CHARLESTON, W.Va. (Hinton News) – State Treasurer Riley Moore announced that the state’s SMART529 WV Direct college savings plan has once again been ranked as one of the top direct-sold 529 plans in the country, according to the popular nationwide college planning website SavingForCollege.com.
“We’re proud that West Virginia’s SMART529 college savings plan continues to be ranked as one of the best-managed plans in the country,” Treasurer Moore said. “Even in this time of market turmoil, we’re still outperforming other plans across the U.S., so parents and families should feel confident in allowing us to help them invest for their child’s future.”
The SMART529 WV Direct Plan was ranked second in the nation in 1- and 3-year performance, and first in 5- and 10-year performance, according to the website. The website analyzed the performance of more than 3,000 529 investment options nationwide to come up with its rankings.
SavingForCollege.com said the SMART529 WV Direct Plan “offers outstanding flexibility, attractive investments, and additional economic benefits (such as generous state tax incentives) that for some people, at least, will provide a substantial boost to their savings. There are few, if any, weaknesses noted in the program.”
A direct-sold plan is one in which a person can directly sign up for the plan, without it being sold through a financial adviser. West Virginia’s SMART529 WV Direct Plan is open to West Virginia residents and does not have a minimum investment requirement, sales charges or annual maintenance fee.
SavingForCollege.com cited the West Virginia SMART529 WV Direct Plan’s low fee structure and variety of investment options as key factors for its ranking.
Additional benefits include:
Contributions being fully deductible from West Virginia income tax.
Plan beneficiaries who are born or adopted in-state are eligible for a $100 seed contribution through the SMART529 Bright Babies Program.
An e-gifting platform for receiving 529 plan gift contributions.
“With inflation and other costs rising, it’s more important than ever to start saving as early as possible for a child’s future,” Treasurer Moore said. “I encourage every parent or grandparent to visit SMART529.com to see how our programs can work for you. It’s never too early to start saving for your child’s future.”
The SMART529 program is celebrating its 20th anniversary this year.
SMART529 is a qualified tuition program issued by the Board of Trustees of the West Virginia College and Jumpstart Savings Programs and administered by Hartford Funds. Complete information about SMART529 is available at www.SMART529.com.
