Exciting CHANGes have come to THE EDUCATION PLAN

We’re pleased to announce several significant enhancements to your account with The Education Plan.

A New Program Manager

Ascensus College Savings Recordkeeping Services,
LLC (Ascensus College Savings) will be managing The Education Plan. With over 4.5 million accounts administered, Ascensus brings a wealth of experience to help improve your saving experience.

New Investment Options and Lower Fees

A streamlined and enhanced investment menu featuring fewer, yet more diversified options and enrollment year-based portfolios will help make choosing a suitable investment strategy easier regardless of the beneficiary’s age.

Improved Online Access and Capabilities

You’ll enjoy expanded online features, so you can manage your account when and where it’s convenient for you, including from your phone, tablet, laptop or desktop. We’re also adding new features to Gifting. Soon, family members and friends will be able to easily set up recurring gifts, such as annually for birthdays or holidays, to help fuel plan savings.

Additional ways to save, and much more.

Many new additions to our program will provide you additional ways to save. One of these additions is UPromise, a rewards program where you can earn cash back for education from eligible purchases that you most likely make every day.

Your new Plan Description and Participation Agreement is now available. View it here.

 

Enjoy an improved
online experience.

You can manage your account when and where it’s convenient for you. From your phone, tablet, laptop or desktop, you can make:

  • Additional contributions
  • Withdrawals
  • Investment changes
  • Changes to your banking instructions
  • Invitations to family and friends to make gifts
  • Updates to your profile, and more.

Your account information, including records and assets, will automatically transition to our new Program Manager, Ascensus. This website explains how the transition will work and highlights the new features and benefits of The Education Plan.

Be sure to retain your existing account number in order to log on to your account with The Education Plan after the transition. Account owners will need to register for new online account access beginning December 9, 2019. Registering for access should take just a few minutes using the easy instructions at theeducationplan.com after the transition.

Plan Changes at a Glance

BEFOREAFTER

Program Manager:
OFI Private Investments, Inc.

Program Manager:
Ascensus
Investment Options:

Age-Based Portfolios
51 Portfolios
No Exchange-Traded Funds
Money Market Fund
No Socially-Responsible Investment Option

Investment Options:

Enrollment Year-Based Portfolios
24 Portfolios
3 Exchange-Traded Funds
New York Life Guaranteed Interest Account
Socially-Responsible Investment Portfolio

Total Asset-based Fees:
0.16% – 0.50%
Total Asset-based Fees:
0.10% – 0.44%

While you can expect a wide range of improvements to your plan, some things remain unchanged. If you’re a NM taxpayer, you’ll still be eligible to deduct the full amount of your Plan contributions from your New Mexico state income tax return.

Your new account will make saving for education goals easier than ever, with:

New investment options: A streamlined and enhanced investment menu featuring fewer, yet more diversified options and enrollment year-based portfolios will help make choosing a suitable investment strategy easier regardless of the beneficiary’s age. 

Lower average costs: The total annual asset-based fees for the new investment options will depend on which investments you choose. As an existing account owner, your total annual asset-based fees will range from 0.10% – 0.44%.

Improved gifting capability: Instead of only having the ability to make one-time gift contributions, family members and friends will be able to easily set up recurring gifts, such as annually for birthdays or holidays, to help fuel plan savings.

Your NEW Program Manager, Ascensus

 

Program management from an industry leader

Ascensus delivers technology and expertise to help millions of people save for what matters most—retirement, education, and healthcare. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of asset managers, banks, credit unions, state governments, financial professionals, employers, and individuals.

Ascensus supports over 75,000 retirement plans, more than 4.3 million 529 education savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.6 million IRAs and health savings accounts. Ascensus is an industry leader in program management.

For more information about Ascensus, visit ascensus.com.

Your NEW Investment Lineup

Year of Enrollment Portfolios

Eleven Portfolios are available based on your beneficiary’s anticipated year of enrollment*. As the year of enrollment approaches, the underlying investments will automatically change to match the shortening time horizon and appropriate risk levels.

*Assuming enrollment at age 18. Depending on your beneficiary’s intended year of enrollment, you may want to consider a different investment approach.

