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ME NextGen College Investing Plan |
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State Provider: Maine; Net Assets ($mil):
$4,565.5 as of
10-31-09 |
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Maine's NextGen College Savings Plan is managed by Merrill Lynch and available directly from the state and through brokers. Residents can deduct up to $250 per year per beneficiary provided that they have annual incomes less than $100,000 ($200,000 for joint filers). That deduction can be applied to any 529 plan in the country. But as an incentive for lower-income residents (those with annual income of $75,000 or less) to stay at home, the state offers a matching grant on contributions of up to $200 per year per beneficiary. Residents are exempt from the plan's $25 annual account maintenance fee. The direct-sold plan isn't as versatile as its advisor-sold sibling, but it does offer a good age-based track with a reasonable price range of 0.79% to 0.93%. The broker-sold age-based plans range in price from 0.94% to 1.26%. Investors in the broker-sold plans are subject to the state's annual administration fee of 0.15% (although those with a balance exceeding $1,000 are eligible for a rebate). This plan makes sense for residents who can take advantage of the state's tax deduction and grant programs. Other residents and nonresidents should take a look at it as well, as the direct-sold plan has reasonable costs and the broker-sold version offers plenty of flexibility. (Information as of 03/24/2009) |
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| Availability: Sales Channel |
Resident: Both
Non-Resident: Both
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| Annual State Tax Deduction |
| Max Investment/Beneficiary |
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$340,000 |
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(includes appreciation)
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| Mos. to Qualified Withdrawal |
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Public, Private & International
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| BR Age-Based Advisor, FT Age-Based Advisor, MFS Age-Based Advisor |
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Age-Based Portfolios
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| Static Portfolios |
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| US Stock
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Bond |
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| Total International Funds: 292 |
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| Underlying Funds’ Ratings |
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| Overall Morningstar Rating |
# Equity
Funds |
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# Bond
Funds |
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| Ratings as of
10-31-09 |
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| Range |
0.00
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2 |
| 529 Plan Avg |
0.8 |
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| Portfolio Expense Ratio Range |
| Fee to Change Beneficiary |
| Share Classes: Sales Charge |
| A:
4.5 – 5.75% (front-load) |
| C:
0.5 – 1% (deferred-load) |
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| Initial Purchase |
$250 |
$250 |
| Additional Purchase |
50 |
50 |
| Initial (AIP) |
50 |
50 |
| Additional (AIP) |
50 |
50 |
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