529 College Savings Plan New York

The previously administered by TIAA-CREF, 529 College Savings Plan New York is now administered by Upromise Investments and the Vanguard Group. The 529 College Savings Plan New York offer attractive tax deduction benefits to residents of New York. In this section of 529 plan and College Savings, we discuss details of 529 College Savings Plan New York accounts.

How do I open a 529 College Savings Plan New York account?

A 529 College Savings Plan New York account can be opened by requesting a 529 College Savings Plan New York account application over the phone at 1-877-NYSAVES or 1-877-697-2837 or you can open a 529 College Savings Plan New York account online.

What is I already have a 529 College Savings Plan New York account with TIAA-CREF?

If you already have a 529 College Savings Plan New York account before the transition from TIAA-CREF to Upromise Investments and the Vanguard Group, your 529 College Savings Plan New York account would remain with TIAA-CREF for up to five years. However, new deposits into the 529 College Savings Plan New York account will be managed by Upromise Investments and the Vanguard Group. You can also request that your 529 College Savings Plan New York account be moved from TIAA-CREF to Upromise Investments and the Vanguard Group.

Provisions, features, and rules of the 529 College Savings Plan New York accounts

The 529 College Savings Plan New York accounts have some unique rules, features, and provisions:

Penalty for early withdrawals of the 529 College Savings Plan New York accounts

What is the penalty for early withdrawal from the 529 College Savings Plan New York account?

The penalty for early withdrawal from the 529 College Savings Plan New York account is 10% of earnings if the early withdrawal is made less than 36 months after the account has been opened. The penalty for early withdrawal for the 529 College Savings Plan New York account apply to the length of time the 529 College Savings Plan New York account has been open - not how long you have had money invested in the 529 College Savings Plan New York account. In another word, if you have had the 529 College Savings Plan New York account opened for 37 months but has only been putting money into the 529 College Savings Plan New York account for the past 12 months, you will not be incur the early withdrawal penalty.

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