Financial
Professionals

Our sales team can answer your questions on how to use 529 plans with your clients. Learn what college savings plan fits your client’s investment needs & life goals.

529 Savings Plan News:

6/2024 – Morgan Stanley – Nuveen Advisors Summit: This offer is only for Morgan Stanley advisors and only valid for new accounts opened by 6/19/2024.

12/2023 – Legislative Update: Colorado State Legislature changes annual cap on state income tax deduction for CollegeInvest contributions. For 2024 tax year, this is a per taxpayer/per-beneficiary cap of $22,700 annually for single filers and a per taxpayer/per-beneficiary cap of $34,000 annually for those who file a joint return.

11/2023 – First Step enrolls 10,000 Families.

01/2023 – First Step Match Amount is $2500 for those enrolling after 1/1/2023.

12/2022 – Legislative Update: Colorado State Legislature changes annual cap on state income tax deduction for CollegeInvest contributions. For 2023 tax year, this is a per taxpayer/per-beneficiary cap of $20,700 annually for single filers and a per taxpayer/per-beneficiary cap of $31,000 annually for those who file a joint return.

06/2022 – Colorado approves use of CollegeInvest 529 college savings for apprenticeships.

04/2022 – Fee reduction for Direct Portfolio. Administrative fees reduced from 0.31% to 0.29%, the second fee reduction in 8 months.

2021 – New Direct Portfolio Enrollment Form for Advisors.

Frequently asked questions from Financial Professionals

What is First Step?

The First Step Program by CollegeInvest is a free jump-start college saving program for every Colorado newborn, made possible by the Colorado legislature through a 2019 bill that created Child Starter Accounts (CSA). Through this program, any Beneficiary born or adopted in the state of Colorado on or after January 1, 2020, will receive a free $100 gift contribution to their CollegeInvest College Savings Account to help them get started on their way to saving for their higher education.

What is the First Step Match?

Once you receive the $100 from First Step, we’ll match your future contributions dollar-for-dollar, up to $500 per year for the next 5 years. 

Where can I find additional details on the program?

Visit our First Step Program page, and learn how your clients can benefit from this 529 college savings plan initiative.

Can I use my savings for K-12 expenses?

The Tax Cuts and Jobs Act of 2017 expanded the qualified use of 529 savings accounts by allowing withdrawals for K-12 tuition expenses. Section 529 of the federal tax code sets the general rules of qualified tuition programs, which authorizes each state to administer its own program and determine its unique state tax treatment and other policies.

In Colorado, the intent of the state’s 529 college savings plan, CollegeInvest, is to encourage savings for higher education. Colorado tax law remains unchanged and CollegeInvest 529 plans can only be used for qualified higher education expenses. Any other use, including K-12 tuition expenses, are considered non-qualified withdrawals and subject to recapture.

How can I access my client’s account information?

For Direct Portfolio accounts, you will need to make sure you have client viewing privileges. For advisor access, use these forms: DP LPOA/Agent Auth AND Org Res Form. Please call us at 303-376-8839 should you need any assistance.

To view your Scholar’s Choice or Direct Portfolio accounts
Sign-up or login

Do I need a sales agreement? How do I set one up?

To be able to sell Scholars Choice, you will need to have an up to date selling agreement completed and approved by Nuveen. Depending on how your practice is set up will determine the selling agreement which is right for your organization. Please contact specialist529plan@tiaa.org and ask to be set up as a new financial professional.

Who is CollegeInvest?

We are a not-for-profit division within the Colorado Department of Higher Education, here to help everyone who wants to get a college education achieve that goal through the use of tax advantaged 529 college savings plans. For financial professionals we provide expert information, unbiased sales strategies and free continuing education credits to help you better connect with the families you work with. We currently provide 4 different savings plans to meet the varying needs of Colorado families. And, our Matching Grant Program is designed to help qualifying middle to lower income families save for higher education. The Colorado Department of Higher Education (DHE) has oversight and management responsibilities over the division. In addition, there is an Advisory Board of Directors appointed by the Governor and confirmed by the State Senate. CollegeInvest is a self-supporting state enterprise and does not receive taxpayer funding.

For additional information  click here.

How do I access forms or order materials?

To access SCHOLARS CHOICE forms  click here.
To access DIRECT PORTFOLIO forms,  click here.
To order SCHOLARS CHOICE materials, log onto  scholars-choice.com and order the materials that are right for you. Or call Nuveen at 800.752.8700.

How does the corporate plan work?

Corporate plans allow an employer to receive up to a 20% tax credit if they make employer contributions into an employee’s 529 plan. There is a maximum $500 tax credit per employee.

Can a sole proprietorship or LLC participate in the corporate plan?

Yes, any type of business platform can participate in the corporate plan and its benefits.

What are the steps of opening a Scholars Choice corporate plan?

To open a Scholars Choice corporate plan, you and your client will need to fill out the EMPLOYER: Corporate Authorization Agreement and an application form. If their employees are planning on making their own contributions, you will need to also fill out the EMPLOYEE: Company Account Application Form. You can find these under the forms section. If your client is planning on making employer contributions, they will also need to enroll in the Employer Portal to record their contributions. To enroll in the Employer Portal click here. Once the account is set up, all employer contributions need to be sent to 1600 Broadway, Suite 2300 Denver, CO 80202.

What are the steps of opening a Direct Portfolio corporate plan?

To open a Direct Portfolio corporate plan, there is no paperwork that needs to be completed. If your client is planning on making employer contributions, they will need to enroll in the Employer Portal to record their contributions. To enroll in the Employer Portal click  here. Once the account is set up, all employer contributions need to be sent to 1600 Broadway, Suite 2300 Denver, CO 80202.

Where can I find more information about corporate plans?

More information for corporate plans can be found  here.