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The SMART529 family of college savings plans grew out of the desire of the West Virginia State Treasurer and West Virginia Legislature to provide an attractive program for college savings that would help families prepare financially for the costs of college attendance.
SMART529 college savings plans are issued by the Board of Trustees of the West Virginia College and Jumpstart Savings Programs, which changed its name effective January 24, 2022, to reflect it also administers the newly established Jumpstart Savings Program, a separate program not included in these materials or offered on this website. The West Virginia Legislature first enacted the West Virginia College Prepaid Tuition and Savings Program Act on April 12, 2001 to provide for the offering of college education savings plans under Section 529 of the Code. Even though issued by a West Virginia state agency, SMART529 offers savings plans that are open to investors nationwide. All of the SMART529 plans are operated as qualified tuition plans under Section 529 of the Internal Revenue Code.
The Board of Trustees consists of eleven voting members as follows: the West Virginia State Treasurer (the “Treasurer”), the State Superintendent of Schools, one representative of the Higher Education Policy Commission, one representative of the Council for Community and Technical College Education and seven members appointed by the Governor of West Virginia. The Treasurer is the chairman and presiding officer of the Board of Trustees.
Through a competitive bidding process, the Board of Trustees selected Hartford Funds Management Company. LLC (“HFMC”) to administer and market SMART529 savings plans. The Hartford, HFMC's parent company, has provided insurance and other financial management services for its clients since 1810.
The management agreement between the Board of Trustees and HFMC currently has a term running through June 30, 2027. The Board of Trustees and HFMC may from time to time agree to extend the term of the agreement, and each have the right to terminate it prior to its expiration date under certain circumstances. If the management agreement were terminated, the Board of Trustees could continue to provide the SMART529 Program on its own or through other third party administrators. Termination of the management agreement would not terminate the operation of the Program.
HFMC maintains all general administrative services for SMART529 through its offices in Simsbury, CT. You may contact SMART529 by writing to SMART529 Customer Service at P.O. Box 55362, Boston, MA, 02205 or calling toll-free 1-866-574-3542. You may write to the Board of Trustees of the West Virginia College and Jumpstart Savings Programs, c/o West Virginia State Treasurer's Office, 1900 Kanawha Blvd East, Charleston, WV 25305-0860.