South Dakota 529 College Savings Plan
About: The CollegeAccess 529 Plan is a part of a college savings and investment Program designed to enable investors to save and invest for qualified higher educational expenses of a child or other beneficiary on a tax-favored basis. Although sponsored under the laws of the State of South Dakota, the plan is available to all U.S. citizens and resident aliens with a valid Social Security or other taxpayer identification number.
Website: https://www.collegeaccess529.com/
Phone #: 1-866-529-7462
Investment Options: The Age-Based Option consists of 5 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the age of the beneficiary or the anticipated years to matriculation and later reassigned to more conservative portfolios as the beneficiary approaches college age.
A multi-fund portfolio called the Diversified Bond Portfolio and 2 individual-fund portfolios, one invested in the PIMCO Real Return Fund, and one invested in the PIMCO All Asset Fund. Investments are managed by Allianz, Boston Company, Franklin Templeton, Voya, NFJ, PIMCO, Royce, Thornburg, and TIAA-CREF.
Tax Benefits: Federal income tax-free. Any earnings on the money you invest in your Account will not be subject to federal income taxes before they are distributed. Any amounts in the Account that are withdrawn to pay for the Designated Beneficiary’s qualified higher education expenses will not be subject to federal income tax. Qualified higher education expenses include tuition, fees, room, board, books, equipment and other supplies.
State Residency Requirements: The account owner or designated beneficiary must be a South Dakota resident at the time of program enrollment.
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