2038-2039 Enrollment Portfolio
2036-2037 Enrollment Portfolio
2034-2035 Enrollment Portfolio
2032-2033 Enrollment Portfolio
2030-2031 Enrollment Portfolio
2028-2029 Enrollment Portfolio
2026-2027 Enrollment Portfolio
2024-2025 Enrollment Portfolio
2022-2023 Enrollment Portfolio
2020-2021 Enrollment Portfolio
Enrollment Portfolio
View Age Based Portfolio Holdings

Allocation Portfolios

Eight allocation-based portfolios consisting of a mix of underlying funds are available and designed to match a desired risk level and investment management style. 

Passively Managed Allocation Portfolios Actively Managed Allocation Portfolios
100% Equity Index Portfolio 100% Active Equity Portfolio
75% Equity Index Portfolio 75% Active Equity Portfolio
50% Equity Index Portfolio 50% Active Equity Portfolio
25% Equity Index Portfolio 25% Active Equity Portfolio
View Static Passive Portfolio Holdings View Static Active Portfolio Holdings

Individual Portfolios

Five individual portfolios are available to create your own personalized investment mix. These portfolios consist of a single underlying fund made up of a mix of similar types of investments and risk levels.

U.S. Equity Index Portfolio
Social Choice Portfolio
Bond Index Portfolio
Short-Term Bond Index Portfolio
Capital Preservation Portfolio
View Individual Portfolio Holdings

Your investment following the transition

At the time of the transition, your current assets will automatically shift (“map”) to the new investment option(s) within The Education Plan that most closely matches your current investments. The mapping is designed to match your current portfolio with one that is as similar in objectives and risk level as possible. 

After the transition, you may change your investment allocations if you wish. This option will be available if you have not already performed two investment exchanges in 2019, per federal 529 plan regulations. (Because the automatic transition of The Education Plan is a program-initiated change it will NOT be considered one of your two annual investment exchanges.)

Portfolio Mapping

Age-Based Portfolio mapping
If you’re currently invested in The Education Plan Age-Based Portfolios, your investments will map to the new Year of Enrollment Portfolio that most closely corresponds to your beneficiary’s age*. As the year of enrollment approaches, the underlying investments will automatically change to match the shortening time horizon and appropriate risk levels.

*Assuming enrollment at age 18. Depending on your beneficiary’s intended year of enrollment, you may want to consider a different investment approach.

Beneficiary’s Age RangeNew Year of Enrollment Portfolios
9/01/19 and after >> 2038-2039 Portfolio
9/01/17-8/31/19 >> 2036-2037 Portfolio
9/01/15-8/31/17 >> 2034-2035 Portfolio
9/01/13-8/31/15 >> 2032-2033 Portfolio
9/01/11-8/31/13 >> 2030-2031 Portfolio
9/01/09-8/31/11 >> 2028-2029 Portfolio
9/01/07-8/31/09 >> 2026-2027 Portfolio
9/01/05-8/31/07 >> 2024-2025 Portfolio
9/01/03-8/31/05 >> 2022-2023 Portfolio
9/01/01-8/31/03 >> 2020-2021 Portfolio
8/31/01 and before >> Enrollment Portfolio

Custom Choice Portfolio mapping
If you’re currently invested in The Education Plan Custom Choice Portfolios, your investments will map to the new Allocation Portfolio that most closely matches your risk level. Blended Portfolios will map to either Index or Active Portfolios depending on your existing allocation percentages.

