4.73%
Franklin Templeton 2026 Enrollment Portfolio0.75%30.5%4.62%
BlackRock 2038 Enrollment Portfolio0.83%80.75%5.87%
BlackRock 2026 Enrollment Portfolio0.86%29.75%5.44%
Franklin Templeton 2034 Enrollment Portfolio0.92%85%4.72%
Franklin Templeton 2027 Enrollment Portfolio0.78%38%4.61%
iShares 2038 Enrollment Portfolio0.54%80.66%6.26%
iShares 2026 Enrollment Portfolio0.55%29.67%5.34%
MFS 2038 Enrollment Portfolio0.97%84.83%4.29%
MFS 2033 Enrollment Portfolio0.91%64.25%4.5%
MFS 2029 Enrollment Portfolio0.85%45%4.96%
Franklin Templeton 2038 Enrollment Portfolio0.95%94%4.64%
Franklin Templeton 2041 Enrollment Portfolio0.97%100%4.6%
BlackRock 2043 Enrollment Portfolio0.82%90%N/A
BlackRock 2045 Enrollment Portfolio0.82%90%N/A
iShares 2045 Enrollment Portfolio0.54%89.99%N/A
iShares 2043 Enrollment Portfolio0.54%89.99%N/A
Franklin Templeton 2045 Enrollment Portfolio0.97%100%N/A
Franklin Templeton 2043 Enrollment Portfolio0.97%100%N/A
MFS 2045 Enrollment Portfolio0.98%97.5%N/A
MFS 2043 Enrollment Portfolio0.98%97.5%N/A
Franklin Templeton 2036 Enrollment Portfolio0.94%90%4.67%
Franklin Templeton 2032 Enrollment Portfolio0.89%75%4.69%
Franklin Templeton 2028 Enrollment Portfolio0.8%45.5%4.67%
Franklin Templeton 2025 Enrollment Portfolio0.73%23%4.58%
Franklin Templeton Enrolled Portfolio0.7%15.5%4.48%
MFS 2041 Enrollment Portfolio0.98%94.35%4.1%
MFS 2035 Enrollment Portfolio0.94%73.75%4.42%
MFS 2031 Enrollment Portfolio0.88%54.75%4.71%
MFS 2027 Enrollment Portfolio0.82%36.27%5.08%
MFS 2025 Enrollment Portfolio0.8%25%5.12%
MFS Enrolled Portfolio0.79%20%5.16%
BlackRock 2041 Enrollment Portfolio0.82%88.25%5.93%
BlackRock 2033 Enrollment Portfolio0.84%66.25%5.79%
BlackRock 2029 Enrollment Portfolio0.85%52.75%5.56%
BlackRock 2027 Enrollment Portfolio0.86%38.25%5.47%
BlackRock 2025 Enrollment Portfolio0.8%23%5.49%
BlackRock Enrolled Portfolio0.72%10%5.26%
iShares 2041 Enrollment Portfolio0.54%88.27%6.46%
iShares 2033 Enrollment Portfolio0.54%66.17%5.92%
iShares 2029 Enrollment Portfolio0.55%52.84%5.54%
iShares 2027 Enrollment Portfolio0.55%38.15%5.29%
iShares 2025 Enrollment Portfolio0.58%22.96%5.24%
iShares Enrolled Portfolio0.62%10%4.87%

Age-based/Enrollment Year investment options:

Four Enrollment Year options are offered, each using a different investment manager. The Franklin Templeton Year of enrollment Portfolios option contains 11 portfolios of underlying mutual funds. The MFS Year of enrollment Portfolios, the BlackRock Year of enrollment Portfolios, and the iShares Year of enrollment Portfolios each contain 9 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.

Static investment options:

Select among 11 diversified portfolios using BlackRock, iShares, Franklin Templeton and MFS funds; 25 individual-fund portfolios using BlackRock, Franklin Templeton, MFS, Lord Abbett, Neuberger Berman, and New York Life (MainStay) funds; and the Principal Plus Portfolio and NextGen Savings Portfolio.

Underlying investments:

BlackRock, Franklin Templeton, Lord Abbett, MFS, Neuberger Berman, or New York Life (MainStay) 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 New York Life, 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 Fifth Third Bank.

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

None, but contributions may be subject to a sales charge depending on share class.

Account maintenance fee:

None, 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:
0.40% distribution/servicing fee (Class A), or 1.15% distribution/servicing fee (Class C) with additional 0.09% fee to the state.

For all other portfolios:
25% distribution/servicing fee(Class A), 1.00% distribution/servicing fee (Class C) with additional 0.09% fee to the state

(Class I) 0.00% distribution/servicing fee with 0.09% fee to the state
A rebate approximately equal to the Maine Administration Fee may be provided in certain circumstances.

Expenses of the underlying investments:

Ranges from 0.05% to 0.65% (portfolio weighted average) in the Year of enrollment and static multi-fund portfolios and from 0.07% to 0.95% in the individual-fund portfolios. None for the Principal Plus Portfolio and NextGen Savings Portfolio.

Total asset-based expense ratio:

Class A: 0.00% - 1.29%
Class C: 0.00% - 2.04%
Class I: 0.00% - 1.04%

Broker loads and commissions:

Breakpoint pricing:

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?

No

Documents and other services accessible or downloadable on the program's public Web site:

Contact

Website:

https://www.nextgenforme.com/select-series-account/

Telephone:

1-833-336-4529

Telephone for broker use:

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