The Education Plan's College Savings Program NEW! PDF ReportPRO

New Mexico

The Education Plan College Savings Program is managed by OppenheimerFunds and features age-based and static portfolio options, some of which are a blend of active-managed funds and index funds, and others are entirely composed of index funds.

5-Cap Rating


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)

Performance Costs Features Reliability Resident Upgrade
2.40 4.84 3.64 4.17 0.60

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Program type:


How to enroll:

Enroll directly with the program.
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Initial year of operation:


State agency(ies):

Education Trust Board of New Mexico

Program manager:

OFI Private Investments, Inc., a subsidiary of OppenheimerFunds, Inc.

Program distributor:

OppenheimerFunds Distributor, Inc.

Manager contract term:

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State residency requirements:


Who can be a participant/owner in the program?

U.S. citizens and resident aliens at least 18 years old with a SSI/TIN number, emancipated minors, UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:



Maximum contributions:

Accepts contributions until all account balances in New Mexico's 529 plans for the same beneficiary reach $500,000.

Minimum contributions:

The required minimum initial contribution is $25, and the minimum subsequent contribution is $25. With the automatic investment plan, the minimum contribution level is $25 per month.

Investment Options

Age-based investment options:

Choose between 2 age-based approaches, one containing portfolios invested in a blend of actively-managed and index funds and the other invested in index funds only. Contributions in the age-based approaches are placed into the portfolio corresponding to the beneficiary's age, and later reassigned to more conservative portfolios as the beneficiary approaches college age. Each approach is offered in a growth and balanced track.

Static investment options:

Select among 13 multi-fund portfolios invested in a blend of actively-managed and index funds, 13 multi-fund portfolios invested only in index funds, and 1 individual-fund portfolio (the Short Term Yield Portfolio).

Underlying investments:

Investments managed by OppenheimerFunds Inc. and its affiliates along with Vanguard.

Underlying fund allocations:

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Portfolio Fees & Performance Lookup

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See Investment Options

Fees & Expenses

Enrollment or application fee:


Account maintenance fee:


Program management fees:

0.10% management fee (includes 0.05% fee to the state)

Expenses of the underlying investments:

Ranges from 0.05% to 0.06% (portfolio weighted average) for index-only options, and from 0.16% to 0.41% (portfolio weighted average) for all other options.

Total asset-based expense ratio:

0.15% - 0.51%

Taxes and other Benefits

Program match on contributions:


State tax deduction or credit for contributions:

Contributions to a New Mexico 529 plan are fully deductible in computing New Mexico taxable income.

State tax recapture provisions:

The principal portion of rollovers and nonqualified withdrawals from this plan are included in New Mexico taxable income to the extent of prior New Mexico tax deductions.

State tax treatment of qualified distributions:

Qualified distributions from New Mexico and non-New Mexico 529 plans are exempt.

State tax treatment of rollovers:

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

Does the sponsoring state exclude the value of an account for state financial aid purposes?


Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?


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


Statutory protection of an account from creditors:

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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?


Can the complete enrollment process including funding be done online?


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

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