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New York's 529 Advisor-Guided College Savings Plan

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Good NY resident benefits

NY resident benefits

In May 2012 New York's 529 College Savings Program was renamed New York's 529 Advisor-Guided College Savings Plan. Ascensus Broker Dealer Services, Inc. (formerly Upromise Investments, Inc.) serves as Progam Manager but J.P. Morgan Investment Management replaced Columbia Management Group, LLC as the plan's Investment Manager. The plan features age-based, static asset-allocation, and single-fund portfolios utilizing mutual funds from JPMorgan and SSGA. Accounts can be linked to the Upromise rewards service. To find a financial advisor in your area, use the Directory of Financial Professionals.

New York's 529 Advisor-Guided College Savings PlanHigh Honors

KEY METRICS

OVERVIEW

Program type

Savings

Inception

2003

State agency

Office of the State Comptroller and the New York State Higher Education Services Corporation

Tax deduction

For single filers: $5,000/yr per beneficiary

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

Program manager

Ascensus Broker Dealer Services, Inc.

Program distributor

JPMorgan Distribution Services, Inc.

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 including minors, trusts, and UGMA/UTMA custodians.

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Accepts contributions until all account balances in New York's 529 plans for the same beneficiary reach $520,000.

Minimum contributions:

The minimum initial contribution is $1,000 per account. The minimum subsequent contribution is $25 per account. A minimum initial investment of $25 per month or $75 per quarter is required for a recurring contribution, or $25 per month by payroll direct deposit per account.

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

This plan offers a robust gifting platform that allows gift-givers to save their own profile for recurring or future contributions.

Investment Options

Investors in New York's 529 Advisor-Guided College Savings Plan can select from the following investment options. Click on a portfolio name for more information.

The Age-Based Option contains 9 portfolios, each invested in mutual funds. Contributions are placed into the portfolio corresponding to the age of the beneficiary and later reassigned to more conservative portfolios as the beneficiary approaches college.
PortfolioE.R. % Equity1yr performance
JPMorgan 529 Age-Based 9-10 Portfolio0.92%75%5.24%
JPMorgan 529 Age-Based 13 Portfolio0.89%55%5.44%
JPMorgan 529 Age-Based 17 Portfolio0.82%25%5.41%
JPMorgan 529 Age-Based 0-5 Portfolio (Aggressive)0.92%95%4.86%
JPMorgan 529 Age-Based 11-12 Portfolio (Moderate)0.9%65%5.39%
JPMorgan 529 Age-Based 6-8 Portfolio (Moderate Growth)0.92%85%5.19%
JPMorgan 529 Age-Based 15-16 Portfolio (Conservative)0.84%35%5.36%
JPMorgan 529 Age-Based 14 Portfolio (Conservative Growth)0.87%45%5.38%
JPMorgan 529 Age-Based 18 Years and Over (College)0.78%20%5.17%

Age-based/Enrollment Year investment options:

The Age-Based Option contains 9 portfolios, each invested in mutual funds. Contributions are placed into the portfolio corresponding to the age of the beneficiary and later reassigned to more conservative portfolios as the beneficiary approaches college.

Static investment options:

Select among 6 multi-fund portfolios with varying risk tolerances and 18 individual-fund portfolios.

Underlying investments:

Primarily JPMorgan, but also funds from SSGA.

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:

$15 annually for accounts with $25,000 or less.

Program management fees:

0.25% manager fee, plus distribution/servicing fees of 0.25% (Class A), .90% - 1.00% (Class C), and None (Advisor Class)

Expenses of the underlying investments:

Ranges from 0.28% to 0.42% (portfolio weighted average) in the age-based and static multi-fund portfolios, from 0.03% to 0.74% in the individual-fund portfolios.

Total asset-based expense ratio:

Class A: 0.53% - 1.24%
Class C: 1.18% - 1.99%
Advisor Class: 0.28% - 0.99%

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:

$5,000/yr per beneficiary

Tax deduction for joint filers:

$10,000/yr per beneficiary

Program match on contributions:

None.

State tax deduction or credit for contributions:

Contributions to a New York 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing New York taxable income. Only contributions made by the account owner, or if filing jointly, by the account owner's spouse, are deductible. Contribution deadline is December 31 postmark.

Calculate your New York 529 tax benefit

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

Your tax savings per year
$0

Household income

$100,000

Monthly Contribution

$100

State tax recapture provisions:

The Program has received a letter from the DTF advising that all Rollover Distributions from an Account to an account in a 529 plan outside of the Program that occur on or after January 1, 2003, will be treated as New York Nonqualified Withdrawals for New York State tax purposes. This tax treatment applies without regard to whether the Rollover Distribution results in income for federal tax purposes. This means that any portion of the Rollover Distribution that is earnings or for which a previous income deduction was taken will be included in your New York State gross income for that tax year and will be subject to recapture of any previously taken New York State income deductions.

State definition of qualified expenses

The state's definition of qualified education expenses includes expenses for attendance at an institution of higher education or an apprenticeship program, and payments of interest and/or principal on qualified education loans up to a $10,000 lifetime cap as defined by the Internal Revenue Code and its regulations addressing qualified state tuition programs. Distributions from a 529 account directly to the beneficiary's Roth IRA are considered a qualified expense for state income tax purposes. The state's definition does not include tuition for elementary or secondary education.

State tax treatment of qualified distributions:

Qualified distributions from New York and non-New York 529 plans (via conformity to the federal tax exclusion) are exempt.

State tax treatment of rollovers:

New York follows tax-free treatment for rollovers except that, according to a New York State Dept. of Taxation and Finance interpretation, a rollover out of a New York 529 plan is treated as a nonqualified withdrawal. A direct trustee-to-trustee rollover between two New York 529 accounts is not treated as a nonqualified withdrawal for this purpose.

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

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:

Choice of account owner, beneficiary, or eligible educational institution; if the institution, then the withdrawal amount is first directed to the NY Higher Education Services Corp. and then paid to the institution from HESC

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:

http://www.ny529advisor.com/

Telephone:

1-800-774-2108

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