Category Archives: Edvest News

Edvest Celebrates 529 Day with New Benefit Offering for Wisconsin Employers

Hassle-Free Way for Businesses to Help Employees Save for College

Edvest, is excited to celebrate National 529 Day – a day dedicated to raising awareness about the importance of saving for college – by announcing that Edvest now offers enhanced tools available for employers who offer Edvest as part of their benefits package.

Currently in use among the state’s largest employers, the University of Wisconsin System and the State of Wisconsin, the enhanced tools and resources are available to all Wisconsin businesses, associations, technical colleges, municipal governments and school districts at no charge.

“National 529 Day highlights the importance of saving for college and serves as a reminder for families that now is the time to get started,” said Jessica Fandrich of the Wisconsin Department of Financial Institutions, and Officer for the Wisconsin 529 College Savings Program. “Employees today are looking to their employer to help manage their education savings goals. Providing the option to contribute to Edvest via payroll direct deposit makes saving for college effortless for the employee and is a great way for employers to differentiate their benefits package to attract and retain a talented workforce.”

Funds saved through Edvest can be used for higher education expenses, such as tuition and fees, room and board, books, computers and related technology at colleges, universities, technical colleges, graduate schools and certificate programs nationwide. No matter where your child chooses to attend school, their Edvest funds will go with them. Additionally, Wisconsin residents who contribute to an Edvest account may be eligible for a state tax deduction of up to $3,200 per beneficiary for the 2018 tax year. Limitations apply*.

Employee Perk with Staying Power

As Wisconsin companies compete to recruit and retain talent, offering Edvest as part of the employee benefits package can give companies a serious edge.

It not only signals that a company is invested in the financial future of its employees and their families, but it may also help employees save more. Recent studies have shown that parents with children under the age of 18 who have a college savings plan save 76 percent more than parents who also save, but do not have an official plan.

New Tax Credit for Wisconsin Employers

Businesses that contribute to their employees’ Edvest accounts may be eligible for a state tax credit. Employers may receive a tax credit equal to 25% of the contributions that the employer makes up to a maximum tax credit of $800 for 2018 (adjusted annually for inflation) per employee per tax year. Employers should consult a tax advisor regarding the availability and ramifications of this credit.

HR professionals, benefits managers and business owners can learn more at Edvest.com/benefit. There they can access the Edvest Employer Payroll Guide to get started, as well as other tools to help promote the benefit to employees.

Why Edvest?

In addition to significant tax benefits, Edvest has received numerous accolades from industry-leading sources. SavingforCollege.com recently ranked Edvest as one of the Top 10 in five-year 529 Performance and awarded the program a 5-Cap Rating for the fourth consecutive year.

For more information about Edvest for Wisconsin employers, visit Edvest.com/benefit.  Edvest’s college savings specialists also are available Monday through Friday 7 a.m. to 7 p.m. CST toll-free at (888) 338-3789.

 

*Limitations apply. To learn more about the Wisconsin College Savings Plan, its investment objectives, tax benefits, risks, and costs, please see the Disclosure Booklet at Edvest.com. Read it carefully. Investments in the plan are neither insured nor guaranteed and there is the risk of investment loss. If the funds aren’t used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. Consult your legal or tax professional for tax advice, including the impact of the new federal tax changes. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and SIPC, distributor and underwriter for the Wisconsin College Savings Plan. 424004

[1]“How America Saves for College 2016,” Sallie Mae, 2016, accessed May 2017, https://salliemae.newshq.businesswire.com/sites/salliemae.newshq.businesswire.com/files/doc_library/file/HowAmericaSaves2016_FINAL.pdf

22018 Plan Performance Rankings Q1, Savingforcollege.com, 3/31/2018. **Savingforcollege.com, March 2, 2018.The Edvest College Savings Plan received a 5-Cap Rating for Wisconsin residents and 4.5-Cap Rating for non-residents. A 5-Cap Ratings represents the attractiveness of a 529 plan, relative to all other 529 plans, by assigning an overall rating to each 529 program ranging from 1 Cap (least attractive) to 5 Caps (most attractive). 5-Cap Ratings represent an assessment based on many considerations such as flexibility, liquidity and availability, ownership rights, state benefits, investment approach and safety, program resources and financial aid impact. It is not strictly a measure of historical returns, and it is not a predictor of future investment performance, level of investment risk or financial solvency of the program funds. These ratings are not the result of a fixed formula and a significant portion of the analysis is subjective. Before establishing a 529 account and making contributions, it is imperative that investors read and understand all enrollment materials and disclosures from the programs

 

Save More While Saving for College – Edvest 2018 Tax Benefit Raised to $3,200

But there’s still time to impact your 2017 Wisconsin taxes! Act by April 17, 2018.

