TALLAHASSEE, Florida, March 25 /PRNewswire-HISPANIC PR WIRE/ — The Florida College Investment Plan* has been ranked first among all direct-sold 529 savings plans in the country for one and three-year investment performance by one of the nation’s foremost college savings sources: savingforcollege.com.
“Floridians can take pride in knowing that their state’s college investment plan was recently recognized as the best in the country by an independent firm,” said Florida Prepaid College Board Chairman Ted Hoepner.
With the Florida College Investment Plan, families save at a pace that fits their budget, as they choose how much and how often to contribute to their account. An account can be opened with either a minimum lump-sum contribution of $250 or a $25 a month automatic bank withdrawal. Whether they consider themselves aggressive investors, conservative, or somewhere in between, families can choose from five different investment options with varying levels of risk. Unlike some other 529 plans, no commissions or sales fees are charged, and account owners pay a low annual administrative fee of 3/4 of one percent of the account balance.
Dollars invested in the Florida College Investment Plan may be used for qualified higher education expenses ranging from tuition and fees to books, meals, rent and graduate school. Additionally, under the American Recovery and Reinvestment Tax Act of 2009, the list of Section 529 qualified higher education expenses has expanded to include computers and computer technologies. Expenses covered are those which are incurred in 2009 or 2010 for the purchase of any computer technology, Internet access or related services to be used by the beneficiary and the beneficiary’s family while the beneficiary is enrolled at an eligible institution of higher learning.
Another recent tax change which means good news for 529 plan investors comes from the U.S. Treasury Department and Internal Revenue Service. This new ruling allows account owners of tax-advantaged 529 college savings plans like the Florida College Investment Plan to change their investment options twice a year during calendar year 2009. Prior to 2009, account owners were only allowed to change their investment options once a year.
For more information, please visit http://www.myfloridaprepaid.com or call 1-800-552-GRAD (4723).
* The Florida College Investment Plan is not a prepaid plan. Investments in the plan are not insured or guaranteed, and you could lose all or a portion of your investment. Participation in the plan will be sold only by means of a Disclosure Statement and Participation Agreement. A copy of each will be sent to you upon request; you should read them before investing. Nothing in this message should be construed as financial, investment, legal or tax advice. Consult your own advisors before investing.
Save today for their tomorrow.
SOURCE Florida Prepaid College Plans