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Scholars Choice Education Savings Plan

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Best CO resident benefits

CO resident benefits

Colorado's Scholars Choice Education Savings Plan (formerly known as Colorado Scholars Choice College Savings Program) is sold exclusively through advisors. The plan's management changed from Legg Mason to TIAA-CREF Tuition Financing, Inc. in July 2021. The plan features enrollment year, target allocation, and individual fund portfolio options. To find a financial advisor in your area, use the Directory of Financial Professionals.

Scholars Choice Education Savings PlanHigh Honors

KEY METRICS

OVERVIEW

Program type

Savings

Inception

1999, substantially changed in 2021

State agency

CollegeInvest, a division of the Colorado Department of Higher Education

Tax deduction

For single filers: $25,400/yr per beneficiary

For joint filers: $38,100/yr per beneficiary

Program manager

TIAA-CREF Tuition Financing, Inc.

Program distributor

Nuveen Securities, LLC

Manager contract term

MORE INFORMATION

Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

U.S. resident individuals, UGMA/UTMA custodians, legal entities.

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Accepts contributions until all account balances in Colorado's 529 plans for the same beneficiary reach $500,000. Once the aggregation of all account balances meets or exceeds this limit, additional contributions are prohibited but the account may still continue to accrue earnings.

Minimum contributions:

The minimum initial contribution is $25, and the minimum subsequent contribution is $25. There is no minimum for accounts using payroll direct deposit.

Does the program offer an e-gifting platform for receiving gift contributions?

This plan offers a robust gifting platform that allows gift-givers to save their own profile for recurring or future contributions.

Investment Options

Investors in Scholars Choice Education Savings Plan can select from the following investment options. Click on a portfolio name for more information.

Ten Enrollment Year Investment options are based on a future enrollment year and invest in multiple underlying funds. The risk level of each portfolio becomes increasingly conservative over time as the beneficiary approaches expected enrollment in an eligible educational institution and/or expected year in which amounts will be withdrawn to pay for qualified higher education expenses.
PortfolioE.R. % Equity1yr performance
2038 / 2039 Enrollment Portfolio0.79%78.1%5.85%
2036 / 2037 Enrollment Portfolio0.79%69.8%5.89%
2034 / 2035 Enrollment Portfolio0.8%65.6%5.78%
2032 / 2033 Enrollment Portfolio0.8%59.3%5.83%
2030 / 2031 Enrollment Portfolio0.8%46.7%5.82%
2028 / 2029 Enrollment Portfolio0.77%34.6%5.46%
2026 / 2027 Enrollment Portfolio0.69%24.9%4.78%
In School Portfolio0.65%13.6%3.85%
2040 / 2041 Enrollment Portfolio0.79%80%5.81%
2042/2043 Enrollment Portfolio0.79%80%N/A

Age-based/Enrollment Year investment options:

Ten Enrollment Year Investment options are based on a future enrollment year and invest in multiple underlying funds. The risk level of each portfolio becomes increasingly conservative over time as the beneficiary approaches expected enrollment in an eligible educational institution and/or expected year in which amounts will be withdrawn to pay for qualified higher education expenses.

Static investment options:

Four Target Allocation portfolios invest in multiple underlying funds and 14 individual funds invest in a single underlying fund.

Underlying investments:

Dimensional Fund Advisors LP, Dodge & Cox Funds, Harris Associates L.P. (Oakmark Funds), Nuveen Fund Advisors, LLC, Principal Funds, Inc., Teachers Advisors, LLC, T. Rowe Price Associates, Inc., Western Asset Management Company, LLC, TIAA-CREF Life Insurance Company

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

None, but contributions may be subject to a sales charge depending on share class.

Account maintenance fee:

None

Program management fees:

0.10% administrative fee (0.04% temporarily waived on certain portfolios) to the state, 0.15% plan management fee, plus distribution/servicing fees of 0.25% (Class A), 0.75% (Class C), 0.00% (Class I).