Between everyday expenses and personal spending, it can be difficult to decide when and how to start a college fund for your child. But, with recent tax changes and an Edvest account, your money can go further when it comes to saving for college.

Edvest is excited to announce that the 2018 state tax benefit has been raised to $3,200 – making it even easier to save for college while enjoying significant tax benefits. The updated reduction in taxable income applies to contributions made during the 2018 tax year.

For the 2017 tax year, plan participants have until Tuesday, April 17, 2018 to make contributions to be eligible for a tax benefit of up to $3,140. Limitations apply.*

“The increase in the tax benefit is one more reason saving for college with the Wisconsin College Savings Program is a great decision for families,” said Jessica Fandrich, officer for the State of Wisconsin 529 College Savings Program, Department of Financial Institutions. “We’re proud to offer this opportunity for our Wisconsin account holders, and look forward to continuing to help families save more while they’re saving for college.”

What this means for current account holders:

Under the revised tax benefit, Wisconsin residents, regardless of their relationship to the child, may be eligible to reduce their state taxable income by up to $3,200 per beneficiary per year ($1,600 for single filers).

Families with more than one account may be eligible for a state tax deduction of up to $6,400 for two children, $9,600 for three children, and so on. Limitations apply.*

Carry forward for future tax benefits:

If your family rolls over balances from another 529 plan, or wants to make a large contribution from separate savings or possibly a work bonus, you have the option to apply those contributions to future tax returns.

In addition, if your annual Edvest contributions exceed $3,200 per beneficiary, you are eligible to carry those savings forward until the balance is gone.

Accelerate your college savings:

One way to keep pace with rising college costs is to super fund  your college savings plan. Currently, there is no federal gift tax on contributions up to $15,000 per year for single filers and $30,000 for married filers.

For larger contributions, there is an option to gift amounts of up to $75,000 for single filers and up to $150,000 for married filers if pro-rated over five years.

However, it is recommended to consult your financial planner, tax attorney or estate planning attorney.

Why Edvest:

With so many options when it comes to college savings programs, why should you choose Edvest? To answer that question, it helps to look at what industry-leading sources say about Edvest and its services.

SavingforCollege.com recently ranked Edvest as one of the Top 10 in one- and three-year 529 Performance, and awarded the program a 5-Cap Rating for “outstanding flexibility, attractive investments and additional economic benefits” (SavingforCollege.com, What the Ratings Mean, 12/22/2017). Also, Edvest received a Bronze rating from Morningstar, Inc.

Simply put, saving early makes a difference and Edvest makes it easy.

For more information about Edvest or to open an account, visit Edvest.com.  Edvest’s college savings specialists also are available Monday through Friday 7 a.m. to 7 p.m. toll-free at (888) 338-3789.

 

 

12017 Plan Performance Rankings Q3, Savingforcollege.com, 12/8/2017. Edvest ranking is based on a performance score calculated by investment performance for 51 direct-sold 529 plans (1-year ranking) and 48 direct-sold 529 plans (3-year ranking). The Savingforcollege.com plan composite rankings are derived using the plans’ relevant portfolio performance in seven unique asset allocation categories. The asset-allocation categories used are: 100 percent equity, 80 percent equity, 60 percent equity, 40 percent equity, 20 percent equity, 100 percent fixed and 100 percent short term. The plan composite ranking is determined by the average of its percentile ranking in the seven categories. Past performance does not predict future results.

2Savingforcollege.com, July 12, 2017.The Edvest College Savings Plan received a 5-Cap Rating for Wisconsin residents and 4.5-Cap Rating for non-residents. A 5-Cap Ratings represents the attractiveness of a 529 plan, relative to all other 529 plans, by assigning an overall rating to each 529 program ranging from 1 Cap (least attractive) to 5 Caps (most attractive). 5-Cap Ratings represent an assessment based on many considerations such as flexibility, liquidity and availability, ownership rights, state benefits, investment approach and safety, program resources and financial aid impact. It is not strictly a measure of historical returns, and it is not a predictor of future investment performance, level of investment risk or financial solvency of the program funds. These ratings are not the result of a fixed formula and a significant portion of the analysis is subjective. Before establishing a 529 account and making contributions, it is imperative that investors read and understand all enrollment materials and disclosures from the programs.

