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my529

my529, formerly named Utah Educational Savings Plan (UESP), is a direct-sold 529 college savings plan available to residents of any state. my529 offers investment options consisting of Vanguard and Dimensional funds, and an FDIC-insured account option. Utah residents may enjoy a state tax credit for contributions to the plan.

  • Program typeSavings
  • Inception1996
  • State agencyUtah Higher Education Assistance Authority
  • Program ManagerUtah Higher Education Assistance Authority
  • Program distributorNot applicable.
  • Manager contract termUNLOCK PRO

Ratings & Rankings

Our overall rating for UT residents

This is a program that offers outstanding flexibility, attractive investments, and additional economic benefits (such as generous state tax incentives) that for some people, at least, will provide a substantial boost to their savings. There are few, if any, weaknesses noted in the program.

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.

2.55out 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?

Individuals at least 18 years old, UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:

None. The requirement that distributions begin by a certain age or date was removed in 2008.

Contributions

Maximum contributions:

Accepts contributions until all account balances in Utah's 529 plan for the same beneficiary reach $446,000.

Minimum contributions:

No minimum.

Investment Options

Age-based investment options:

Four age-based investment options, with different underlying investments and risk levels, are offered. Contributions are allocated among the underlying investments according to the option selected and the age of the beneficiary, and are reallocated to become more conservative as the beneficiary approaches college age. A fifth, the Customized Age-Based investment option allows for a customized account asset allocation from as many as 30 underlying investments, and automatically reallocates to a new customized underlying investment allocation each time the beneficiary's age qualifies for the next of ten possible age brackets.View more age-based investment options

Static investment options:

Eight static investment options are offered, allowing selection among one individual-fund index portfolio, one fixed income multi-fund portfolio, four equity-index multi-fund portfolios, an FDIC-insured account held in trust by my529 at Sallie Mae Bank and U.S. Bank National Association (U.S. Bank), and the State Treasurers' Investment Fund (one for Non-Utah residents and one for Utah residents). A ninth, the Customized Static Option, allows for a customized mix of investments using as many as 30 underlying fund choices.View more static investment options

Underlying investments:

19 Vanguard mutual funds, 10 Dimensional mutual funds, FDIC-insured accounts held in trust by my529 at Sallie Mae Bank and U.S. Bank National Association (U.S. Bank), and the Utah Public Treasurers' Investment Fund.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:

Ranges from 0.11% to 0.20%, except the State Public Treasurers' Investment Fund incurs no additional expenses for Utah residents.

Expenses of the underlying investments:

Ranges from 0.009% to 0.042%, except the State Public Treasurers' Investment Fund and the FDIC-Insured option incur no additional expenses. 0% to 0.395% for Customized Investment Options.

Total asset-based expense ratio:

0.150% - 0.202% (Utah residents 0.000% - 0.202%) for my529 investment options excluding the Customized Age-Based and the Customized Static options. The Customized Static and Age-Based options range is 0.200% - 0.595%, depending on the investment mix selected by the account owner.

Taxes and other Benefits

  • Tax credit for single filers$1,960/yr
  • Tax credit for joint filers$3,920/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 the Utah 529 plan of up to $1,960 in 2018 per beneficiary by an individual, and up to $3,920 in 2018 per beneficiary by a married couple filing jointly, are eligible for a 5% credit against Utah income tax. The maximum credit in 2018 is $98 per beneficiary for single taxpayers and $196 per beneficiary for joint filers. The credit limits are increased each year for inflation, but not decreased for deflation. Contributions to an account established after a beneficiary reaches age 19 are not eligible. Contributions from a non-owner are creditable by the account owner and not by the non-owner/contributor. Contribution deadline is receipt by December 31 for online processing; December 31, or the last working day of the year, for manual processing.

State tax recapture provisions:

The principal portion of rollovers and nonqualified withdrawals from this plan are included in Utah taxable income to the extent of prior Utah tax deductions or Utah tax credits. Nonqualified withdrawals for this purpose do not include withdrawals eligible for federal penalty waiver.

State definition of qualified expenses

The state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, as well as up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school.

State tax treatment of qualified distributions:

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

State tax treatment of rollovers:

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

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, except that my529 account owners who resided in Utah and owned a my529 account for eight consecutive years prior to May 5, 2008, may be eligible to receive in-state tuition at an eligible Utah state school.

Does the program have a formal agreement with a rewards program or outside scholarship program?

No

Statutory protection of an account from creditors:

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NextGen College Investing Plan -- Client Direct Series

The Maine NextGen College Investing Plan -- Client Direct Series is available through Merrill Edge. The plan utilizes BlackRock (including iShares) funds in its age-based and static options. In addition, the Principal Plus Portfolio and the NextGen Savings Portfolio are available.

Our rating for residents
Our rating for non-residents
Fees - 0.52%
Performance
1-YR
3-YR
5-YR
10-YR
12.4%
7.58%
9.62%
6.72%

Why we like this plan

  • Strong long-term performance
  • Low fees
  • Matching Grants for qualifying accounts

Distributions & Terminations

To whom are distributions made payable:

Eligible educational institution, beneficiary, or account owner, as directed by the account owner. K-12 tuition will only be payable to 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

Website:

https://my529.org/

Telephone:

1-800-418-2551

Twitter

@my529plan