Static Index Portfolios
Current Custom Choice PortfoliosNew Passively Managed Allocation Portfolios
Index Portfolio 100 100% 100% Equity Index Portfolio
Index Portfolio 90 100% 75% Equity Index Portfolio
Index Portfolio 80 100% 75% Equity Index Portfolio
Index Portfolio 70 100% 50% Equity Index Portfolio
Index Portfolio 60 100% 50% Equity Index Portfolio
Index Portfolio 50 100% 50% Equity Index Portfolio
Index Portfolio 40 100% 25% Equity Index Portfolio
Index Portfolio 30 100% 25% Equity Index Portfolio
Index Portfolio 20 80% Bond Index Portfolio
20% US Equity Index Portfolio
Index Portfolio 10 90% Bond Index Portfolio
10% US Equity Index Portfolio
Index Portfolio 5 95% Bond Index Portfolio
5% US Equity Index Portfolio
Index Fixed Income 100% Bond Index Portfolio
Index Low Duration Fixed Income 100% Short Term Index Portfolio
Static Active Portfolios
Current Custom Choice PortfoliosNew Actively Managed Allocation Portfolios
Portfolio 100 100%100% Active Equity Portfolio
Portfolio 90 100% 75% Active Equity Portfolio
Portfolio 80 100%75% Active Equity Portfolio
Portfolio 70 100%50% Active Equity Portfolio
Portfolio 60 100%50% Active Equity Portfolio
Portfolio 50 100%50% Active Equity Portfolio
Portfolio 40 100% 25% Active Equity Portfolio
Portfolio 30 100%25% Active Equity Portfolio
Portfolio 20 80% Bond Index Portfolio
20% US Equity Index Portfolio
Portfolio 10 90% Bond Index Portfolio
10% US Equity Index Portfolio
Portfolio 5 95% Bond Index Portfolio
5% US Equity Index Portfolio
Fixed Income 100% Bond Index Portfolio
Low Duration Fixed Income 100% Short Term Index Portfolio
Short Term Yield 100% Capital Preservation Portfolio

Continuing Contributions

Bank transfers will automatically continue
If you currently transfer money from your bank account or through your employer to your account with The Education Plan on a periodic schedule, automatic contributions will continue after the transition. 

Payroll Direct Deposit will need to be updated
If you participate in payroll direct deposit through your employer, you will be sent a special mailing with important information on how to update your direct deposit instructions with your new account information.
Changing future contributions
While your existing assets will map based on the plan noted in the tables above, you can always choose any of the new investment options for each future contribution.

Additional savings opportunities to help reach your goals

Saving for education goals can be a challenge. Your account with The Education Plan offers two great ways to help add to your savings:

Ugift Logo

Ugift – Give Education Savings
Ugift is an easy, free-to-use service that lets family and friends contribute to your account with The Education Plan. Saving for that degree or certification can take a village, and Ugift makes it easy to get help from your network of loved ones. Instead of giving toys, cash or other typical gifts that are used too quickly or outgrown, gift givers get the satisfaction of knowing that their generosity can make a lasting difference.

To learn more, visit ugift529.com.

Upromise logo

Upromise by Sallie Mae
Upromise is a rewards program that believes everyone should have a chance to pursue their dreams and get the education they need to achieve them. Since 2001, Upromise has helped its members earn millions in cash back for education from eligible purchases they make every day. These earnings can be transferred automatically to your account with The Education Plan on a periodic basis, subject to a $25 minimum.

To learn more, visit www.upromise.com2

2Upromise rewards is an optional service offered by Upromise, Inc., is separate from The Education Plan, and is not affiliated with the Program Manager or the State of New Mexico. Specific terms and conditions apply. Participating companies, contribution levels, terms, and conditions subject to change without notice.


Upcoming Communications

Your new Plan Description and Participation Agreement is now available. View it here.

Shortly after the transition, you’ll receive the following communications in the mail:

  • A final statement from OFI Private Investments Inc., which will show the closing balance in your current account with The Education Plan, along with transactions dated January 1, 2019 through December 6, 2019. 
  • An opening statement from Ascensus, which will show the opening balance in your Ascensus account with The Education Plan.
  • A new Plan Description and Participation Agreement from Ascensus for The Education Plan.
  • A fourth-quarter statement from Ascensus for transactions dated December 6, 2019 through December 31, 2019.

Timeline Reminder

Starting on Friday, December 6, 2019, your account records and assets will automatically transfer from OFI Private Investments Inc. to Ascensus. OFI Private Investments Inc. will calculate your current account balances on that day. The new investment managers will reinvest the balances into the new investment options.

Registration Reminder

You will need to register for online account access with The Education Plan after the transition and select a new username and password. Registration will be available starting at 8 a.m. ET, on Monday, December 9, 2019, at theeducationplan.com. Be sure to retain your existing account number in order to log on to The Education Plan after the transition. For ease of use, you will be able to use either your existing account number or your new account number to complete the web registration process. New account numbers will be mailed to you according to the timeline in the table below.

