General InformationDownload PDF Report
The West Virginia SMART529 Select 529 savings program is managed by Hartford Funds and features age-based and static portfolio options utilizing Dimensional Fund Advisors mutual funds. Although DFA funds are typically available only through financial advisers, this 529 plan is direct-sold. Accounts can be linked to the Upromise rewards service.
- Program typeSavings
- State agencyState Treasurer's Office under the authority of the West Virginia College Prepaid Tuition and Savings Program Board of Trustees
- Tax deduction
- Program ManagerHartford Funds Management Company, LLC
- Program distributorHartford Funds Distributors, LLC
- 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 at least 18 years old, UGMA/UTMA custodians, and legal entities.
Significant time or age restrictions imposed by the program:None
Alternative 529 Plans
Other great plans you should consider
You are not limited to opening your own state's 529 plan, so shop around. We encourage you to consider the highly rated options below:
Maximum contributions:Accepts contributions until all account balances in West Virginia's 529 plans for the same beneficiary reach $400,000.
Minimum contributions:With lump-sum contributions, the minimum initial contribution is $250 per fund ($50 per fund for West Virginia residents), and the minimum subsequent contribution is $25 per fund (no minimum for West Virginia residents). With the automatic investment plan, the minimum contribution level is $25 per month per fund ($15 per month per fund for West Virginia residents).
Age-based investment options:The Age-Based Portfolios option consists of 7 portfolios of underlying mutual funds with varying risk tolerances. 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 10 multi-fund portfolios with varying risk tolerances.View more static investment options
Underlying investments:Dimensional Fund Advisors Inc.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.
Account maintenance fee:$25 annually, deducted at end of each year. Waived for accounts over $25,000, for WV residents, and for accounts in the automatic investment program.
Program management fees:0.40% management fee (includes 0.05% to the state).
Expenses of the underlying investments:Ranges from 0.17% to 0.27% (portfolio weighted average).
Total asset-based expense ratio:0.57% - 0.67%
Taxes and other Benefits
- Tax deduction for single filersNo limit
- Tax deduction for joint filersNo limit
Married filing jointly residents contributing $100/month can expect an additional $0 a year in tax savings.
Program match on contributions:The SMART529 Bright Babies Program (effective 8/1/15) provides a one-time incentive contribution in the amount of $100 per designated beneficiary born or adopted on or after 1/1/15. The designated beneficiary must be a resident of West Virginia and the account must be opened within one year of the birth/adoption date.
The SMART529 Matching Grant Program (discontinued for new applications as of 8/31/15) provides matching grants to eligible West Virginia families in an amount up to $500 per designated beneficiary per year, up to a lifetime maximum of $2,500 per designated beneficiary, with a dollar for dollar match.