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PA College Savings |
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State Provider: Pennsylvania; Net Assets ($mil):
$621.7 as of
10-31-09 |
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Upromise took charge of Pennsylvania's nowU plan, the state's direct-sold option, in November 2006 from Delaware Investments. In April 2007, Pennsylvania also terminated their Delaware-run advisor-sold plan, leaving this plan as the only in-state option for Pennsylvanians (the advisor-sold plans assets have been transferred here). The plan is now stocked full of simple and reasonably-priced underlying Vanguard index funds. Moreover, Pennsylvania residents that invest in any 529 plans, regardless of which state offers them, can deduct $12,000 on annual contributions per beneficiary for single taxpayers and $24,000 for married couples filing jointly. The hitch is that at 0.70% in total annual fees on assets (0.75% for a socially-responsible index option), the plan is more expensive than Upromise alternatives in Iowa and Missouri. Investors not interested in the Upromise rewards program can find even cheaper and more flexible Vanguard options in Utah and Ohio, or at the firm's own Nevada plan. This plan can get the job done, and the state may provide additional incentives, including possible tuition discounts, to residents. But given the tax breaks for residents on contributions to any 529 plan in the country, investors may want to investigate cheaper and better alternatives.(Information as of 03/13/2009) |
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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 $13,000 (S),
26,000 (J)
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| Max Investment/Beneficiary |
| Mos. to Qualified Withdrawal |
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Public, Private & International
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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: 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 |
0.57
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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 |
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| Initial Purchase |
$25 |
$25 |
| Additional Purchase |
25 |
25 |
| Initial (AIP) |
25 |
25 |
| Additional (AIP) |
25 |
25 |
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