3In an annual review (10/24/2017) of the largest 529 college-savings plans (62 total), Morningstar identified 34 plans that rose above their typical peers, awarding those plans Gold, Silver, and Bronze Morningstar Analyst Ratings for 2017. These forward-looking, qualitative ratings signal Morningstar’s conviction in the plans’ abilities to outperform their relevant benchmark and peer groups on a risk-adjusted basis over the long term. Morningstar evaluates college-savings plans based on five key pillars – Process, Performance, People, Parent, and Price. For more information about Morningstar’s overview of Edvest go to 529.morningstar.com/edvest. Past performance does not predict future results. Source: morningstar.com/news

*To learn more about the Wisconsin College Savings Plan, its investment objectives, tax benefits, risks and costs, please see the Disclosure Booklet at Edvest.com. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. If the funds aren’t used for qualified education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. Taxpayers should seek advice from an independent tax advisor based on their own particular circumstances, including the impact of the new federal tax changes.

TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and SIPC, distributor and underwriter for the Wisconsin College Savings Plan.

Neither TIAA-CREF Tuition Financing, Inc., nor its affiliates, are responsible for the content found on any external website links contained herein. All social media platforms are managed by the State of Wisconsin.

Wisconsin College Savings Program Surpasses $5 Billion Mark

Edvest and Tomorrow’s Scholar continue to play an important role in helping families save for higher education.

The Wisconsin College Savings Program reached an important milestone in the new year, eclipsing the $5 billion mark in assets as of January 3, 2018. Edvest, Wisconsin’s direct-sold college savings plan, surpassed $3 billion in assets in late-2017. Along with Tomorrow’s Scholar, the state’s advisor-sold plan, college savers have invested more than $5.008 billion in the Wisconsin College Savings Program. The continued growth of both programs reinforces the state’s commitment to helping families save for higher education.

“We want to make sure Wisconsin families have the financial vehicles they need to make college a reality,” said Jay Risch, Secretary of the Wisconsin Department of Financial Institutions. “529 plans like Edvest and Tomorrow’s Scholar are attractive to investors because of their low fees and tax advantages. We’re thrilled that Wisconsin families are utilizing these tools to ensure future college education for their children.”

Edvest is Wisconsin’s direct-sold 529 college savings plan designed for families who want to direct their own 529 college savings accounts. Edvest, which is managed by TIAA-CREF Tuition Financing, Inc., currently has 166,326 accounts with approximately $3.1 billion in assets.

Tomorrow’s Scholar 529 Plan is offered through financial advisors and is managed by Voya Investment Management. The program offers a flexible, multi-manager investment approach and has 118,421 accounts with more than $1.9 billion in assets.

“The growth we’re seeing in Edvest and Tomorrow’s Scholar is a great indicator that Wisconsin families are serious about saving for college,” Risch stated and added, “According to a recent study, 65 percent of jobs nationwide will require postsecondary education and training by 2020. In Wisconsin alone that number is 61 percent through 2018. We want to make sure Wisconsin families have access to sound financial tools so their kids are ready for tomorrow’s workforce.”

In addition to experiencing significant growth in 2017, Edvest and Tomorrow’s Scholar received numerous accolades from industry-leading sources. SavingforCollege.com recently ranked Edvest as one of the Top 10 in one- and three-year 529 Plan Performance, and awarded the program a 5-Cap Rating for “outstanding flexibility, attractive investments and additional economic benefits” (SavingforCollege.com, What the Ratings Mean, 12/22/2017). Edvest also received a bronze rating from Morningstar, Inc..

Tomorrow’s Scholar is ranked in the Top 10 of Advisor-Sold plans based on investment performance over three years as of September 30, 2017 and was awarded a 4½-Cap Rating for residents for reliability by Savingforcollege.com. Voya also received the prestigious DALBAR award for 529 servicing for the third year in a row.

For more information about Edvest or to open an account, visit Edvest.com.  Edvest’s college savings specialists also are available Monday through Friday 7 a.m. to 7 p.m. toll-free at (888) 338-3789.

For information about Tomorrow’s Scholar, visit Tomorrowsscholar.com or call (866) 677-6933 Monday through Friday from 7 a.m. to 5 p.m. or speak with your financial advisor.

