529 College Savings Plan
Key Features of the Advisor-Guided Plan
Substantial tax benefits
- Tax-deferred growth of investment earnings and tax-free withdrawals for qualified expenses1
- Income tax deduction for contributions by an account owner to their Advisor-Guided Plan account for New York state taxpayers2
- Special estate planning and gifting benefits
Diversified range of investment options
- Age-based option (six portfolios), seven asset allocation portfolios and 15 individual portfolios
- Portfolios provide access to actively managed strategies by J.P. Morgan and its Multi-Asset Solutions as well as ETF strategies by State Street Global Advisors Funds Management
Flexibility and control
- Use funds at any eligible public or private institution in the U.S. and overseas. Click here for more information about qualifying schools.
- Apply toward tuition, fees, certain room and board expenses, books and other qualified higher education expenses
- Change beneficiaries or transfer a portion of your account to another family member if your current beneficiary doesn't need the funds for college3
- Control how the account assets are invested and distributed, even after a beneficiary reaches the age of majority4
Low minimums and high maximums
- Low initial contribution minimum of $1,000 per account5
- High contribution limit of $520,000 per beneficiary
More information on 529 plans
2 Account owners can deduct up to $5,000 ($10,000 if married filing jointly) in contributions from New York state income taxes each year. Deductions may be subject to recapture in certain circumstances, such as rollovers to another state’s plan or non-qualified withdrawals.
3 Section 529 defines a family member as a son, daughter, stepson or stepdaughter, or a descendant of any such person; a brother, sister, stepbrother or stepsister; a father or mother, or an ancestor of either; a stepfather or stepmother; a son or daughter of a brother or sister; a brother or sister of the father or mother; a son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law or sister-in-law; the spouse of the beneficiary or the spouse of any individual described above; or a first cousin of the beneficiary. Gift or generation-skipping transfer taxes may apply.
4 Limitations may apply. Please review the Advisor-Guided Plan Disclosure Booklet for details.
5 Generally no minimum for Advisor class units.
Before you invest, consider whether your or the beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state’s qualified tuition program.
The Comptroller of the State of New York and the New York State Higher Education Services Corporation are the Program Administrators and are responsible for implementing and administering the Advisor-Guided Plan. Neither the State of New York nor its agencies insures accounts or guarantees the principal deposited therein or any investment returns on any amount or investment portfolio.
Ascensus Broker Dealer Services, LLC and Ascensus Investment Advisors, LLC (formerly Upromise Investments, LLC, and Upromise Investments Advisors, LLC) serve as Program Manager and Recordkeeping and Servicing Agent, respectively, and are responsible for day-to-day operations, including effecting transactions. J.P. Morgan Investment Management Inc. serves as the Investment Manager. J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. JPMorgan Distribution Services, Inc. markets and distributes the Advisor-Guided Plan. JPMorgan Distribution Services, Inc. is a member of FINRA/SIPC.
New York's 529 College Savings Program includes two separate 529 plans. The Advisor-Guided Plan is sold exclusively through financial advisors who have entered into Advisor-Guided Plan selling agreements with JPMorgan Distribution Services, Inc. You may also participate in the Direct Plan, which is sold directly by the Program and offers lower fees. However, the investment options available under the Advisor-Guided Plan are not available under the Direct Plan. The fees and expenses of the Advisor-Guided Plan include compensation to the financial advisor. Be sure to understand the options available before making an investment decision.
For more information about New York's 529 Advisor-Guided College Savings Program, you may contact your financial advisor or obtain an Advisor-Guided Plan Disclosure Booklet and Tuition Savings Agreement at www.ny529advisor.com or by calling 1-800-774-2108. This document includes investment objectives, risks, charges, expenses, and other information. You should read and consider it carefully before investing.
The Program Administrators, the Program Manager and JPMorgan Distribution Services, Inc., and their respective affiliates do not provide legal or tax advice. This information is provided for general educational purposes only. This is not to be considered legal or tax advice. Investors should consult with their legal or tax advisors for personalized assistance, including information regarding any specific state law requirements.