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The Hartford SMART529

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Best WV resident benefits

WV resident benefits

While a similar program (SMART529 WV Direct) is available to West Virginia residents on a direct basis, this advisor-sold version is available nationally. The Hartford SMART529 program features a menu of age-based, static, and individual portfolio options utilizing Hartford Funds, Schwab index fund, one MFS fund, and a stable value portfolio managed by Invesco. Accounts can be linked to the Upromise rewards service. To find a financial advisor in your area, use the Directory of Financial Professionals.

The Hartford SMART529Top of the Class

KEY METRICS

OVERVIEW

Program type

Savings

Inception

2002

State agency

State Treasurer's Office under the authority of the West Virginia College and Jumpstart Savings Programs Board of Trustees

Tax deduction

For single filers: No limit

For joint filers: No limit

Program manager

Hartford Insurance Group, Inc.

Program distributor

Hartford Funds Distributors, LLC

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 at least 18 years old, 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 West Virginia's 529 plans for the same beneficiary reach $550,000.

Minimum contributions:

With lump-sum contributions, the minimum initial contribution is $250 ($50 for West Virginia residents), and the minimum subsequent contribution is $25 (no minimum for West Virginia residents). With the automatic investment plan, the minimum contribution level is $25 per month ($15 per month for West Virginia residents).

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 The Hartford SMART529 can select from the following investment options. Click on a portfolio name for more information.

The Age-Based Portfolios option consists of 9 portfolios of underlying 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.
PortfolioE.R. % Equity1yr performance
SMART529 Age-Based Portfolio 0-30.93%92%7.06%
SMART529 Age-Based Portfolio 4-60.92%82%7.02%
SMART529 Age-Based Portfolio 7-90.91%72%6.85%
SMART529 Age-Based Portfolio 10-110.88%62%6.52%
SMART529 Age-Based Portfolio 12-130.86%52%6.25%
SMART529 Age-Based Portfolio 160.73%32%4.73%
SMART529 Age-Based Portfolio 170.69%22%4.17%
SMART529 Age-Based Portfolio 14-150.81%42%5.69%
SMART529 Age-Based Portfolio 18+0.64%12%3.79%

Age-based/Enrollment Year investment options:

The Age-Based Portfolios option consists of 9 portfolios of underlying 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.

Static investment options:

Select among 5 multi-fund portfolios (Aggressive Growth, Growth, Balanced, Conservative Balanced, and Checks and Balances), 12 individual-fund portfolios, and a stable value portfolio.

Underlying investments:

Hartford Funds mutual funds and ETFs, a Schwab index fund, one MFS mutual fund, and a Stable Value portfolio managed by Invesco.

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

$25 annually, deducted at the end of each year, waived for accounts over $25,000, for WV residents, and for accounts in the automatic investment program. No annual maintenance fee for Class E fee structure.

Program management fees:

0.17% management fee (includes 0.07% to the state) except Stable Value has 0.15% management fee (includes 0.05% to the state), plus distribution/servicing fees of 0.25% (Class A), 0.80% (Class B), 0.99% (Class C), or 0% (Class E).

Expenses of the underlying investments:

Ranges from 0.13% to 0.88%.

Total asset-based expense ratio:

Class A: 0.53% - 1.30%
Class B: 1.08 - 1.85%
Class C: 1.27% - 2.04%
Class E: 0.28% - 1.05%

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:

No limit

Tax deduction for joint filers:

No limit

Program match on contributions:

The SMART529 Bright Babies Program provides a one-time incentive contribution in the amount of $100 per designated beneficiary. The designated beneficiary must be a resident of West Virginia and the account must be opened within one year of the birth/adoption date.

State tax deduction or credit for contributions:

Contributions to West Virginia's 529 plans are fully deductible in computing West Virginia taxable income.

Calculate your West Virginia 529 tax benefit

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

Your tax savings per year
$0

Household income

$100,000

Monthly Contribution

$100

State tax recapture provisions:

The principal portion of nonqualified withdrawals from this plan are included in West Virginia taxable income to the extent of prior West Virginia tax deductions. Rollovers apparently are not subject to recapture.

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 for state income tax purposes.

State tax treatment of qualified distributions:

Qualified distributions from West Virginia and non-West Virginia 529 plans are exempt.

State tax treatment of rollovers:

West Virginia follows federal tax-free treatment.

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, but ongoing contributions can be made online.

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

Contact

Website:

https://www.hartfordfunds.com/products/smart529.html

Telephone:

1-866-574-3542

Telephone for broker use:

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