New Guaranteed Plan Description And Form Now Available
On July 1, CollegeAdvantage released a new Plan Description for the CollegeAdvantage Guaranteed 529 Savings Plan, formerly known as the Ohio Prepaid Tuition Plan.
We will mail out this update to all CollegeAdvantage Guaranteed Savings Plan account owners around Friday, July 1. Some account owners will receive multiple copies if they have accounts for different beneficiaries.
The Plan Description is published to update information regarding the terms and conditions governing the use of the account. This document, as well as other account maintenance information and forms, can be found with Guaranteed Plan Resources.
This update will not change the value of any Units or Credits you purchased and currently hold. Please view the current payout rate for the CollegeAdvantage Guaranteed Savings Plan. The Guaranteed Savings Plan remains closed to contributions and new enrollments.
Also, an Agent Authorization form is being added as an option. Once notarized, you can use this form to allow another individual specified access to your account over the phone. For example, because accounts can be owned by only one individual, you may authorize your spouse to have access to the account as an authorized agent, or your personal financial advisor to have access to your account information.
Please note that an authorized agent cannot to do any of the following:
- change the account owner or beneficiary address of record;
- add, delete, or change any banking information on file;
- change the beneficiary;
- withdraw assets; or
- transfer assets to another account.
As you continue to work toward your college savings goals, you should consider the age of your child, the number of years you have to save before college, your risk tolerance, investment goals, and tuition cost projections. Depending on your goals, you always have the option to rollover funds from your CollegeAdvantage Guaranteed Plan account to any 529 plan, including the CollegeAdvantage Direct (open and manage yourself) or Advisor Plan (you would need to work with a financial advisor to open an account or already have an advisor plan) at any time, without incurring tax consequences and a penalty. To do so, complete the Guaranteed Plan Withdrawal form.
Posted on July 01, 2016