General InformationDownload PDF Report

The Education Plan's College Savings Program logo

The Education Plan's College Savings Program

The Education Plan College Savings Program is managed by OppenheimerFunds and features age-based and static portfolio options, some of which are a blend of active-managed funds and index funds, and others are entirely composed of index funds.


  • Program typeSavings
  • Inception2000
  • State agency
    Education Trust Board of New Mexico
  • Tax deduction
    Tax deduction for single filers No limit
    Tax deduction for joint filers No limit
  • Program Manager
    OFI Private Investments, Inc., a subsidiary of OppenheimerFunds, Inc.
  • Program distributor
    OppenheimerFunds Distributor, Inc.
  • Manager contract termUNLOCK PRO

Ratings & Rankings

Our overall rating for NM 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.


2.36out of 5

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 at least 18 years old with a SSI/TIN number, emancipated minors, UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:

None

Did you know?

  • NM residents can claim a tax deduction for contributions to a NM 529 plan.

    Contributions are deductible in computing state taxable income

  • 529 plan contributions grow tax-free.

    Withdrawals are tax-free when used to pay for qualified higher education expenses.

  • You can contribute as much as you want, as often as you want.

    The key is to get started. Enroll today by completing a quick form online.

The Education Plan's College Savings Program logo

Contributions

Maximum contributions:

Accepts contributions until all account balances in New Mexico's 529 plans for the same beneficiary reach $500,000.

Minimum contributions:

No minimum.,

Investment Options

Age-based investment options:

Choose between 2 age-based approaches, one containing portfolios invested in a blend of actively-managed and index funds and the other invested in index funds only. Contributions in the age-based approaches are placed into the portfolio corresponding to the beneficiary's age, and later reassigned to more conservative portfolios as the beneficiary approaches college age. Each approach is offered in a growth and balanced track.View more age-based investment options

Static investment options:

Select among 13 multi-fund portfolios invested in a blend of actively-managed and index funds, 13 multi-fund portfolios invested only in index funds, and 1 individual-fund portfolio (the Short Term Yield Portfolio).View more static investment options

Underlying investments:

Investments managed by OppenheimerFunds Inc. and its affiliates along with Vanguard.View a full list of this plan's investment options

Underlying fund allocations:

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Portfolio Fees & Performance Lookup

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Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

None

Program management fees:

0.10% management fee (includes 0.05% fee to the state)

Expenses of the underlying investments:

Ranges from 0.05% to 0.06% (portfolio weighted average) for index-only options, and from 0.16% to 0.41% (portfolio weighted average) for all other options.

Total asset-based expense ratio:

0.15% - 0.51%

Taxes and other Benefits

  • Tax deduction for single filersNo limit
  • Tax deduction for joint filersNo limit

Example

Married filing jointly residents contributing $100/month can expect an additional $0 a year in tax savings.

Program match on contributions:

None.

State tax deduction or credit for contributions:

Contributions to a New Mexico 529 plan are fully deductible in computing New Mexico taxable income.

State tax recapture provisions:

The principal portion of rollovers and nonqualified withdrawals from this plan are included in New Mexico taxable income to the extent of prior New Mexico tax deductions.

State tax treatment of qualified distributions:

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

State tax treatment of rollovers:

New Mexico follows federal tax-free treatment except that outbound rollovers are subject to the recapture of prior state tax deductions.

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

Yes

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.

Statutory protection of an account from creditors:

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Did you know?

  • Residents are not limited to investing in their own state's 529 plan.

    Another state may offer a plan that performs better and has lower fees.

  • The 529 plan chosen does not affect which state the student enrolls in.

    You can live in New York, open a plan from Nevada and send a student to college in Florida.

  • The best way to maximize your college savings?

    Start early and save often. You can get started today with easy online enrollment.

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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:

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Contact

Telephone:

1-877-337-5268

Start saving for your child's future today


Step 1

Click the blue Enroll Now button to the right

Step 2

Complete the online application and make your first deposit

The Education Plan's College Savings Program logo