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NY 529 College Svgs Prog - Dir |
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State Provider: New York; Net Assets ($mil):
$7,660.1 as of
12-31-09 |
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New York's College Savings Program (Direct Plan) has a number of appealing features for residents. The plan is directed by Upromise and consists of straightforward underlying index options from Vanguard, including a trio of age-based tracks and 13 static portfolios that offer a reasonable amount of diversification. Costs are competitive: Investors currently pay a flat 0.55% in annual expenses regardless of the option they choose. New Yorkers also enjoy the added benefit of a state income tax deduction on contributions of up to $5,000 per year ($10,000 per year for married couples filing jointly) in the relatively high tax state of New York. The underlying investment options are somewhat limited, particularly in the age-based plan, which doesn't have exposure to international stocks. However, we're pleased to see the state remedy this drawback somewhat, by adding a standalone international equity portfolio to the plan in March 2009. Overall, relatively low costs and generous tax breaks make this plan worthwhile for residents, but out-of-staters can find cheaper and more flexible Vanguard options in other states.(Information as of 04/09/2009) |
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| Availability: Sales Channel |
Resident: Direct
Non-Resident: Direct
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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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$375,000 |
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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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| 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: 1 |
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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
12-31-09 |
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| Range |
0.56 |
| 529 Plan Avg |
0.41 |
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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) |
15 |
15 |
| Additional (AIP) |
15 |
15 |
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