Expenses of the underlying investments:

Ranges from 0.15% to 0.30% (portfolio weighted average) in the enrollment year and target allocation portfolios; 0.05% to 0.75% in the individual portfolios.

Total asset-based expense ratio:

Class A: 0.37% - 1.25%
Class C: 0.37% - 1.75%
Class I: 0.30% - 1.00%
Note: Expenses are 0.04% less due to temporary state fee waiver.

Broker loads and commissions:

Breakpoint pricing:

Does breakpoint pricing include non-529 assets under rights of accumulation policies

Taxes and other Benefits

Tax deduction for single filers:

$25,400/yr per beneficiary

Tax deduction for joint filers:

$38,100/yr per beneficiary

Program match on contributions:

The Matching Grant Program provides a dollar-for-dollar match of up to $500 in contributions for lower- to middle-income Colorado residents to accounts with an eligible beneficiary (a dependent under age 13 at the time of initial application). Applications are accepted each year between October 3 and December 29, 2023. The match can extend for a maximum five years. Matching grants for future years are subject to continued funding by the sponsor. In addition, First Step, a kickstarter savings program gives every child born or adopted in the State of Colorado, beginning on January 1, 2020, a $100 contribution to their CollegeInvest 529 college savings account. Offering more opportunities for Colorado families to save for college, CollegeInvest will also match a portion of their future contributions, up to $500 per year for five (5) consecutive years.

State tax deduction or credit for contributions:

For income tax year commencing on January 1, 2024, the Colorado income tax deduction otherwise available for contributions to any Colorado 529 plan or any 529 plan affiliated with an educational institution in Colorado shall not exceed $22,700 per taxpayer per beneficiary for a taxpayer who files a single return, or $34,000 per taxpayer per beneficiary for taxpayers who file a joint return. For income tax years commencing on or after January 1, 2025, the deduction limits described in the preceding sentence will be adjusted annually by the percentage change in the combined average annual costs of tuition and room and board for all Colorado institutions of higher education as determined by the Colorado Department of Education.

The Working Families College Savings Act offers a Colorado tax credit for employers who make contributions to CollegeInvest savings plans owned by their employees. The available tax credit is 20% of the amount contributed to a CollegeInvest 529 account, up to $500 per employee (for a $2,500 employer contribution).

Calculate your Colorado 529 tax benefit

Find out how much you can save on state taxes this year by contributing to a Colorado 529 plan.

Your tax savings per year
$0

Household income

$100,000

Monthly Contribution

$100

State tax recapture provisions:

The portion of the withdrawal attributable to contributions previously deducted for Colorado income tax purposes is subject to recapture and must be added to the taxable income of the taxpayer who took the deductions, in the year in which the withdrawal is made. The recapture provision applies to a rollover to a non-Colorado Section 529 Plan or ABLE account.

State definition of qualified expenses

The state's definition of qualified education expenses currently includes expenses for attendance at an institution of higher education or an apprenticeship program, as defined by the Internal Revenue Code and its regulations addressing qualified state tuition programs. This does not include tuition for elementary or secondary education, or education loan payments.

State tax treatment of qualified distributions:

Qualified distributions from Colorado and non-Colorado 529 plans are exempt.

State tax treatment of rollovers:

Colorado follows federal tax-free treatment except that outbound rollovers are subject to the recapture of prior state tax deductions.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

No

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

No

Is there a rewards program or outside scholarship program that works with this program?

Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.

Statutory protection of an account from creditors:

Distributions & Terminations

To whom are distributions made payable:

Eligible educational institution, beneficiary, or account owner, as directed by the account owner

Account Changes

Policy regarding participant/owner changes:

Accepts requests to transfer account ownership.

Documents, Access & Reporting

Does participant have online password-protected access to account?

Yes

Can the complete enrollment process including funding be done online?

No

Documents and other services accessible or downloadable on the program's public Web site:

Contact

Website:

https://www.nuveen.com/en-us/investments/529-plan/scholars-choice-fp

Telephone:

1-888-5-SCHOLAR (1-888-572-4652)

Telephone for broker use:

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