Organization:DreamAhead College Investment Plan
DreamAhead College Investment Plan is a higher education savings program administered by the State of Washington (state) . The plan was created in 2016 by the Washington State Legislature, and statutorily known as the Washington College Savings Plan (RCW 28B.95.032),[1] and opened for nationwide participation in 2018.[2] It is one of two 529 programs offered by the state, the other being the Guaranteed Education Tuition Program (known as GET), which is a prepaid program. The programs are supported by Washington College Savings Plans (WA529), a division of Washington Student Achievement Council.
Plan administration
DreamAhead is administered by the Committee on Advanced Tuition Payment and College Savings.[3] Sumday Administration, an affiliate of Bank of New York Mellon, is the plan's Program Manager. Investment advisory services are provided by Lockwood Advisors.[3]
Investment choices
A DreamAhead account can be opened with as little as $25.[4] Once opened, contributions to a DreamAhead account can be made by check, Automatic Investment Plan (AIP), Electronic Funds Transfer (EFT), Payroll Direct Deposit, Gift Contribution,[5] Rollover from another 529 account, Re-contribution of a refunded distribution, or by moving assets from a child savings or education savings account.
Participants in DreamAhead can choose between two types of investment options: a Year of Enrollment portfolio, in which the investment allocation is automatically adjusted over time based on the beneficiary's expected year of college enrollment; or a Static Portfolio, in which the account owner can choose a specific investment mix based on their risk tolerance.[6]
Accolades
In 2020, DreamAhead College Investment Plan was awarded a Bronze Medal by Morningstar, the first time DreamAhead had achieved a Morningstar rating since its inception. In its announcement naming DreamAhead among "The Top 529 College Savings Plans of 2020",[7] Morningstar stated, "Washington's plan has been on our radar since its launch in 2018, and a deeper dive into the construction of its three risk-based target enrollment suites gave us confidence that the plan will serve Washingtonians well."
References
- ↑ "RCW 28B.95.032: Washington college savings program.". https://app.leg.wa.gov/RCW/default.aspx?cite=28B.95.032.
- ↑ "New state program expands options for college savings | The Spokesman-Review". https://www.spokesman.com/stories/2018/apr/06/new-state-program-expands-options-for-college-savi/.
- ↑ 3.0 3.1 "DreamAhead Program Details Booklet". https://wastate529.wa.gov/sites/default/files/2020-11/da-program-details-booklet-2020.pdf.
- ↑ "Get Started | wastate529". https://wastate529.wa.gov/get-started.
- ↑ "How to give a gift of college savings" (in en-US). https://www.savingforcollege.com/article/how-to-give-a-gift-of-college-savings.
- ↑ "All DreamAhead College Investment Plan Portfolios" (in en). https://www.savingforcollege.com/529-plans/washington/dreamahead-college-investment-plan/investment-options.
- ↑ "The Top 529 College Savings Plans of 2020" (in en). 27 October 2020. https://www.morningstar.com/articles/1006084/the-top-529-college-savings-plans-of-2020.
 |  |
