CollegeAmerica from American Funds: Virginia’s 529 College Savings Plan Basics

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Virginia’s American Funds 529 Plan Details

Program TypeSavings
Created2002
State AgencyVirginia529
Tax deductionFor single filers $4,000/yr per beneficiary
For joint filers $4,000/yr per beneficiary
Program ManagerAmerican Funds Service Company, American Funds Distributors, and Capital Research and Management Company
Program distributorAmerican Funds Distributors
Maximum contributionsAccepts contributions until all account balances in Virginia’s 529 plans for the same beneficiary reach $500,000.
Minimum contributionsThe 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.
E-gifting platformNone
Enrollment or application feeNone, but contributions may be subject to a sales charge depending on share class.
Account maintenance feeNone.
Program management feeAll 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
Expenses of the underlying investmentsRanges 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.
Total asset-based expense ratioClass 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%

Virginia’s American Funds 529 Plan Contacts

Websitehttps://www.americanfunds.com/college/collegeamerica.html
Telephone1-800-421-4225
FacebookCollegeAmerica

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.

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