Welcome to the MUSCP group college savings plan webpage (AKA - Future Scholar 529 program) , administered by the Harbour Wealth Management Group of Raymond James. Our page is designed to allow you, an employee of MUSCP, to efficiently gather information on the plan and enroll appropriately.
The MUSCP 529 plan is a group 529 plan called "Future Scholar", sponsored by the State of SC and administered by Columbia Management. Most information on the plan can be found here, including the Program Description which is the controlling document for the program. A 529 plan has unique tax advantages for those looking to save for college educational expenses. It provides a State income tax deduction for SC residents, grows tax deferred, can be withdrawn tax free if used for qualified educational expenses, and allows the person establishing the account full control over the assets.
Harbour Wealth Management Group is available to help answer questions about Future Scholar and/or financial planning concerns related to college education. Through the MUSCP 529 program, we offer a planning report called "Goal Planning and Monitoring" to help participants determine an amount they should contribute, how it should be invested, and how the plan coordinates with other financial planning goals. You can find out more about us by visiting this website.
After reviewing the Program Description and asking any questions you may have, there are only two simple forms to complete to enroll: 1. Program application and 2. Payroll deduction. Print these forms, complete and return to Harbour Wealth Management Group for processing at the address on the left of this page. While you have the convenience of payroll deduction, there are no tax differences between payroll deduction and investing in any other manner-some prefer ACH for a little more control over their contributions.
Who are the people involved with the MUSCP 529 plan?
Columbia Management: South Carolina chose Columbia Management to manage South Carolina's program, called "Future Scholar". The State periodically reviews the provider against competitors, most recently October 2012, but chose to stay with Columbia Management after they made a number of improvements.
Harbour Wealth Management Group of Raymond James: Chosen by MUSCP to help participants seeking guidance with financial planning related to college education and to help enroll into the MUSCP 529 plan. Members of Harbour Wealth Management have worked with MUSCP for over 10 years, have helped design some of the existing benefit programs, and are familiar with both MUSC and MUSCP benefits.
How is the 529 plan through MUSCP different?
Quite simply it has a lower cost that what can be purchased through a financial advisor. Shares are issued in "E" classes, which do not have an upfront or back-end load.
If I leave MUSCP can I keep contributing to the account?
Yes-once established, these account are controlled by you the account owner.
Can I use the Future Scholar 529 in another state?
Yes, you can use the funds at any approved higher education institution-which includes the vast majority of colleges around the country.
Can I roll other 529 assets from other states into this plan?
Yes, and you may enjoy a State income tax deduction.
What is the deadline?
You can contribute anytime. However, if you are attempting a state tax deduction for a prior year, contributions must be made before April 15th .
Investors should consider before investing, whether their home states offer state tax or other benefits only available for investments in their home state's 529 plans. 529 plans offered outside their resident state may not provide the same tax benefits as those offered within their state.
Rules and laws governing 529 plans are varied and subject to change. There is a risk that these plans may lose money or not perform well enough to cover college costs as anticipated. Before investing, it is important to consider whether the investor's or designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program. Investors should consult a tax advisor about any state tax considerations of an investment in a 529 plan before investing.
Investors should carefully consider the investment objectives, risks, charges and expenses associated with 529 college savings plans before investing. More information about 529 college savings plans is available in the issuer’s official statement, and should be read carefully before investing.
Investors should consider, before investing, whether the investor’s or the designated beneficiary’s home state offers any tax or other benefits that are only available for investment in such state’s 529 college savings plan. Such benefits include financial aid, scholarship funds, and protection from creditors.