Contact: Kristin Paltzer
414-316-2100 x126
kristinp@celticinc.com
Madison, Wisconsin – Edvest, Wisconsin’s direct-sold 529 college savings plan will continue with plan manager TIAA-CREF Tuition Financing, Inc. (TFI) through October of 2020. The state of Wisconsin renewed the contract for a three-year term. A leader in 529 college savings plan management, TFI first partnered with Edvest and the State of Wisconsin in October of 2012 and continues to support the plan’s growth and dedication to helping families save for the rising costs of higher education. Tomorrow’s Scholar, Wisconsin’s advisor-sold 529 plan, was also renewed for a three-year term. TFI sub-contracts plan management to Voya Investment Management.
Notable Edvest developments include:
· Reduced fees. Edvest is even more affordable for families saving for college with reduced annual asset-based fees, including no sales commissions, no annual maintenance fee and no application fee. The total plan fees now range from 0.00% to 0.43% depending on the portfolio selected. Edvest ranks as the sixth lowest cost direct-sold 529 plan in the U.S. according to Strategic Insights 529 College Savings Quarterly Fee Analysis, Second Quarter 2017.
· A variety of investment options. Edvest’s investment choices now number 17 and include age-based options that automatically adjust to a more conservative risk level as the beneficiary gets older. To see a complete list of investment options, visit www.Edvest.com.
· Enhanced mobile access and social media presence. Edvest launched a redesigned website accessible from mobile devices with helpful planning tools and increased the plan’s social media presence, which offers followers Plan update and reminders, relevant college savings tips and The Buzz, Edvest’s blog.
· Easy ways to contribute and gift. Edvest makes is easy to gift with a variety of simple and secure ways to contribute to accounts, including the online eGift option and new Edvest gift cards, available in physical, email and mobile options.
In addition to ongoing plan improvements and growth, Edvest continues to offer several key savings advantages for Wisconsin families:
· State and federal tax advantages. Contributions to Edvest can reduce the taxable income of Wisconsin residents up to $3,140 per beneficiary per year. If contributions are greater than the maximum state tax benefit, you may carry forward the balance until exhausted. All account earnings are tax free at the state and federal level when used for qualified education expenses. Some limitations may apply. Please see the Disclosure Booklet for more details.
· Family and friends may contribute. Parents, grandparents, and other relatives and friends living in any state across the country can open and/or contribute to a beneficiary’s account. Wisconsin residents may also be eligible for state tax benefits.
· Use at any eligible institution for a variety of qualified expenses. Edvest funds can be used for tuition and other qualified expenses such as room and board, books, computers, tablets and internet access at universities, colleges, technical colleges, graduate schools and professional schools across the country and many schools abroad.
Edvest continues to expand with more than $2.81 billion in assets, 161,356 accounts and growth in all of Wisconsin’s 72 counties in 2017.
SavingforCollege.com recently ranked Edvest as one of the Top 10 in 529 Performance and awarded the program a 5-Cap Rating1, which indicates that a 529 plan offers outstanding flexibility, attractive investments and additional economic benefits. Edvest also received a bronze rating from Morningstar Inc.2, and was ranked as the 529 plan with the fourth lowest fees in the nation by Strategic Insight3.
For more information or to open an Edvest account today, please visit Edvest.com. Edvest’s college savings specialists are also available Monday through Friday 7 a.m. – 7 p.m. toll-free at 1.888.338.3789.
About Edvest: Edvest is Wisconsin’s 529 College Savings Plan designed to help families save for higher education expenses. Account owners can choose from 17 investment portfolios, enjoy one of the lowest cost 529 plans in the U.S., and take advantage of in-state tax benefits for Wisconsin residents.
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