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ND College SAVE |
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State Provider: North Dakota; Net Assets ($mil):
$277.9 as of
10-31-09 |
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Upromise took charge of North Dakota's College SAVE plan in November 2006, replacing Morgan Stanley. Gone is the plan's growth-biased basket of actively-managed funds, replaced by a lineup of tried and true Vanguard index offerings. And while North Dakota residents previously received no state tax benefit for choosing this plan, as of Jan. 1, 2007, residents can deduct annual contributions of up to $5,000 for single filers and $10,000 for married couples filing jointly. The hitch, though, is that at a flat rate of 0.85% in annual fees on assets (roughly three-quarters of which goes to Upromise), the plan is more expensive than similar alternatives in Iowa and Missouri. In addition, investors not interested in the Upromise rewards program can find even cheaper and more flexible Vanguard options in Utah or at the firm's own Nevada plan. Out-of-staters shopping around should keep looking, but the state tax benefits may make this program worth considering for North Dakotans.(Information as of 03/13/2009) |
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| Availability: Sales Channel |
Resident: Both
Non-Resident: Both
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| Annual State Tax Deduction |
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Up to $5,000 (S),
10,000 (J)
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| Max Investment/Beneficiary |
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$269,000 |
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(includes appreciation)
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| Mos. to Qualified Withdrawal |
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| US Stock
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Bond |
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| Total International Funds: 3 |
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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 |
0.82
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0.94 |
| 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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