Enrollment: Enroll directly with the program or through a broker.

State agency(s): State Treasurer of the State of Illinois

Program manager: OFI Private Investments, a subsidiary of OppenheimerFunds, Inc.

Program distributor: OppenheimerFunds Distributor, Inc.

Are there any state residency requirements? No

Are there any age, grade, or relationship requirements as to the beneficiary at the time of enrollment? No

State tax benefits and other enhancements: Contributions up to $10,000 per contributor per year may be deducted from Illinois taxable income; for rollover contributions, only the principal portion can be counted; qualified distributions are exempt from Illinois income tax.

Are qualified distributions from out-of-state 529 plans exempt from this state's income tax? No, Illinois statute requires add-back of federal exclusion

Outside backing or guarantees: None

Maximum contributions: Accepts contributions until all IL account balances for same beneficiary reach $320,000

Minimum contributions: $25 initial, and subsequent contributions must be at least $15. No set minimums for payroll deduction contributions

Is there an enrollment or application fee? None

Is there an account maintenance fee? $10 per index portfolio selected

Is there an annual asset-based program management fee? Yes, 0.18% for active portfolios.  Index portfolios' expense ratios range between 0.08 and 0.11% (no state administrative fee). 

Expenses of the underlying investments: Active portfolios: Approximate range is 0.20% to 0.45%.  Index portfolios: 0.12%

Does the program offer an age-based or years-to-enrollment investment option? Yes

Does the program offer static investment options? Yes, four active portfolios and three index portfolios.

Underlying funds and investments: Active portfolios invest in OFI-managed investment strategies and mutual funds, except the Principal Protection Income Portfolio is a separately- managed pool with an insurance wrapper.  The Index Portfolios invest in Vanguard mutual funds.