529 College Savings Plan NY

The 529 College Savings Plan NY has been administered by TIAA-CREF since 1998. In the late 2003, however, the management of the 529 College Savings Plan NY was handed over to the team of Upromise Investments and The Vanguard Group. Needless to say, the 529 College Savings Plan NY is doing better now.

What the 529 College Savings Plan NY features

Since the 529 College Savings Plan NY went over to Upromise Investments and Vanguard Group, the 529 College Savings Plan NY features age-based and static portfolio options utilizing Vanguard mutual funds and Fleet Bank's Columbia Management Group, and 529 College Savings Plan NY accounts can be linked to the Upromise Rewards Service.

TIAA-CREFF 529 College Savings Plan NY had tour main investment options: Guaranteed option, age-based option, aggressive age based option, and high equity option. However, the performance of most of TIAA CREF 529 College Savings Plan NY portfolios had been terrible. However, the advantage TIAA CREF had was its below average portoflio management expenses. For example, the 529 College Savings Plan NY account had a 0.60% expense ratio, much lower than most of its 529 College Savings Plan peers.

The new management companies of the 529 College Savings Plan NY accounts also have below average expense ratios since expenses are one of the main concerns when switching from TIAA CREF to other management companies for the 529 College Savings Plan NY accounts.

What 529 College Savings Plans does TIAA-CREF operate?

TIAA-CREF, the previous management company of the 529 College Savings Plan NY, also operates the 529 College Savings Plans of:

• California, Connecticut, Georgia, Idaho, Kentucky, Michigan, Minesota, Michigan, Missouri, Oklahoma, Tennessee, and Vermont.

Benefits of the 529 College Savings Plan NY accounts

Regardless of who administer the 529 College Savings Plan NY accounts, the 529 College Savings Plan NY accounts offer tax deduction benefits to New York resident taxpayers. Contributions to 529 College Savings Plan NY accounts of:

• $5,000 for an individual, and
• $10,000 for joint tax returns

are tax deductible from income on a New York State income tax return. These tax deductions of 529 College Savings Plan NY contributions also apply to New York taxpayers who are subject to local income tax such as residents of the City of New York or Yonkers.

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