 

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.

About Tomorrow’s Scholar

Tomorrow’s Scholar is an advisor-sold 529 college savings plan sponsored by the State of Wisconsin and distributed nationwide. Tomorrow’s Scholar provides families with flexible means to save and invest for a child’s college education while taking advantage of multiple tax and estate benefits. Working with a Financial Advisor, families can tailor a portfolio to their particular situation with investments that feature some of the largest and most respected asset management firms.

 

12017 Plan Performance Rankings Q3, Savingforcollege.com, 12/8/2017. Edvest ranking is based on a performance score calculated by investment performance for 51 direct-sold 529 plans (1-year ranking) and 48 direct-sold 529 plans (3-year ranking). The Savingforcollege.com plan composite rankings are derived using the plans’ relevant portfolio performance in seven unique asset allocation categories. The asset-allocation categories used are: 100 percent equity, 80 percent equity, 60 percent equity, 40 percent equity, 20 percent equity, 100 percent fixed and 100 percent short term. The plan composite ranking is determined by the average of its percentile ranking in the seven categories. Past performance does not predict future results.

2Savingforcollege.com, July 12, 2017.The Edvest College Savings Plan received a 5-Cap Rating for Wisconsin residents and 4.5-Cap Rating for non-residents. A 5-Cap Ratings represents the attractiveness of a 529 plan, relative to all other 529 plans, by assigning an overall rating to each 529 program ranging from 1 Cap (least attractive) to 5 Caps (most attractive). 5-Cap Ratings represent an assessment based on many considerations such as flexibility, liquidity and availability, ownership rights, state benefits, investment approach and safety, program resources and financial aid impact. It is not strictly a measure of historical returns, and it is not a predictor of future investment performance, level of investment risk or financial solvency of the program funds. These ratings are not the result of a fixed formula and a significant portion of the analysis is subjective. Before establishing a 529 account and making contributions, it is imperative that investors read and understand all enrollment materials and disclosures from the programs.

3In an annual review (10/24/2017) of the largest 529 college-savings plans (62 total), Morningstar identified 34 plans that rose above their typical peers, awarding those plans Gold, Silver, and Bronze Morningstar Analyst Ratings for 2017. These forward-looking, qualitative ratings signal Morningstar’s conviction in the plans’ abilities to outperform their relevant benchmark and peer groups on a risk-adjusted basis over the long term. Morningstar evaluates college-savings plans based on five key pillars – Process, Performance, People, Parent, and Price. For more information about Morningstar’s overview of Edvest go to 529.morningstar.com/edvest. Past performance does not predict future results. Source: morningstar.com/news

4Savingforcollege.com, July 12, 2017. The Tomorrow’s Scholar College Savings Plan received a 4.5-Cap Rating for Wisconsin residents and 4-Cap Rating for non-residents. A 5-Cap Ratings represents the attractiveness of a 529 plan, relative to all other 529 plans, by assigning an overall rating to each 529 program ranging from 1 Cap (least attractive) to 5 Caps (most attractive). 5-Cap Ratings represent an assessment based on many considerations such as flexibility, liquidity and availability, ownership rights, state benefits, investment approach and safety, program resources and financial aid impact. It is not strictly a measure of historical returns, and it is not a predictor of future investment performance, level of investment risk or financial solvency of the program funds. These ratings are not the result of a fixed formula and a significant portion of the analysis is subjective. Before establishing a 529 account and making contributions, it is imperative that investors read and understand all enrollment materials and disclosures from the programs.

5Dalbar.com, Dalbar Service Award for 2016.

TIAA-CREF Individual & Institutional Services, LLC, member FINRA/SIPC, distributor and underwriter for the Wisconsin College Savings Plan. Neither TIAA-CREF Tuition Financing, Inc., nor its affiliates, are responsible for the content found on any external website links contained herein.

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‘Tis the Season to Save for College!

Artfully wrapped presents not your forte? Don’t have time to wait in the cold to grab the best deals? Looking to give a gift that outlives the latest fad? Edvest has you covered this holiday season with the gift of higher education.

Whether you’re ahead of the gifting game, or picking up a last-minute gift on Dec. 25, Edvest makes it easy with these simple options:

eGift

Invite friends and family to eGift securely, online to a child’s Edvest account. Non-expiring gifting codes are generated and can be shared via email and social media accounts. Friends and family can reuse the code as often as they like, making repeat contributions even easier.

