529 PLANS

DreamAhead College Investment Plan NEW! PDF ReportPRO

Washington

The DreamAhead College Investment Plan is sponsored and distributed by the Washington Student Achievement Council. Sumday Administration, LLC, a BNY Mellon Company, provides program management, recordkeeping and administrative support services. Investment options include year of enrollment portfolios and static investment portfolios.

5-Cap Rating

Resident:
Non-Resident:

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. (Scale 0 to 5; 5 is highest)

General

Program type:

Savings

How to enroll:

Enroll directly with the program

Initial year of operation:

2018

State agency(ies):

Washington Student Achievement Council

Program manager:

Sumday Administration, LLC

Program distributor:

Committee on Advanced Tuition Payment and College Savings

Manager contract term:

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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.

Contributions

Maximum contributions:

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

Minimum contributions:

Initial contribution of $25 per portfolio; $5 per portfolio thereafter

Investment Options

Age-based investment options:

The Year of Enrollment Option is offered in 3 risk levels (Conservative, Moderate, or Growth), each containing 10 portfolios of underlying mutual funds. Year of Enrollment Portfolios are designed to evolve over time to transition from a heavier allocation to underlying funds that invest in equities (stocks) in earlier years to a more conservative underlying funds that invest in fixed income (bonds) and money market instruments (cash preservation) as the beneficiary approaches college age.

Static investment options:

Select among seven static investment options.

Underlying investments:

Fidelity, JPMorgan, Schwab, Vanguard

Underlying fund allocations:

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See Investment Options

Fees & Expenses

Enrollment or application fee:

None

Account maintenance fee:

$35 annually

Program management fees:

0.12% manager fee and a 0.10% administrative fee to the state

Expenses of the underlying investments:

Ranges from 0.064% to 0.135% (portfolio weighted average) in the enrollment based portfolios, and 0.056% to 0.18% in the static portfolios

Total asset-based expense ratio:

0.266% to 0.4%

Taxes and other Benefits

Program match on contributions:

None

State tax deduction or credit for contributions:

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

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.

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:

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Contact

Website:

http://www.dreamahead.wa.gov/

Telephone:

1-844-529-5845

State News

 

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