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MFS 529 Savings Plan

Oregon's MFS 529 Savings Plan, an advisor-sold 529 savings program features age-based and static portfolio options utilizing MFS mutual funds. To find a financial advisor in your area, use the Directory of Financial Professionals.


  • Program typeSavings
  • Inception2002
  • State agency
    Oregon 529 Savings Board, chaired by State Treasurer
  • Tax deduction
    Tax deduction for single filers $2,375/yr
    Tax deduction for joint filers $4,750/yr
  • Program Manager
    MFS Fund Distributors, Inc.
  • Program distributor
    MFS Fund Distributors, Inc.
  • Manager contract termUNLOCK PRO

Ratings & Rankings

Our overall rating for OR 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.


3.25out of 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. An account owner must be a U.S. resident with a U.S. address.

Significant time or age restrictions imposed by the program:

None.

Contributions

Maximum contributions:

Accepts contributions until all account balances in the program for the same beneficiary reach $310,000.

Minimum contributions:

With lump-sum contributions, the minimum initial contribution is $250. There is no minimum for subsequent contributions or for contributions into the automatic contribution plan.

Investment Options

Age-based investment options:

The Age-Based Investment Option contains 6 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the beneficiary's age, and later reassigned to more conservative portfolios as the beneficiary approaches college age.View more age-based investment options

Static investment options:

Select among 5 multi-fund options (Aggressive Growth, Growth, Moderate, Conservative andand Lifetime Income) and 14 individual-fund options.View more static investment options

Underlying investments:

MFS mutual funds.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, but contributions may be subject to a sales charge depending on share class.

Account maintenance fee:

$25 annually for accounts with less than $25,000, waived for Oregon residents.

Program management fees:

0.05 program management fee, plus distribution/servicing fees of 0.25% (Class 529A) or 1.00% (Classes 529B and 529C).

Expenses of the underlying investments:

Ranges from 0.40% to 0.72% in the age-based and static multi-fund portfolios (portfolio weighted averages), and from 0.33% to 0.89% in the individual-fund portfolios. Waivers are in effect with end dates ranging from August 2018 to August 2019.

Total asset-based expense ratio:

Class A: 0.71% - 1.38%
Class B: 1.53% - 2.15%
Class C: 1.53% - 2.15%

Broker loads and commissions:

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Breakpoint pricing:

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Taxes and other Benefits

  • Tax deduction for single filers$2,375/yr
  • Tax deduction for joint filers$4,750/yr

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 an Oregon 529 plan of up to $2,375 by an individual, and up to $4,750 by a married couple filing jointly, are deductible in computing Oregon taxable income, with a four-year carryforward of excess contributions. The limits are to be adjusted each year for inflation. Contribution deadline is April 15 of the following year.

State tax recapture provisions:

The principal portion of nonqualified withdrawals from this plan are included in Oregon taxable income to the extent of prior Oregon tax deductions. Rollovers are not subject to recapture.Rollovers are not subject to recapture. K-12 distributions will be subject to state tax recapture if a deduction is claimed. Tax deductions received on K-12 withdrawals will be calculated into the amount owed the state for the current tax year. Also, any earnings tied to the K-12 withdrawal will count also as state taxable income.

State tax treatment of qualified distributions:

Qualified distributions from Oregon and non-Oregon 529 plans are exempt.

State tax treatment of rollovers:

Oregon follows federal tax-free treatment.

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.

Statutory protection of an account from creditors:

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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?

No

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:

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Contact

Website:

https://www.mfs.com/en-us/individual-investor/investment-planning/529-college-planning.html

Telephone:

1-866-637-7526

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