 |
|
|
| |
MN College Savings Plan |
|
| |
State Provider: Minnesota; Net Assets ($mil):
$658.5 as of
10-31-09 |
|
| |
|
|
|
 |
|
|
| |
Minnesota’s College Savings Plan is managed by TIAA-CREF and available directly. The state doesn't offer any tax breaks on contributions, but provides matching grant programs (up to a maximum amount of $400 annually) for residents with a family income of $80,000 or less. The plan offers an age-based track which provides broad exposure to various types of securities including real estate and inflation-linked securities. It falls on the conservative side, though, with an initial 20% bond allocation (72% of assets are invested in domestic and international stocks and 8% are invested in real estate securities). However, do-it-yourself investors can customize their own asset allocations as the plan also offers three static allocation options (equity-only, fixed-income-only, and balanced), a money market option, and a guaranteed option. The plan doesn't charge any application or account maintenance fees, so investors will only have to pay a flat 0.65% management fee for the four static options. The age-based offering costs 0.60% annually. Residents that qualify for the state's matching grant may want to give this plan a look. Everyone else should consider cheaper alternatives like Michigan's Education Savings Program, which is also managed by TIAA-CREF. (Information as of 03/03/2009) |
|
|
 |
|
|
|
|
| |
| Availability: Sales Channel |
Resident: Direct
Non-Resident: Direct
|
|
| Annual State Tax Deduction |
| Max Investment/Beneficiary |
|
$235,000 |
|
(includes appreciation)
|
|
| Mos. to Qualified Withdrawal |
|
Public, Private & International
|
|
|
|
|
Age-Based Portfolios
|
| Static Portfolios |
|
| US Stock
|
|
Bond |
|
|
|
|
| Total International Funds: 13 |
|
|
|
|
|
|
|
|
| |
| Underlying Funds’ Ratings |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Overall Morningstar Rating |
# Equity
Funds |
|
# Bond
Funds |
|
|
| Ratings as of
10-31-09 |
|
|
|
|
|
|
|
|
| Range |
0.00
–
0.41 |
| 529 Plan Avg |
0.8 |
|
|
|
|
| Portfolio Expense Ratio Range |
| Fee to Change Beneficiary |
| Share Classes: Sales Charge |
|
|
|
|
|
| Initial Purchase |
$25 |
$25 |
| Additional Purchase |
25 |
25 |
| Initial (AIP) |
15 |
15 |
| Additional (AIP) |
15 |
15 |
|
|
|
|
|
