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New Age-Based Fund Added To Ohio’s 529 Plan

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Ohio’s 529 Plan, CollegeAdvantage, is adding the 2042 new college-enrollment-date fund to the Advantage Age-Based Portfolios (AABP). The new 2042 fund is the AABP investment option intended for children born between Aug. 1, 2022 and July 31, 2024. Ohio’s 529 Plan also implemented required conversion of the 2022 Fund accounts to the Graduate Fund. This conversion happens every two years per the design of the AABP option.

These two updates will take place on Friday, July 22, 2022.

Wilshire is the discretionary manager for the AABP, a unique and customize portfolio designed to take into account a beneficiary’s date of birth and year of college enrollment and expected investing time horizon. This option combines actively managed and passively managed investment options to reduce fees and relative risk, while enhancing performance potential.

Wilshire conducts a thorough review of the underlying funds in the AABP on a regular basis. The recent review resulted in a recommendation to add two new funds to the underlying funds: Vanguard Emerging Markets Select Stock Fund and DFA Global Real Estate Fund. Both of these funds will increase overall diversification by providing additional exposure to Emerging Markets and Global REITS. The new underlying funds are managed by well-respected, high quality asset management firms and we are able to add exposure to these funds at a very low cost.

Since Ohio’s 529 Plan, CollegeAdvantage, is changing our available investment options line-up, we are releasing a Supplement to the March 21, 2022 CollegeAdvantage Direct 529 Savings Plan Offering Statement and Participation Agreement to reflect these updates. The Supplement will be in effect beginning July 22, 2022.

In order to review the new Supplement to the CollegeAdvantage Direct 529 Savings Plan Offering Statement and Participation Agreement, please follow this link to review it online.

For a visual representation of the newest AABP fund, please review the latest Investment Option Chart.

If you have any questions, or if you need information or assistance with your account, please call CollegeAdvantage at 1-800-AFFORD-IT (233-6734). Our customer service representatives are available to assist you from 8:30 a.m. - 6 p.m. EST Monday through Friday. You may also send your non-account specific questions at your convenience via email to CustomerService@CollegeAdvantage.com.

Visit Ohio’s 529 Plan online to start saving today for your child’s future higher education. An investment in a 529 plan is an investment in your child where every dollar saved today is a dollar that doesn’t have to be borrowed later. A 529 account can be used for whatever comes after high school, including four-year colleges and universities, two-year community colleges or technical schools, trade or vocational schools, apprenticeships, or certificate programs. Learn, plan, and start an Ohio 529 Plan today at CollegeAdvantage.com.

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529 Short Course: New Parents

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5 things every new parent needs to know about saving for education

  1. Why Ohio 529?
    529s are specifically created for higher education savings. Unlike a traditional banking account, a 529 account benefits from tax-free earnings and tax-free withdrawals. For Ohio residents, there is also a state income tax deduction for those contributions.
  2. It’s simple to start.
    You can open your 529 account online in minutes with as little as $25. With ready-made portfolio options, you don’t have to be a financial expert to feel confident in your savings plan choices.
  3. Set it and forget it with automatic deposits.
    The sooner you start saving, the longer your account benefits from the Ohio 529 tax advantages as well as compound interest. Many new parents take their 529 contributions off their to-do list by setting up small automatic deposits from either their banking accounts or paycheck. Also, with our ReadySave 529 app, it’s also easy to track and adjust your account right on your mobile device.
  4. Save for college, career training, and more.
    Ohio 529 can be used at over 30,000 schools of all kinds, nationwide, including universities; community colleges; trade, technical, and vocational schools; certificate programs; and apprenticeships. Your Ohio 529 account can also pay for K-12 tuition at a public, private, or religious school. And, if it’s not needed for educational expenses, you can now roll over your 529 to a Roth IRA.
  5. Others can help.
    It’s easy for family and friends to contribute to your child’s account and receive tax benefits for themselves. You can share your account’s unique Ugift number with others to contribute online without creating their own 529 accounts. Those who live in Ohio will also receive a state income tax deduction for their contributions. Also, you can sign up to have reminder emails sent to you and loved ones for the big milestones in your child’s life.
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A mother watches her daughter open a gift

Ugift Is Savings Gold

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Hoping to find gold at the end of the rainbow? If you are saving with Ohio 529 CollegeAdvantage, you have the benefit of Ugift with your account, which is savings gold.

Ugift makes it easy for others to give to your Ohio 529 account. With Ugift, you generate a unique code which allows loved ones to contribute to your Ohio 529 savings plan without needing the actual account number. Once they have the Ugift code, your friends and family can visit Ugift529.com to make their online gifts directly to your 529.

When friends and family ask for gift ideas, share that you are saving for your child’s future education with Ohio 529. Then invite them to join in with gift contributions to your Ohio 529 account with Ugift. After all, a gift for your child’s education will truly last a lifetime.

The quickest and easiest way to pass along your child’s Ugift code is with the ReadySave 529 app, which you can access as an Ohio 529 CollegeAdvantage account owner. At the bottom of every page is an Ugift icon. Click on the gift symbol to view your Ugift code which you can send immediately as an invitation via texts, emails, and Facebook/Instagram chats from your phone.

Or log into your account online to view your child’s Ugift code to send to family and friends who would like to give the gift of education.

The Ugift code doesn’t expire. Which means whenever there is an occasion to celebrate­ like baby showers, holidays, birthdays, graduations, and special achievements, your family and friends can give to your Ohio 529 account. And they can choose to contribute as much as they want whenever they want. It can be a one-time gift or recurring gift; all they need is that Ugift code. Your loved ones’ contributions - whether big or small – will add up over the years. Added to the power of compound interest, these gifts will power your 529 savings to cover even more college and career training costs.

An added bonus for gift givers who live in Ohio: They are also eligible to receive a state income tax deduction for their Ohio 529 gift contributions, up to $4,000 per year, per beneficiary.

To learn more about all of the gifting options with Ohio 529 and order cards for special occasions, visit  529 Gift Central.

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