KEY DATES CONSIDERATIONS
Monday, December 2, 2019In preparation for the transition of accounts to your new program manager (Ascensus) next week, online financial transaction capability, including contributions, redemptions and exchanges, on theeducationplan.com has been disabled. Please contact our client service center at 877-337-5268 if you need assistance with these transactions.
Ongoing through Dec. 6, 2019 Continue to contact the call center during normal business hours at 1.877.337.5268 if you have any questions regarding your account.
Thursday, Dec. 5, 2019 through Friday, Dec. 6, 2019 Transactions of any kind are no longer accepted by OFI Private Investments, Inc. Online account access will be suspended and transactions will not be allowed via phone. Paper transactions will be forwarded to Ascensus for processing on Monday, December 9, 2019 or the business day after it is received by Ascensus.
Thursday, Dec. 5, 2019 through Monday, Dec. 9, 2019 Automatic contributions through a bank with debit dates of Thursday, December 5, 2019 through Monday, December 9, 2019 will be processed on Monday, December 9, 2019 using market values of Monday, December 9, 2019.
Friday, Dec. 6, 2019 through Sunday, Dec. 8, 2019 Accounts are transferred from OFI Private Investments, Inc. to Ascensus. Online account transactions and maintenance will not be available.
Monday, Dec. 9, 2019 Online account access resumes at theeducationplan.com and call center servicing resumes at 1.877.337.5268.
Monday, Dec. 9, 2019 Transactions and other account change requests received in good order after 4 p.m. ET on Wednesday, December 4, 2019 will be processed by Ascensus using Monday, December 9, 2019 market values of The Education Plan’s new investment options.

Our goal: make education saving easier.

We’re certain you’ll find that these enhancements make The Education Plan better than ever. If you have any questions about this transition, please visit theeducationplan.com.

Investing in The Education Plan is an important decision for you and your family. Please read and consider the Plan Description and Participation Agreement; it will be mailed to you shortly after the transition and will become available on this website prior to the conversion date of December 6, 2019. It contains further details about The Education Plan enhancements (along with investing risks, expenses, and other important information).

FAQs

OFI Private Investments, Inc. (OFI), the current program manager for the Plan, was acquired by Invesco Ltd. in May of 2019. As a result of this acquisition, a selection process for a new program manager was initiated by the Education Trust Board of New Mexico. Ascensus College Savings Recordkeeping Services, LLC (Ascensus) was chosen to succeed OFI as the new program manager.
With more than 35 years of experience, Ascensus offers tailored financial solutions that meet the needs of a wide range of clients and helps more than 9 million Americans save for retirement, education, and healthcare with premier service and technology. Ascensus is the leading manager of education savings plans in the U.S. with more than $115 billion in combined plan assets under management for 20 states and the District of Columbia. To learn more about Ascensus, visit ascensus.com.
There will be several significant enhancements to your account with The Education Plan following this transition to Ascensus, including:

New investment options
A streamlined and enhanced investment menu featuring fewer, yet more diversified options and year of enrollment based portfolios will help make choosing a suitable investment strategy easier regardless of the beneficiary’s age.

Lower average costs
While the total annual asset-based fees for the new investment options will depend on which investments you choose, overall fees will be less. As an existing account owner, your total annual asset-based fees will range from 0.14 – 0.44%.

Enhanced gifting capability
Instead of only having the ability to make one-time gift contributions, family members and friends will be able to easily set up recurring gifts, such as annually for birthdays or holidays, to help fuel plan savings.

Improved online experience
The Education Plan website will feature streamlined and data-driven information that is most relevant and helpful so that you and other visitors can get what you want and need more easily and quickly. You’ll also enjoy expanded online access, so you can manage your account when and where it’s convenient for you, whether it’s from your phone, tablet, laptop or desktop.

Exclusive benefit for NM taxpayers will remain
While you can expect many improvements to your plan, one thing remains unchanged: If you’re a NM taxpayer, you’ll still be eligible to deduct the full amount of your Plan contributions from your New Mexico state income tax return.
A link to the Your new Plan Description and Participation Agreement is now available. View it here.

