{"id":375,"date":"2021-08-10T16:23:40","date_gmt":"2021-08-10T16:23:40","guid":{"rendered":"https:\/\/www.upromise.com\/articles\/?p=375"},"modified":"2022-05-20T00:27:53","modified_gmt":"2022-05-20T00:27:53","slug":"collegeamerica-from-american-funds-virginias-529-college-savings-plan-basics","status":"publish","type":"post","link":"https:\/\/www.upromise.com\/articles\/collegeamerica-from-american-funds-virginias-529-college-savings-plan-basics\/","title":{"rendered":"CollegeAmerica from American Funds: Virginia’s 529 College Savings Plan Basics"},"content":{"rendered":"\n

<\/p>\n\n\n\n

Virginia’s American Funds 529 Plan Details<\/h2>\n\n\n\n
Program Type<\/strong><\/td>Savings<\/td><\/tr>
Created<\/strong><\/td>2002<\/td><\/tr>
State Agency<\/strong><\/td>Virginia529<\/td><\/tr>
Tax deduction<\/strong><\/td>For single filers $4,000\/yr per beneficiary
For joint filers $4,000\/yr per beneficiary<\/td><\/tr>
Program Manager<\/strong><\/td>American Funds Service Company, American Funds Distributors, and Capital Research and Management Company<\/td><\/tr>
Program distributor<\/strong><\/td>American Funds Distributors<\/td><\/tr>
Maximum contributions<\/strong><\/td>Accepts contributions until all account balances in Virginia’s 529 plans for the same beneficiary reach $500,000.<\/td><\/tr>
Minimum contributions<\/strong><\/td>The minimum initial contribution is $250 per fund ($1,000 for U.S. Government Money Market Fund), and the minimum subsequent contribution is $50 per fund. For an employer-sponsored program, the minimum contributions are $25 per fund.<\/td><\/tr>
E-gifting platform<\/strong><\/td>None<\/td><\/tr>
Enrollment or application fee<\/strong><\/td>None, but contributions may be subject to a sales charge depending on share class.<\/td><\/tr>
Account maintenance fee<\/strong><\/td>None.<\/td><\/tr>
Program management fee<\/strong><\/td>All options except College Target Date Series and Portfolio Series:
0.25% to 0.80% (includes 0.06%% state administrative fee), plus distribution\/servicing fee of 0.22% to 0.30% (Class 529-A), 1.00% (Class 529-C), 0.50% (Class 529-E), 0.25% (Class 529-F-1 including Money Market Fund), 0.00% (Class 529-F-2 and 529-F-3

College Target Date Series:
No management fee, 0.06% state administrative fee, plus distribution\/servicing fee of 0.22% to 0.30% (Class 529-A), 1.00% (Class 529-C), 0.50% (Class 529-E), 0.25% (Class 529-F-1), 0.00% (Class 529-F-2 and 529-F-3

Portfolio Series:
No management fee, 0.06% state administrative fee, plus distribution\/servicing fee of 0.24% to 0.25% (Class 529-A), 1.00% (Class 529-C), 0.50% (Class 529-E) or 0.25% (Class 529-F-1), 0.00% (Class 529-F-2 and 529-F-3<\/td><\/tr>
Expenses of the underlying investments<\/strong><\/td>Ranges from 0.26% to 0.57% (portfolio weighted average) in the age-based and static multi-fund portfolios, and 0.04% to 0.30% in the individual-fund portfolios.<\/td><\/tr>
Total asset-based expense ratio<\/strong><\/td>Class 529-A: 0.44% – 1.32%
Class 529-C: 0.45% – 2.10%
Class 529-E: 0.43% – 1.48%
Class 529-F-1: 0.63% – 1.35%
Class 529-F-2: 0.35% – 0.99%
Class 529-F-3: 0.29% – 0.93%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Virginia’s American Funds 529 Plan Contacts<\/h2>\n\n\n\n
Website<\/strong><\/td>https:\/\/www.americanfunds.com\/college\/collegeamerica.html<\/td><\/tr>
Telephone<\/strong><\/td>1-800-421-4225<\/td><\/tr>
Facebook<\/strong><\/td>CollegeAmerica<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

While we are providing general information about the California 529 plan, please consult the Plan Description and Participation Agreement for more detailed information and facts about the plan.<\/em><\/p>\n\n\n\n

<\/p>\n\n\n\n

All State 529 Plans <\/h3>\n\n\n\n