General InformationDownload PDF Report

SSGA Upromise 529 Plan logo

SSGA Upromise 529 Plan

The SSGA Upromise 529 plan offers a variety of investment options that use SPDR ETFs as the main investment vehicle. The Plan is managed by Ascensus College Savings with State Street Global Advisors as the investment manager. The program features college-date, risk-based and static portfolio options utilizing SPDR ETFs, and a savings portfolio option. Accounts can be linked to the Upromise rewards service.

Our Ratingx

4.5 of 5

Fee Scorex

3.5 of 5

Performancex

2 of 5

  • Program typeSavings
  • Inception2002
  • State agency
    Board of Trustees of the College Savings Plans of Nevada
  • Tax deduction
    Tax deduction for single filers None
    Tax deduction for joint filers None
  • Program Manager
    Ascensus College Savings is program manager and State Street Global Advisors (SSGA) is investment manager except for the Savings Portfolio, which is managed by Sallie Mae Bank.
  • Program distributor
    Ascensus College Savings
  • Manager contract termUNLOCK PRO

Ratings & Rankings

Our overall rating for NV 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.

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.

Savingforcollege.com's 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories.


4.16of 5
top-ten

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.

Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

U.S. citizens and resident aliens of legal age, 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 Nevada's 529 plans for the same beneficiary reach $370,000.

Minimum contributions:

With lump-sum contributions, the minimum initial contribution is $15, and the minimum subsequent contribution is $15 per month or $45 per quarter. With the automatic investment plan, the minimum contribution level is $15 per month or $45 per quarter via bank transfer or $15 per paycheck via payroll deduction.

Investment Options

Age-based investment options:

Eight College-Date Portfolios allow account owners to select the year in which the beneficiary is expected to start college. The portfolio's investment track is automatically adjusted from more aggressive to more conservative as the beneficiary grows older (and closer to the selected college date year).View more age-based investment options

Static investment options:

Select among three risk-based portfolios (aggressive, moderate, or conservative), 15 individual-fund portfolios, and an FDIC-insured savings account.View more static investment options

Underlying investments:

SPDR ETFs, where applicable, mutual funds managed by SSGA Funds Management, Inc. and a Sallie Mae High-Yield Savings Account.View a full list of this plan's investment options

Underlying fund allocations:

UNLOCK PRO

Portfolio Fees & Performance Lookup

UNLOCK PRO

Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

$20 annually, waived if either the account owner or beneficiary is a resident of Nevada or if the account owner is invested in the Savings Portfolio at the time the annual fee is assessed.

Program management fees:

0.22% manager fee (0.27% for Savings Portfolio) plus state fee of 0.02% and tactical asset allocation fee of 0.07% for risk-based and age-based portfolios.

Expenses of the underlying investments:

0.07% - 0.10% in the age based and static portfolios; 0.04% - 0.65% in the individual fund portfolios; none for the Savings Portfolio.

Total asset-based expense ratio:

0.28% - 0.89%; 0.29% for the Savings Portfolio.

Taxes and other Benefits

  • Tax deduction for single filersNone
  • Tax deduction for joint filersNone

Note

Nevada doesn't offer tax deductions

Program match on contributions:

The Silver State Matching Grant Program provides a maximum $300 annual matching contribution ($1,500 lifetime maximum) for each beneficiary from a Nevada family with prior-year AGI of $74,999 or less. The account owner must also be a Nevada resident. Applications are accepted each year from April 1 through July 31.

State tax deduction or credit for contributions:

Not applicable. Nevada does not have a personal income tax.

State definition of qualified expenses

The state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, as well as up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school.

State tax treatment of qualified distributions:

Not applicable. Nevada does not have a personal income tax.

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

Does the program have a formal agreement with a rewards program or outside scholarship 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..

Upromise Helps Families Save for College

Upromise Helps Families Save for College

Statutory protection of an account from creditors:

UNLOCK PRO

Want to Boost your Savings?

You could be saving more with gifts from family and friends. CollegeBacker makes it easy to start a 529 plan, and then invite others to contribute for birthday parties, holidays, or even on a monthly basis.

Start saving with family and friends

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:

UNLOCK PRO

Contact

Website:

https://www.ssga.upromise529.com

Telephone:

1-866-967-2776

State News