Starting on Friday, December 6, 2019, your account records and assets will automatically transfer from OFI to Ascensus. After the transition, you’ll receive the following communications in the mail:
  1. A final statement from OFI, which will show the closing balance in your current account with The Education Plan, along with transactions dated January 1, 2019 through December 6, 2019.
  2. An opening statement from Ascensus, which will show the opening balance in your Ascensus account with The Education Plan.
  3. A new Plans Description and Participation Agreement from Ascensus for The Education Plan.
  4. A fourth-quarter statement from Ascensus for transactions dated December 6, 2019 through December 31, 2019.
View the full timeline of events above.
You do not need to do anything in order for your account and investments to transfer to the new plan manager, Ascensus. All changes will be automatic.

You will need to register for online account access with The Education Plan after the transition and select a new username and password. Registration will be available starting at 8 a.m. ET, on Monday, December 9, 2019, at theeducationplan.com. Be sure to retain your existing account number in order to login after the transition.
As an Account Owner, you can manage your account online from any device. Register at theeducationplan.com and you'll have 24/7 access to check your current account balance, investments, make contributions, initiate withdrawals, or update your personal information. Once you're online, you may also opt into electronic delivery so you can get your statements and confirmations fast, without all the paper clutter. Go paperless by visiting the Profile & Documents section and selecting Delivery Preferences.
If you currently transfer money from your bank account to your account with The Education Plan on a recurring basis, those transfers will continue automatically after the transition.

If you participate in payroll direct deposit through your employer, you will be sent a special mailing with important information on how to update your direct deposit instructions with your new account information.
At the time of the transition, your current assets will automatically shift (“map”) to the new investment option(s) within The Education Plan that most closely matches your current investments. The mapping is designed to match your current portfolio with one that is as similar in objectives and risk level as possible.

You are allowed two annual investment exchanges, per federal 529 plan regulations. Because the automatic transition of The Education Plan is a program-initiated change, it will NOT be considered one of your two annual investment exchanges. Before or after the transition, you may change your investment allocations if you wish and have not already performed two investment exchanges in 2019.
  • Year of Enrollment Portfolios: A selection of eleven Portfolios based on your beneficiary’s future year of school enrollment. As time nears to starting school, the underlying investments will automatically change to match their shortening time horizon and appropriate risk levels.
  • Allocation Portfolios: A selection of eight allocation-based portfolios that are invested in a mix of underlying funds to match your desired risk level and investment management style.
  • Individual Portfolios: A selection of five individual portfolios to create your own personalized investment mix. These portfolios are invested in a single underlying fund that is made up of a mix of similar types of investments with similar risk levels.
Learn more about your investment options
If you’re currently invested in The Education Plan Age-Based Portfolios, your investments will map to the new Year of Enrollment Portfolio that most closely corresponds to your beneficiary’s age*. As the year of enrollment approaches, the underlying investments will automatically change to match the shortening time horizon and appropriate risk levels. If you’re currently invested in a Custom Choice Portfolio, your investments will map to a new, similar Allocation or Individual Portfolio. It is important to reevaluate your investment strategy periodically to make sure that you are not exposed to unnecessary or unsuitable risk based on your risk tolerance and plan objectives that may change over time.

*Assuming enrollment at age 18. Depending on your beneficiary’s intended year of enrollment, you may want to consider a different investment approach.

Learn more about your investment options
Ugift – Give Education Savings Ugift is an easy, free-to-use service that lets family and friends give the meaningful gift of a contribution into your account with The Education Plan. Contributions can be set up as one-time or recurring gift, such as for birthdays or holidays. Achieving higher education can take a village, and Ugift makes it easy to get help from your network of loved ones. Instead of giving toys, cash or other typical gifts that are used too quickly or outgrown, gift givers get the satisfaction of knowing that their generosity can make a lasting difference.

Upromise* by Sallie Mae Upromise is a rewards program that believes everyone should have a chance to pursue their dreams and get the education they need to achieve them. Since 2001, Upromise has helped its members earn millions in cash back for education from eligible purchases that they most likely make every day. These earnings can be transferred automatically to your account with The Education Plan account on a periodic basis, subject to a $25 minimum.

Read more about Ugift and Upromise

*Upromise rewards is an optional service offered by Upromise, Inc., is separate from The Education Plan, and is not affiliated with the Program Manager or the State of New Mexico. Specific terms and conditions apply. Participating companies, contribution levels, terms, and conditions subject to change without notice.
If you have questions about the plan transition or your account(s), please call 1.877.337.5268 Monday through Friday, 8 a.m. - 6 p.m. MT.