Oregon 529 College Savings Plan
The Oregon 529 College Savings Network includes two programs from which to choose.
The Oregon College Savings Plan is geared to people who wish to do their own investing without the assistance of a financial advisor. The plan is managed by TIAA-CREF and offers fifteen investment portfolios, including:
The Multi-fund Investment Portfolios provide you with the opportunity to invest using multiple funds which will tend to lessen the risk over time and allows you to choose an asset allocation that appeals to your investment strategy. These include:
Then there are the Single-Fund Portfolios which, as the name suggests, each use a single underlying mutual fund for their investment basis.
Finally, for those with a short time frame until college or those who wish to invest very conservatively, there is the Principal Protection Portfolio which is subject to a funding agreement issued by TIAA-CREF Life which guarantees principal plus a certain interest rate...however even this is not absolutely guaranteed, but is subject to the ability of TIAA-CREF Life to be able to make the payments.
The MFS 529 Savings Plan is a 529 program managed by MFS Investment Management and is open to investors only through financial advisors. There are three paths you may choose from, including Aged-based, an Allocation Approach which automatically allocates, diversifies, and rebalances your investments and a Customized approach which lets you choose from among eighteen various MFS mutual funds. As you may notice, the choices are similiar to the College Savings Plan, but the funds differ since TIAA-CREF handles one and MFS Investment Management the other.
Your investment in the Oregon 529 College Savings Plan will grow federal tax-deferred. 529 owners who are Oregon taxpayers can deduct up to $2,120 per year ($4,240 for joint filers) from their Oregon State income tax return. Qualified withdrawals will also be Federal and state tax free. While you don't need to be an Oregon resident to open an Oregon 529 account, you should check with your home state first to see if they have tax and other benefits that would be advantageouus to you.
For more information on Oregon's 529 plan options, visit http://www.oregon529network.com/.