General InformationDownload PDF Report
State Farm College Savings Plan
Nebraska's State Farm College Savings Plan utilizes Vanguard, State Street, DFA and iShares funds in its age-based and static portfolios. First National Bank serves as program manager and assumed responsibilities as plan distributor from Oppenheimer and OFI in August of 2018. To find a financial advisor in your area, use the Directory of Financial Professionals.
- Program typeSavings
- State agencyNebraska State Treasurer
- Tax deductionTax deduction for single filers $10,000/yrTax deduction for joint filers $10,000/yr
- Program ManagerFirst National Bank of Omaha
- Program distributorFirst National Capital Markets, Inc.
- Manager contract termUNLOCK PRO
Ratings & Rankings
Our overall rating for non-residents
This is a very good program that offers valuable benefits but may have some limitations or concerns that investors need to know.
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?Individuals of legal age, UGMA/UTMA custodians, trusts, state/local governments and 501(c)(3) organizations.
Significant time or age restrictions imposed by the program:None
Maximum contributions:Accepts contributions until all account balances in Nebraska's 529 plans for the same beneficiary reach $400,000.
Minimum contributions:With lump-sum contributions, the minimum initial contribution is $250 per account, and the minimum subsequent contribution is $50 per portfolio. With the automatic investment plan, the minimum contribution level is $50 per portfolio.
Age-based investment options:The Age-Based option contains 9 portfolios. Contributions are placed into the portfolio corresponding to the beneficiary's age, and later reassigned to more conservative portfolios as the beneficiary approaches college age.View more age-based investment options
Static investment options:Select among 7 portfolios: All Equity, Growth, Moderate Growth, Balanced, Conservative, Money Market and Bank Savings.View more static investment options
Underlying investments:Vanguard, State Street, DFA, iShares funds, and Goldman Sachs Government Money Market fund. The Bank Savings option invests in an FDIC-insured savings 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:$25, waived for accounts with a balance exceeding $20,000.
Program management fees:0.27% (including 0.02% state fee) plus distribution fees of 0.25%; 0.27% (including 0.02% state fee) for the Money Market; 0.20% (including 0.02% state fee) for the Bank Savings options.
Expenses of the underlying investments:Ranges from 0.05% to 0.09% (portfolio weighted average) in the age-based options, from 0.05% to 0.18% in the static portfolios, none for the Bank Savings option.
Total asset-based expense ratio:Class A: 0.45% - 0.61%
Bank Savings option: 0.20%
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
- Tax deduction for single filers$10,000/yr
- Tax deduction for joint filers$10,000/yr
Married filing jointly residents contributing $100/month can expect an additional $0 a year in tax savings.