Rollover your
Out-of-State 529 Plan
It’s easy to roll over your out-of-state 529 plan into Bright Start. Take advantage of all the great benefits this top-rated college savings plan has to offer.
Benefits of Rolling Over to Bright Start
- The State of Illinois offers an income tax deduction of up to $10,000 ($20,000 if filing jointly) for contributions made to Bright Start. The Illinois Administrative Code provides that in the case of a rollover from a non-Illinois qualified tuition program, the amount of the rollover that is treated as a return of the original contribution to the prior qualified tuition program (but not the earnings portion of the rollover) is eligible for the deduction for Illinois individual income tax purposes.
- For three consecutive years in a row, Morningstar has ranked Bright Start as one of the best plans in the industry.
- Bright Start offers a number of quality investment options including Age-Based, Target, and Individual Fund Portfolios, and utilizes quality funds from 11 well respected fund families.
Completing a Rollover is Easy
- Review your existing out-of-state 529 with your tax professional. Consider any surrender charges or penalties the out-of-state 529 plan may impose.
- If you don’t have a Bright Start account, you will need to establish one.
- Complete the Rollover Form.
- Obtain a Medallion Signature Guarantee on the form.
- Attach a copy of the latest statement from your out-of-state 529 plan.
- Mail the form to Bright Start, and let us handle the rest.
- Obtain a Medallion Signature Guarantee on the form.
- Attach a copy of the latest statement from your out-of-state 529 plan.
- Mail the form to Bright Start, and let us handle the rest.
Important Considerations
Before you rollover your existing 529 College Savings Plan, be sure to compare Bright Start with your existing 529 plan.
The Bright Start Direct-Sold College Savings Program is sponsored by the State of Illinois and administered by the Illinois State Treasurer, as Trustee. Union Bank & Trust Company serves as Program Manager. Investments in the Bright Start Direct-Sold College Savings Program are not guaranteed or insured by the State of Illinois, the Illinois State Treasurer, Union Bank & Trust Company, the Federal Deposit Insurance Corporation, or any other entity.
An investor should consider the investment objectives, risks, and charges and expenses before investing. This and other important information is contained in the Bright Start Direct-Sold College Savings Program Disclosure Statement which can be obtained at BrightStartSavings.com and should be read carefully before investing. You can lose money by investing in a portfolio. Each of the portfolios involves investment risks, which are described in the Program Disclosure Statement.
Before you invest, consider whether your or the beneficiary’s home state offers any state tax or other benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state’s 529 plan.
Not FDIC Insured | No Bank Guarantee | May Lose Value