Mail it in

If you’re looking to make a one-time gift to an existing 529 account, you can complete the simple gift deposit form and mail it with the contribution.

Gift Cards

Edvest offers gift cards available for online purchase. With denominations ranging from $25 to $300, gifts can be sent to your budding scholar via email, text message or as a physical card. Gift cards have no expiration date for redeeming the funds.

The gift that keeps on giving

Beyond giving your child a head start when it comes to saving for college, when you open an Edvest account you’ll enjoy some tax advantages too…and so will your relatives or anyone else contributing to the account.

Wisconsin residents, regardless of their relationship to a child, can reduce their state taxable income by up to $3,140 per beneficiary per year. Plus, Edvest investment earnings grow tax-deferred and are tax-free at both the state and federal level when used to pay for qualified college expenses.

Give the gift of education today at Edvest.com or call an Edvest college savings specialist at (888) 338-3789.

To learn more about the Wisconsin College Savings Plan, its investment objectives, tax benefits, risks and costs, please see the Disclosure Booklet at Edvest.com. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. If the funds aren’t used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. Taxpayers should seek advice from an independent tax advisor based on their own particular circumstances. TIAA-CREF Individual & Institutional Services, LLC, member FINRA, distributor and underwriter for the Wisconsin College Savings Plan.

Morningstar gives Edvest high marks

Edvest is a solid choice for Wisconsin families interested in saving money for college. That’s according to recent rankings by Morningstar, Inc.™1

Low costs lead to high ranking

In their most recent review, independent investment research and management firm Morningstar has once again awarded Edvest a Bronze rating. It’s one of just 34 529 plans nationwide to earn the best-in-class ranking. According to their analysis, “While other states may offer a similarly wide-ranging lineup of attractive investments, few do so at prices as competitive as this plan’s.”

Edvest offers low fees, and a low minimum contribution of just $25. Edvest has no application, annual account maintenance, cancellation, change in beneficiary, or change in investment portfolio fees. Low fees means more money can be saved for higher education costs.

Tax benefits boost appeal

Along with the variety of investment options, Morningstar cited Edvest’s tax benefits for Wisconsin residents as a clear advantage for families looking for a quality college savings plan. “Wisconsin residents in particular, who can deduct up to $3,140 per beneficiary from their taxable state income, should look no further. The plan also holds appeal for nonresidents interested in a combination of active and passive management.”

Positive track record continues

Along with positive marks for low costs and benefits to account owners, Edvest also ranked high when it comes to performance. In their review of 48 direct-sold plans, which looked at performance over three years, SavingForCollege.com placed Edvest in the top 15.2

Learn more about the plan, and open an account for your child, at Edvest.com.

 

1 In an annual review (10/24/2017) of the largest 529 college-savings plans (62 total), Morningstar identified 34 plans that rose above their typical peers, awarding those plans Gold, Silver, and Bronze Morningstar Analyst Ratings for 2017. These forward-looking, qualitative ratings signal Morningstar’s conviction in the plans’ abilities to outperform their relevant benchmark and peer groups on a risk-adjusted basis over the long term. Morningstar evaluates college-savings plans based on five key pillars – Process, Performance, People, Parent, and Price. For more information about Morningstar’s overview of Edvest go to 529.morningstar.com/edvest. Past performance does not predict future results. Source: morningstar.com/news

Source: 2017 three-year top performing direct plans Q2, August 28, 2017 Edvest ranking is based on a performance score calculated by investment performance for 48 direct-sold 529 plans. Learn more at Savingforcollege.com. 

Celebrating 20 Years of College Savings

Edvest, Wisconsin’s 529 College Saving Plan, is excited to celebrate 20 years of helping families save for the cost of higher education. Founded in 1997, Edvest has evolved from a prepaid tuition unit college savings account into one of the nation’s top 529 college savings plans with more than 161,000 accounts, averaging more than $17,300 in college savings.

While a lot has changed over the years, one thing that hasn’t is Edvest’s commitment to making saving for college easier and more affordable for Wisconsin families.

“For 20 years we’ve been committed to helping families save for college,” said Jessica Fandrich, officer for the State of Wisconsin 529 College Savings Program, DOA. “As the needs of Wisconsin families grow and change, Edvest will continue to be here for them to offer guidance, and a simple way to save for higher education.”

