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MO Svg for Tuit Prog |
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State Provider: Missouri; Net Assets ($mil):
$1,132.9 as of
10-31-09 |
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This Upromise direct-sold plan, which took its current shape in June 2007, has clear appeal for Missourians. For starters, in-state residents can deduct up to $8,000 of plan contributions per year on their state income taxes (married couples filing a joint return can deduct up to $16,000 a year). The plan is also stocked full of low-cost, tried and true Vanguard index funds, as well as a few actively-managed equity funds from American Century. Participants looking for a hands-off approach can choose from among three different age-based options--which automatically become more conservative as the beneficiary reaches college age--based on their risk tolerance. Those who prefer to customize their own asset allocation can also choose from an array of static portfolios ranging from decent to mediocre. The Vanguard options, which primarily make up the age-based tracks, are reasonably priced at a flat annual fee of 0.62% of assets. Unfortunately, the same can't be said for the annual fees on the American Century portfolios, which range from a pricey 0.92% to 1.51% of assets. The index options are solid, though, and the asset mix of the different age-based tracks are varied enough to appeal to a broad group of investors. Non-residents shouldn't overlook cheaper Vanguard index plans offered by states like Nevada and Ohio's direct sold plan, but the state-tax benefits make this plan tough to beat for Missourians.(Information as of 03/25/2009) |
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| Availability: Sales Channel |
Resident: Direct
Non-Resident: Both
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| Annual State Tax Deduction |
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Up to $8,000 (S),
16,000 (J)
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| Max Investment/Beneficiary |
| Mos. to Qualified Withdrawal |
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Public, Private & International
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| Aggressive, Conservative, Moderate |
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Age-Based Portfolios
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| Static Portfolios and Self-Directed Funds |
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| US Stock
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Bond |
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| Total International Funds: 19 |
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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 |
0.25
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0.62 |
| 529 Plan Avg |
0.8 |
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| Portfolio Expense Ratio Range |
| Fee to Change Beneficiary |
| Share Classes: Sales Charge |
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| Initial Purchase |
$25 |
$25 |
| Additional Purchase |
25 |
25 |
| Initial (AIP) |
25 |
25 |
| Additional (AIP) |
25 |
25 |
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