Minnesota 529 College Savings Plan Named a Silver Plan by Morningstar

published November 21, 2023

St. Paul, Minn. (November 21, 2023) – The Minnesota College Savings Plan (MNSAVES) is excited to announce that the plan has again received a Silver Analyst Rating by Morningstar, an independent investment research and management firm.

The independent analysts at Morningstar carefully reviewed the merits of fifty-four 529 plans and recognized MNSAVES with a Silver Rating for the fifth year in a row.

MNSAVES has maintained its rating, noted by Morningstar for its low fees, high-quality investment strategies, and the state’s strong oversight.

According to the analyst report, "A forward-thinking approach implemented by a dedicated 529 team supports a Morningstar Medalist Rating of Silver for the Minnesota College Savings Plan. The sharp state board of investments and low cost add to this plan's appeal." The report further states, "The straightforward and well-diversified portfolios continue to make this plan compelling."

"We are thrilled to have been recognized by Morningstar as a Silver plan for the fifth consecutive year," said Jim Mandler, senior marketing manager for MNSAVES. "This rating validates that MNSAVES is committed to ensuring Minnesota families have access to the financial tools they need to make planning for higher education a reality."

Morningstar Medalist plans exhibit some combination of the following attractive features:

• A well-researched asset-allocation approach
• A robust process for selecting underlying investments
• A well-resourced and experienced investment team
• Strong, stable, and engaged oversight from the state
• Low fees

Additionally, MNSAVES is a tax-advantaged 529 college savings plan, meaning that money you invest with the program could help you save on taxes.

For 2023, Minnesota taxpayers can reduce their state taxable income up to $3,000 if married filing jointly. Investment earnings are 100 percent free from federal and Minnesota state taxes when used for qualified higher education expenses such as tuition, room and board, books, computers, or supplies.

The deadline for the 2023 Minnesota tax deduction is Friday, December 29, 2023. It takes only 15 minutes and just $25 to open an account on the MNSAVES website.

For more information about MNSAVES, to open an account, or to explore the new and improved website, visit mnsaves.org. MNSAVES is also on Facebook.

About the Minnesota 529 College Savings Plan

The Minnesota 529 College Savings Plan (MNSAVES), Minnesota’s official 529 college savings plan, makes it easier for families to save for higher education expenses. It takes just $25 and 15 minutes to open an MNSAVES account, and funds saved can be used at eligible colleges and universities, community and technical colleges and graduate schools nationwide, and many abroad.

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In an annual review (11/2/2023) of the largest 529 college savings plans (54 plans representing 90% of 529 assets as of August 2023), Morningstar identified 34 plans that stand out above the rest, awarding those plans Gold, Silver, and Bronze Morningstar Analyst Ratings for 2023. These plans offer a well-researched asset-allocation approach, a robust process for selecting and monitoring underlying investments, a well-resourced and experienced investment team, stable and engaged oversight from the state and low fees. Investors in what Morningstar analysts consider the best 529 plans should be well-positioned for the future. The four key pillars used by Morningstar to evaluate 529 college savings plans include – Process, People, Parent, and Price. For more information about Morningstar’s overview of the Minnesota 529 College Savings Plan, go to Morningstar.com. TIAA-CREF Tuition Financing, Inc. compensates Morningstar for the ability to quote these ratings in public communications. Past performance does not predict future results. Source: Morningstar.com. A Morningstar Analyst Rating for a 529 college savings plan is not a credit or risk rating. Analyst ratings are subjective in nature and should not be used as the sole basis for investment decisions.

To learn more about the Minnesota College Savings Plan, its investment objectives, risks, charges and expenses see the Plan Description at mnsaves.org. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. If the funds aren't used for qualified higher education expenses, a federal 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Consult your legal or tax professional for tax advice. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Minnesota College Savings Plan.

Neither TIAA-CREF Tuition Financing, Inc., nor its affiliates, are responsible for the content found on any external website links contained herein.

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