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IL Bright Directions College Svngs |
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State Provider: Illinois; Net Assets ($mil):
$474.5 as of
10-31-09 |
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This advisor-sold plan has appeal, but we wish costs were lower. Illinois' Bright Directions College Savings Program is overseen by Union Bank & Trust, which has filled this plan with numerous high-quality offerings from a variety of asset managers. The plan offers investors plenty of flexibility with a bevy of individual fund choices, numerous static options and three age-based tracks. In-state residents can deduct up to $10,000 ($20,000 if filing jointly) in annual contributions from state income taxes. Expenses are the only real drawback. Lots of niggling fees, such as a $10 setup charge and $12 annual account fee, add up. The steep 0.45% annual program management doesn't help matters and a few of the underlying funds are pricey. All told, overall costs are slightly above average for a broker-sold option. Still, given the strong underlying holdings and broad mix of investment choices, we think this plan is still worth a look.(Information as of 03/23/2009) |
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| Availability: Sales Channel |
Resident: Broker
Non-Resident: Broker
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| Annual State Tax Deduction |
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Up to $10,000 (S),
20,000 (J)
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| Max Investment/Beneficiary |
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$320,000 |
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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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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: 154 |
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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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0.7 |
| 529 Plan Avg |
0.8 |
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| Portfolio Expense Ratio Range |
| Fee to Change Beneficiary |
| Share Classes: Sales Charge |
| A:
3.5% (front-load) |
| C:
3.5% (front-load) |
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| Initial Purchase |
$ |
$ |
| Additional Purchase |
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| Initial (AIP) |
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