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Learn about the West Virginia SMART529 savings program and the details behind its administration.
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Program Administration

The SMART529 family of college savings plans grew out of the desire of the West Virginia State Treasurer and West Virginia Legislature to provide an attractive program for college savings that would help families prepare financially for the costs of college attendance.

SMART529 college savings plans are issued by the Board of Trustees of the West Virginia College and Jumpstart Savings Programs, which changed its name effective January 24, 2022, to reflect it also administers the newly established Jumpstart Savings Program, a separate program not included in these materials or offered on this website. The West Virginia Legislature first enacted the West Virginia College Prepaid Tuition and Savings Program Act on April 12, 2001 to provide for the offering of college education savings plans under Section 529 of the Code. Even though issued by a West Virginia state agency, SMART529 offers savings plans that are open to investors nationwide. All of the SMART529 plans are operated as qualified tuition plans under Section 529 of the Internal Revenue Code.

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The Board of Trustees consists of eleven voting members as follows: the West Virginia State Treasurer (the “Treasurer”), the State Superintendent of Schools, one representative of the Higher Education Policy Commission, one representative of the Council for Community and Technical College Education and seven members appointed by the Governor of West Virginia. The Treasurer is the chairman and presiding officer of the Board of Trustees.

Through a competitive bidding process, the Board of Trustees selected Hartford Funds Management Company. LLC (“HFMC”) to administer and market SMART529 savings plans. The Hartford, HFMC's parent company, has provided insurance and other financial management services for its clients since 1810.

The management agreement between the Board of Trustees and HFMC currently has a term running through June 30, 2027. The Board of Trustees and HFMC may from time to time agree to extend the term of the agreement, and each have the right to terminate it prior to its expiration date under certain circumstances. If the management agreement were terminated, the Board of Trustees could continue to provide the SMART529 Program on its own or through other third party administrators. Termination of the management agreement would not terminate the operation of the Program.

You may contact SMART529 by writing to SMART529 Customer Service at P.O. Box 55362, Boston, MA, 02205 or calling toll-free 1-866-574-3542. You may write to the Board of Trustees of the West Virginia College and Jumpstart Savings Programs, c/o West Virginia State Treasurer's Office, 1900 Kanawha Blvd East, Charleston, WV 25305-0860.

 

 

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SMART529 is a college savings plan offered by the Board of Trustees of the West Virginia College and Jumpstart Savings Programs and administered by Hartford Funds Management Company, LLC ("HFMC").

SMART529 Direct is available to residents of West Virginia or to non-residents where the beneficiary is a resident of West Virginia. West Virginia (WV) provides certain tax advantages to WV taxpayers that invest in SMART529 Direct. Before investing, an investor should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s 529 plan.

Investments in SMART529 are not guaranteed or insured by the State of West Virginia, the Board of Trustees of the West Virginia College and Jumpstart Savings Programs, the West Virginia State Treasurer's Office, HFMC, The Hartford Financial Services Group, Inc., the investment sub-advisers for the Underlying Funds or any depository institution. Investments in SMART529 are subject to investment risks, including the loss of the principal amount invested, and may not be appropriate for all investors.

Investments in SMART529 are subject to certain charges, which will reduce the value of your Account as they are incurred. Please see the Offering Statement for details of charges or fees that apply to the specific SMART529 savings plan.

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.

You should carefully consider the investment objectives, risks, charges and expenses of SMART529 and its Underlying Funds before investing. This and other information can be found in the Offering Statement for SMART529, including privacy notices, and the prospectuses or other disclosure documents for the Underlying Funds, which can be obtained by calling (866) 574−3542. Please read them carefully before you invest or send money. SMART529 is distributed by Hartford Funds Distributors, LLC. Member SIPC.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

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