General InformationDownload PDF Report
New York's 529 Advisor-Guided College Savings Plan
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.
- Program typeSavings
- State agencyOffice of the State Comptroller and the New York State Higher Education Services Corporation
- Tax deductionTax deduction for single filers $5,000/yrTax deduction for joint filers $10,000/yr
- Program ManagerAscensus Broker Dealer Services, Inc.
- Program distributorJPMorgan Distribution Services, 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?U.S. citizens and resident aliens including minors, trusts, and UGMA/UTMA custodians.
Significant time or age restrictions imposed by the program:None
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.
Age-based 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.View more age-based investment options
Static investment options:Select among 6 multi-fund portfolios with varying risk tolerances and 16 individual-fund portfolios.View more static investment options
Underlying investments:Primarily JPMorgan, but also funds from SSGA.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 annually for accounts with $25,000 or less.
Program management fees:0.30% 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 0.29% to 0.44% (portfolio weighted average) in the age-based and static multi-fund portfolios, from 0.03% to 0.75% in the individual-fund portfolios.
Total asset-based expense ratio:Class A: 0.58% - 1.30%
Class C: 1.33% - 2.05%
Advisor Class: 0.33% - 1.05%
Broker loads and commissions:UNLOCK PRO
Breakpoint pricing:UNLOCK PRO
Taxes and other Benefits
- Tax deduction for single filers$5,000/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.