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WA529 Invest Education Savings Plan

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Good WA resident benefits

WA resident benefits

WA529 Invest is Washington's direct-sold 529 college savings plan that helps families save for future higher education expenses. WA529 Invest opened in 2018 as "DreamAhead", and since then, over 20,000 students have taken distributions of $635.5 million in benefits to help pay for qualified higher education expenses at colleges, universities, and technical schools nationwide.

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WA529 Invest Education Savings Plan

KEY METRICS

OVERVIEW

Program type

Savings

Inception

2018

State agency

Washington Student Achievement Council

Tax deduction

For single filers: None

For joint filers: None

Program manager

TIAA-CREF Tuition Financing, Inc.

Program distributor

Committee on Advanced Tuition Payment and College Savings (WA529 Committee)

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 of legal age, UGMA/UTMA custodians, and legal entities.

Did you know?

  • 529 plan contributions grow tax-free.

    Withdrawals are tax-free when used to pay for qualified higher education expenses.

  • You can contribute as much as you want, as often as you want.

    The key is to get started. Enroll today by completing a quick form online.

WA529 Invest Education Savings Plan
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Enroll Now Count22,224 Clicked to Enroll

Contributions

Maximum contributions:

Accepts contributions until all account balances in Washington's tuition programs for the same beneficiary reach $500,000.

Minimum contributions:

Minimum contribution of $1.00.

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

Enhanced gifting through our Ugift® gifting platform. Plan participants can provide a unique contribution code to selected family and friends, and gift givers can either contribute online through a one-time or recurring EFT or by mail.

Investment Options

Investors in WA529 Invest Education Savings Plan can select from the following investment options. Click on a portfolio name for more information.

The Enrollment Year Investment Option offers Portfolios designed for different Enrollment Years (anticipated enrollment year at an Eligible Educational Institution) in two-year increments. Each Portfolio becomes progressively more conservative by changing its underlying investments as your Beneficiary approaches the targeted enrollment year. Each Portfolio invests in one or more Underlying Funds managed by Nuveen or Vanguard. Portfolios for Beneficiaries with a shorter investment timeline also invest in a funding agreement issued by TIAA-CREF Life.
PortfolioE.R. % Equity1yr performance
2042/2043 Enrollment Portfolio0.25%90%N/A
2040/2041 Enrollment Portfolio0.25%85%N/A
2038/2039 Enrollment Portfolio0.25%80%N/A
2036/2037 Enrollment Portfolio0.25%70%N/A
2034/2035 Enrollment Portfolio0.25%60%N/A
2032/2033 Enrollment Portfolio0.25%50%N/A
2030/2031 Enrollment Portfolio0.24%40%N/A
2028/2029 Enrollment Portfolio0.23%35%N/A
2026/2027 Enrollment Portfolio0.22%25%N/A
Enrolled Portfolio0.21%15%N/A

Age-based/Enrollment Year investment options:

The Enrollment Year Investment Option offers Portfolios designed for different Enrollment Years (anticipated enrollment year at an Eligible Educational Institution) in two-year increments. Each Portfolio becomes progressively more conservative by changing its underlying investments as your Beneficiary approaches the targeted enrollment year. Each Portfolio invests in one or more Underlying Funds managed by Nuveen or Vanguard. Portfolios for Beneficiaries with a shorter investment timeline also invest in a funding agreement issued by TIAA-CREF Life.

Static investment options:

The Multi-Fund Investment Option offers six (6) Portfolios. Unlike the Portfolios in the Enrollment Year Investment Option, if you invest in a Multi-Fund Portfolio, the composition of investments within the Portfolio remains fixed over time, subject to periodic re-balancing back to the Portfolio guidelines and any changes in investment policy made by the Committee. Each Portfolio invests in multiple Underlying Funds, each of which is managed by either Nuveen or Vanguard. If you invest in a Multi-Fund Portfolio, your assets will not automatically shift to more conservative investments over time. The Single Fund Investment Option offers three (3) Portfolios. Each Portfolio invests in a single Underlying Fund, which is managed by Calvert, Nuveen, or Vanguard. If you invest in a Single Fund Portfolio, your assets will not shift automatically to more conservative investments over time.

Underlying investments:

Vanguard, Nuveen, Calvert

Underlying fund allocations:

Fees & Expenses

Enrollment or application fee:

None

Account maintenance fee:

No account maintenance fee.

Program management fees:

0.07% manager fee and a 0.12% administrative fee to the state

Expenses of the underlying investments:

Ranges from 0.023% to 0.061% (portfolio weighted average) in the enrollment-based portfolios; and 0.030% to 0.060% in the static portfolios, except for the Socially Responsible Portfolio, which is 0.190%, and Principal Plus Interest Portfolio, which charges no fees.

Total asset-based expense ratio:

0.000% to 0.251%, except for the Socially Responsible Portfolio which is 0.380%.

Taxes and other Benefits

Tax deduction for single filers:

None

Tax deduction for joint filers:

None

Note:

Washington doesn't offer tax deductions

Program match on contributions:

None

State tax deduction or credit for contributions:

Not applicable. Washington does not have a personal income tax.

State tax recapture provisions:

N/A

State definition of qualified expenses

The state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, apprenticeship programs, interest and/or principal on qualified education loans up to a $10,000 lifetime cap, and up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school. Distributions from a 529 account directly to a Roth IRA are considered a qualified expense.

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:

Did you know?

  • Residents are not limited to investing in their own state's 529 plan.

    Another state may offer a plan that performs better and has lower fees.

  • The 529 plan chosen does not affect which state the student enrolls in.

    You can live in New York, open a plan from Nevada and send a student to college in Florida.

  • The best way to maximize your college savings?

    Start early and save often. You can get started today with easy online enrollment.

WA529 Invest Education Savings Plan
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Enroll Now Count22,224 Clicked to Enroll

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?

Yes

Documents and other services accessible or downloadable on the program's public Web site:

Contact

Website:

http://529invest.wa.gov/

Telephone:

1-844-529-5845

Twitter

http://twitter.com/wa529Plans

Social Media

Facebook: http://www.facebook.com/WA529
Instagram: @wa529plans
LinkedIn: linkedin.com/company/wa529

Start saving for your child's future today

Complete the online application and make your first deposit

WA529 Invest Education Savings Plan
Enroll Now
Enroll Now Count22,224 Clicked to Enroll

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