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Franklin Templeton 529 College Savings Plan

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Best NJ resident benefits

NJ resident benefits

New Jersey Franklin Templeton 529 College Savings Plan is an advisor-sold 529 savings program managed by Franklin Templeton featuring year of enrollment and static portfolio options utilizing mutual funds and/or ETFs along with a money market option. To find a financial advisor in your area, use the Directory of Financial Professionals.

Franklin Templeton 529 College Savings PlanHigh Honors

KEY METRICS

OVERVIEW

Program type

Savings

Inception

2003

State agency

New Jersey Higher Education Student Assistance Authority (HESAA)

Tax deduction

For single filers: $10,000/yr per beneficiary

For joint filers: $10,000/yr per beneficiary

Program manager

Franklin Distributors, Inc.

Program distributor

Franklin Distributors, Inc.

Manager contract term

MORE INFORMATION

Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

Individuals of legal age, trusts, corporations, UGMA/UTMA custodians, and other legal entities. Account owners must provide a Taxpayer Identification Number.

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Accepts contributions until all account balances in New Jersey's 529 plans for the same beneficiary reach $305,000.

Minimum contributions:

$250, or $25 if you choose automatic monthly investing. A Financial Intermediary may impose other minimum initial or ongoing contribution requirements.

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

This plan offers an online tool to share a gift contribution link with family and friends., Designed exclusively for Franklin Templeton College Savings Plan account owners, Spryng is a personal crowdfunding tool designed to encourage family and friends to make contributions toward an education savings plan.

Investment Options

Investors in Franklin Templeton 529 College Savings Plan can select from the following investment options. Click on a portfolio name for more information.

The Year of Enrollment option contains 11 portfolios of underlying mutual funds invest in Franklin Templeton. Contributions are placed into the portfolio corresponding to the anticipated year of college enrollment, and reassigned to the College Portfolio upon reaching that year.
PortfolioE.R. % Equity1yr performance
Franklin Target 2025 529 Portfolio0.65%22.72%4.74%
Franklin Target 2026 529 Portfolio0.65%32.46%4.93%
Franklin Target 2027 529 Portfolio0.66%42.45%5.1%
Franklin Target 2029 529 Portfolio0.66%54.98%5.2%
Franklin Target 2031 529 Portfolio0.66%64.98%5.25%
Franklin Target 2033 529 Portfolio0.66%74.99%5.45%
Franklin Target 2035 529 Portfolio0.67%85.02%5.56%
Franklin Target 2037 529 Portfolio0.67%94.29%5.66%
Franklin Target 2039 529 Portfolio0.67%99.06%N/A
Franklin Target 2041 529 Portfolio0.67%99.06%5.77%
Franklin Target Enrolled 529 Portfolio0.65%17.97%4.36%

Age-based/Enrollment Year investment options:

The Year of Enrollment option contains 11 portfolios of underlying mutual funds invest in Franklin Templeton. Contributions are placed into the portfolio corresponding to the anticipated year of college enrollment, and reassigned to the College Portfolio upon reaching that year.

Static investment options:

Choose from 3 multi-fund portfolios, 12 individual-fund portfolios, including ESG (Environmental Social Governance) and MWBE (Minority-owned, Women-owned, Business Enterprise) options.

Underlying investments:

Franklin Templeton funds, affiliate funds (Brandywine Global Investment Management, LLC, Clarion Partners, LLC, ClearBridge Investments, LLC, Martin Currie Investment Management Limited, Royce Investment Partners and Western Asset Management Company, LLC), Ariel Fund, iShares, Schwab, and Vanguard.

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

Program management fees:

0.25% manager fee, plus distribution/servicing fees of 0.25% (Class A), or 1.00% (Class C); none for Advisor class and Franklin Money Portfolio.

Expenses of the underlying investments:

0.18% (portfolio weighted average) in the year of enrollment and objective-based portfolios, and from 0.03% to 0.75% in the individual-fund portfolios.

Total asset-based expense ratio:

Class A: 0.16% - 1.25%
Class C: 0.16% - 2.00%
Advisor class: 0.28% - 1.00%

Broker loads and commissions:

Breakpoint pricing:

Does breakpoint pricing include non-529 assets under rights of accumulation policies

Taxes and other Benefits

Tax deduction for single filers:

$10,000/yr per beneficiary

Tax deduction for joint filers:

$10,000/yr per beneficiary

Program match on contributions:

For accounts opened by a New Jersey resident on or after June 29, 2021, the New Jersey Higher Education Student Assistance Authority provides a one-time grant of up to $750 in a dollar-for-dollar match of the account owner's initial deposit into the account, subject to income and program participation requirements. Visit HESAA.com for terms and conditions and how to apply. This program is subject to available funding.

New Jersey beneficiaries are also eligible for a one-time scholarship of up to $3,000 for one semester at any New Jersey college or university subject to minimum participation and contribution requirements.

State tax deduction or credit for contributions:

New Jersey taxpayers, with gross income of $200,000 or less, may qualify for a state income tax deduction for contributions into an NJBEST plan of up to $10,000 per taxpayer, per year, beginning with contributions made in tax year 2022.

Calculate your New Jersey 529 tax benefit

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

Your tax savings per year
$0

Household income

$100,000

Monthly Contribution

$100

State definition of qualified expenses

The state's definition of qualified education expenses currently includes expenses for attendance at an institution of higher education or an apprenticeship program, as defined by the Internal Revenue Code and its regulations addressing qualified state tuition programs. This include tuition for elementary or secondary education, or education loan payments.

State tax treatment of qualified distributions:

Qualified distributions from New Jersey and non-New Jersey 529 plans are exempt.

State tax treatment of rollovers:

New Jersey follows federal tax-free treatment.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

Yes, by state regulation.

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 change 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.franklintempleton.com/planning-and-learning/planning-for/education

Telephone:

1-866-362-1597

Telephone for broker use:

Social Media

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