Top Reasons to Save
SMART529 Select can help put you on the course to saving for college. It’s easy to see why it’s a SMART start!
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Some of the reasons our account holders opened a SMART529 Select account, are:

Growth Potential

  • Invest in portfolios that have the potential to keep pace with rising college costs
  • Choose between portfolios designed for a range of risk tolerances and time horizons

 

Tax Benefits

  • Withdrawals for qualified higher education expenses1 are free from federal tax
  • Potential state tax benefits on contributions, depending on your state of residence. Please consult your tax advisor or financial consultant for details.

     

Flexibility

  • There are no set time limits for contributions, or for using account assets
  • Money can be transferred tax-free between any on the investment options twice per calendar year and investment allocations for new contributions can be changed at any time

     

Eligibility

  • Parents, grandparents, other adults and businesses are all eligible to open an account.  You can even open an account for yourself.
  • The account beneficiary can be of any age

 

Account Owner Control

  • Change your account beneficiary to an Eligible Family Member2 of the current account beneficiary if you desire
  • Maintain complete control of the account even after the beneficiary turns 18
  • Access funds in your account at any time

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1 Qualified Higher Education expenses include room and board, required supplies and equipment, books, tuition and fees. Non-qualified withdrawals are taxable as ordinary income to the extent of earnings and may also be subject to a 10% federal income tax penalty. Such withdrawals may have state income tax implications.

2 For the definition of “Eligible Family Member,” please see Offering Statement

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SMART529 is a college savings plan offered by the Board of Trustees of the West Virginia College and Jumpstart Savings Programs and administered by Hartford Funds Management Company, LLC ("HFMC").

SMART529 Select is available to all investors. West Virginia (WV) provides certain tax advantages to WV taxpayers that invest in SMART529 Select. Before investing, an investor should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s 529 plan.

Investments in SMART529 are not guaranteed or insured by the State of West Virginia, the Board of Trustees of the West Virginia College and Jumpstart Savings Programs, the West Virginia State Treasurer's Office, HFMC, The Hartford Insurance Group, Inc., the investment sub-advisers for the Underlying Funds or any depository institution. Investments in SMART529 are subject to investment risks, including the loss of the principal amount invested, and may not be appropriate for all investors.

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider the investment objectives, risks, charges and expenses of SMART529 and its Underlying Funds before investing. This and other information can be found in the Offering Statement for SMART529, including privacy notices, and the prospectuses or other disclosure documents for the Underlying Funds, which can be obtained by calling (866) 574−3542. Please read them carefully before you invest or send money. SMART529 is distributed by Hartford Funds Distributors, LLC. Member SIPC.

For a copy of the West Virginia College and Jumpstart Savings Programs’ most recent Annual Comprehensive Financial Report, please click here.

"The Hartford" is The Hartford Insurance Group, Inc. and its subsidiaries.

Dimensional Fund Advisors is not an affiliate or subsidiary of Hartford Funds.

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