As you consider the importance of saving for college, here are a few things know:

Average debt – The total U.S. student loan debt is $1.44 trillion; the average Wisconsin student loan debt for the class of 2015 is $29,460, with an average monthly payment of $351.

Tuition is up – The average cost of tuition and fees has risen dramatically in Wisconsin over the last 20 years.

  • 1997:   $1,943 (public), $11,868 (private)
  • 2007:   $4,476 (public), $20,313 (private)
  • 2017:   $6,494 (public), $30,822 (private)

Don’t forget about dorms – Tuition isn’t the only thing families need to save for. Room and board costs are part of the equation too.

  • 1997:   $4,259 (public), $5,541 (private)
  • 2007:   $6,932 (public), $8,394 (private)
  • 2017:   $6,887 (public), $10,089 (private)

Books, pizza, phones, cars, (and more pizza) – In addition to room and board, students need to consider the cost of books and other needed supplies. Over the last two decades, the cost of textbooks has grown at nearly three times the rate of inflation. Transportation costs can add up to $1,287.50 per year by some estimates. Add in incidental costs like phone bills, a movie out with friends, or ordering dinner in occasionally, and that’s another estimated $2,035 per year to account for.

Edvest funds may be used for qualified higher education expenses, which include tuition, certain room and board expenses, fees, and the cost of books, supplies, and required equipment. Computers, tablets and related technology, such as internet access fees, software or printers, are also considered qualified education expenses.

Saving matters – Teens who have a savings account in their name are six times more likely to attend college than those without savings. Low and moderate-income kids that have a college savings plan are three times more likely to attend college and four times more likely to graduate.

Edvest makes it easy – With a variety of investment choices, including the popular age-based options, Edvest’s low fees, combined with tax advantages for qualified Wisconsin residents, makes it easy and effective for more families to save for college. Edvest offers great ways to gift, including a secure eGift option and gift cards. Funds saved through Edvest can be used at colleges, technical colleges, and grad schools nationwide and abroad on fees, books, room and board, computers/tablets or other qualified expenses – not just tuition.

SavingforCollege.com recently ranked Edvest as one of the Top 15 in 3-year 529 Performance and awarded the program a 5-Cap Rating, which indicates that a 529 plan offers outstanding flexibility, attractive investments and additional economic benefits. Edvest also received a bronze rating from Morningstar Inc., and was ranked as the 529 plan with the sixth lowest fees in the nation (out of 51 direct-sold 529 plans) by Strategic Insight.

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.

Edvest, Wisconsin’s College Savings Plan, Renews Plan Manager Through 2020

MADISON, Wis. (July 26, 2017) – 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 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.

  • 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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Did you know? Edvest has a 5-Cap Rating!

Edvest College Savings Plan is happy to announce that it has received SavingforCollege.com’s 5-Cap Rating for Wisconsin residents for the fourth consecutive year! Edvest offers attractive plan features such as a Wisconsin state tax deduction of up to $3,140 per beneficiary, a wide range of investment choices as well as little to no fees, including no sales commissions, no annual maintenance fee, and no application fee. Edvest also received a 4.5-Cap Rating for non-Wisconsin residents.

“We’re excited to maintain our 5-Cap Rating from SavingforCollege.com,” said Jessica Fandrich, Officer for Wisconsin’s 529 College Saving Plan. “Wisconsin families are counting on Edvest to help make their college and technical college dreams a reality and we are committed to offering a plan our account holders can count on year-after-year.”

529 plan like Edvest provide outstanding flexibility, attractive investments as well as additional economic benefits, such as state tax benefits. Only 17 college savings plans nationwide received the top rating.

*Source: Savingforcollege.com, July 12, 2017.The Edvest College Savings Plan received a 5-Cap Rating for Wisconsin residents and 4.5-Cap Rating for non-residents. A 5-Cap Ratings represents the attractiveness of a 529 plan, relative to all other 529 plans, by assigning an overall rating to each 529 program ranging from 1 Cap (least attractive) to 5 Caps (most attractive). 5-Cap Ratings represent an assessment based on many considerations such as flexibility, liquidity and availability, ownership rights, state benefits, investment approach and safety, program resources and financial aid impact. It is not strictly a measure of historical returns, and it is not a predictor of future investment performance, level of investment risk or financial solvency of the program funds. These ratings are not the result of a fixed formula and a significant portion of the analysis is subjective. Before establishing a 529 account and making contributions, it is imperative that investors read and understand all enrollment materials and disclosures from the programs.