RESOURCES FOR FINANCIAL ADVISORS
NextGen 529 Helps You Help Your Clients
NextGen 529 is an important resource to help your clients plan and invest for higher education expenses. NextGen 529 offers robust investment options, flexibility, and tax advantages. NextGen 529 is Maine’s Section 529 plan and is administered by FAME. Vestwell State Savings is the program manager and BlackRock Advisors is the Investment Manager. The Select Series is sold through financial advisors.
INVESTMENT OPTIONS AND PERFORMANCE
The Select Series offers a comprehensive set of investment options managed by BlackRock and sub-advisors including Franklin Templeton, MFS, Lord Abbett, NYLI, and Neuberger Berman, as well as stable value options.
The Principal Plus Portfolio is currently invested in two Funding Agreements issued by the New York Life Insurance Company that provide for deposits to a Guaranteed Interest Account (GIA). The New York Life GIA offers a variable interest rate that is reset semi-annually. For the period July 1, 2024 through December 31, 2024, the annualized net interest rate is 5.20% and 3.0% respectively for the two Funding Agreements. As of November 1, 2024, the approximate weighted average blended rate of both Funding Agreements is 3.44%.* See the Principal Plus Portfolio Client Series, Class A/C Fact Sheet and the Principal Plus Portfolio Client Series, Class I Fact Sheet.
*The blended rate is subject to change daily and depends upon the asset levels in each funding agreement.
The current rate of the NextGen Savings Portfolio is 4.87% APY as of November 1, 2024.
FOR ADVISORS
Find Support
The following information and resources are for non-Merrill advisors:
SELECT SERIES FORMS & SUPPORT
Need a form for account servicing? We’ve got them.
For questions about your clients’ accounts:
Call: 833-336-4529
Monday – Friday, 8:00 a.m. – 8:00 p.m. ET
For Back Office questions, call: 877-332-2371
ONLINE ACCESS
Need to visit a client account? Get online access to client NextGen 529 accounts below through Active Advisor.
For help with the Active Advisor web portal:
Call: 877-546-5412
Monday – Friday, 9:00 a.m. – 5:30 p.m. ET
Or email: activeadvisor@bnymellon.com
Merrill advisors can get tools and resources directly from Merrill.
TTY / TRS: Individuals with speech or hearing disabilities may dial 711 to access Telecommunications Relay Service (TRS) from a telephone or TTY.
Want to Sell NextGen 529?
If your organization would like to sell interests in NextGen 529 and service NextGen 529 accounts, you’ll need to establish an agreement with BlackRock.
529 College Savings Can Be Rolled Into a Roth IRA
Starting in 2024, when 529 account owners find themselves with leftover funds, those funds can be transferred to a Roth IRA, subject to certain limitations.
Resources for Your Clients
Help your clients learn about saving for higher education with these resources.
FAME’S FREE RESOURCES
The Finance Authority of Maine (FAME) administers NextGen 529 and also helps Maine families prepare for higher education. Share FAME’s FREE resources and tools with your clients. From planning to saving to paying for school, FAME has resources that can help all along the way.
COLLEGE SAVINGS GUIDE
Higher education is one of the most important investments your clients will make. Help your clients understand the ins and outs of saving for higher education. We’ve pulled together a series of articles about planning and paying for education after high school.
GRANTS FOR MAINE RESIDENTS
It’s Good to Be a Mainer
There’s grant money available for Maine residents. These grant programs can really boost your savings.1
$500 Alfond Grant for Maine Babies
$100 Initial Matching Grant
$100 Automated Funding Grant
30% NextStep Matching Grant
1Grants for Maine Residents are linked to eligible Maine accounts. An Alfond Grant recipient is eligible to receive the $100 Initial Matching Grant if the minimum required initial contribution is made before the beneficiary’s first birthday. Upon withdrawal, grants are paid only to institutions of higher education. See Terms and Conditions of Maine Grant Programs for other conditions and restrictions that apply. Grants may lose value.
2The Alfond Grant is not automatic in all circumstances and is also available in limited other circumstances. The use of the Alfond Grant is also subject to certain restrictions – see Alfond Grant Guidelines.
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