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CollegeBound 529 (Advisor-sold)

3.5 / 5

Our rating

Good RI resident benefits

RI resident benefits

Rhode Island's CollegeBound 529 savings program is managed by Ascensus College Savings with Invesco Advisors, Inc. as investment manager. The plan is sold through brokers (unit classes A and C) and registered investment advisors (unit class I). Rhode Island residents purchasing through advisors can use lower-cost classes RA and RZ. The program features a menu of age-based and static portfolio options utilizing Invesco funds. Accounts can be linked to the Upromise rewards service. To find a financial advisor in your area, use the Directory of Financial Professionals.

CollegeBound 529 (Advisor-sold)

KEY METRICS

OVERVIEW

Program type

Savings

Inception

1998, substantially changed in 2016.

State agency

General Treasurer of Rhode Island

Tax deduction

For single filers: $500/yr per beneficiary

For joint filers: $1,000/yr per beneficiary

Program manager

Ascensus College Savings

Program distributor

Invesco Distributors

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, UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Accepts contributions until all account balances in Rhode Island's 529 plan for the same beneficiary reach $520,000.

Minimum contributions:

None

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 CollegeBound 529 (Advisor-sold) can select from the following investment options. Click on a portfolio name for more information.

The Age-Based Portfolios option contains 10 age bands corresponding to expected dated of college enrollment. The asset mix (or allocation) of the Age-Based Portfolios shifts to a more conservative investment allocation over time.
PortfolioE.R. % Equity1yr performance
Invesco CollegeBound 2037-2038 Portfolio0.79%73%3.94%
Invesco CollegeBound 2039-2040 Portfolio0.79%82.75%3.79%
Invesco CollegeBound 2041-2042 Portfolio0.79%84.75%3.74%
Invesco CollegeBound 2043-2044 Portfolio0.79%85%N/A
Invesco CollegeBound Today Portfolio0.74%10%4.14%
Invesco CollegeBound 2025-2026 Portfolio0.79%16%4.94%
Invesco CollegeBound 2027-2028 Portfolio0.79%27.75%4.72%
Invesco CollegeBound 2029-2030 Portfolio0.79%38.75%4.61%
Invesco CollegeBound 2031-2032 Portfolio0.79%48%4.45%
Invesco CollegeBound 2033-2034 Portfolio0.79%54.25%4.25%
Invesco CollegeBound 2035-2036 Portfolio0.79%64.25%4.09%

Age-based/Enrollment Year investment options:

The Age-Based Portfolios option contains 10 age bands corresponding to expected dated of college enrollment. The asset mix (or allocation) of the Age-Based Portfolios shifts to a more conservative investment allocation over time.

Static investment options:

Select among four Target-Risk Portfolios (Aggressive Growth, Growth, Moderate and Conservative), and 20 individual-fund portfolios.

Underlying investments:

Invesco mutual funds and ETFs.

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:

$20 annually for accounts with less than $25,000, waived for Rhode Island residents, and for accounts in the automatic contribution plan.

Program management fees:

0.14% (includes 0.02% state administrative fee), plus distribution/servicing fee of 0.25% (Class A), 1.00% (Class and C), or 0.00% (Class I). None for Class RA or RZ.

Expenses of the underlying investments:

Ranges from 0.19% to 0.38% in the age-based and target-risk portfolios (portfolio weighted average), and from 0.18% to 0.90% in the individual-fund portfolios.

Total asset-based expense ratio:

Class A: 0.59% - 1.31%
Class C: 1.34% - 2.06%
Class RA (RI-resident): 0.43% - 1.15%
Class RZ (RI-resident): 0.18% - 0.90%
Class I: 0.34% - 1.06%

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:

$500/yr per beneficiary

Tax deduction for joint filers:

$1,000/yr per beneficiary

Program match on contributions:

Children born to or adopted by Rhode Island families are eligible for a $100 "CollegeBoundbaby" grant to be used for Qualified Expenses if the request is received by the Treasurer within one (1) year of their birth or adoption.

State tax deduction or credit for contributions:

Contributions to the Rhode Island 529 plan of up to $500 per year by an individual, and up to $1,000 per year by married taxpayers filing jointly are deductible in computing Rhode Island taxable income, with an unlimited carry forward of excess contributions. Rollovers from another 529 plan are not deductible. Contribution deadline is December 31.

Calculate your Rhode Island 529 tax benefit

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

Your tax savings per year
$0

Household income

$100,000

Monthly Contribution

$100

State tax recapture provisions:

Rhode Island requires the "recapture" of certain deductions in computing Rhode Island tax if you take a Non-Qualified Distribution or a Rollover Distribution into another state's Qualified Tuition Program.

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 does not include tuition for elementary or secondary education, or education loan payments. Distributions from a 529 account directly to a Roth IRA are considered a qualified expense for state income tax purposes.

State tax treatment of qualified distributions:

Qualified distributions from Rhode Island and non-Rhode Island 529 plans are exempt.

State tax treatment of rollovers:

Rhode Island follows federal tax-free treatment except that, in the two taxable years following the year of deduction, 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

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 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:

https://www.invesco.com/college-bound-529-plan/?ivz_campaign=collegebound-529&ivz_source=vanityurl&ivz_content=collegebound-529-com

Telephone:

1-877-615-4116

Telephone for broker use:

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