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WV Prepaid Tuition Plan

As of March 8, 2003, The West Virginia Prepaid Tuition Plan is closed to new enrollments. This does not affect those already enrolled in the plan.

The West Virginia Prepaid Tuition Plan was designed to provide West Virginia families with a convenient method of prepaying for future tuition costs by purchasing prepaid tuition units.

On March 8, 2003, the West Virginia Legislature enacted House Bill 2953, which continued the Prepaid Tuition Plan, but closed it to new enrollments. This action did not affect those already enrolled in the Plan.

HB2953 also created the Prepaid Tuition Trust Escrow Account "to guarantee payment of Prepaid Tuition Plan Contracts." The Escrow Account will receive transfers of up to $1 million from the Unclaimed Property Trust Fund each year there is an actuarially determined unfunded liability in the Prepaid Tuition Trust Fund. If the Prepaid Tuition Trust Fund would ever need help, the funds in the Escrow Account will be available.

Prepaid Tuition Plan Benefits

Plan benefits can be used at eligible higher education institutions nationwide.  Benefits for fall semester are available for distribution beginning in July, and in November for the spring semester.  For further information, refer to the Distribution Guide PDF file and Distribution Form PDF file, which are available in PDF format.  The current Benefit Value Schedule PDF file, is also available as of July 1 each year.

The value of the Prepaid Tuition Plan benefit is based on the cost of Tuition and Mandatory Fees at West Virginia public colleges and universities for in-state, full-time undergraduate students. Each year, benefit values PDF file are set by the Board of Trustees of the West Virginia College Prepaid Tuition and Savings Program. Benefit values vary depending upon the eligible institution at which the beneficiary is enrolled.

Note to Prepaid Plan Participants:
Please be aware that changes made to personal information of the "Account Owner", "Beneficiary", "Successor Owner", and "Information Access" forms will be changed across all West Virginia Prepaid Tuition Plan accounts. 

Personal information is defined as name, address, telephone number, etc. Confirmation notices will sent only to the "Account Owner" whenever a change is made.



The Hartford West Virgina College Prepaid Tuition and Savings Program Board of Trustees Office of the State Treasurer, John Perdue. Read his Smart529 Statement.
West Virginia
State Treasurer's
website

SMART529 is a program of the West Virginia College Prepaid Tuition and Savings Program Board of Trustees and is administered by Hartford Life Insurance Company.

West Virginia provides its residents with tax advantages for investing in SMART529. If you reside in or have taxable income in a state other than West Virginia, you should consider whether your state has a qualified tuition program that offers favorable state income tax or other benefits exclusive to your state's program that are not available under the SMART529 program.

Non-qualified withdrawals are taxable as ordinary income to the extent of earnings and may also be subject to a 10% federal income tax penalty. Such withdrawals may have state income tax implications.

Investments in SMART529 are not guaranteed or insured by the State of West Virginia, the Board of Trustees of the West Virginia College Prepaid Tuition and Savings Program, the West Virginia State Treasurer's Office, Hartford Life Insurance Company, The Hartford Financial Services Group, Inc., the investment sub-advisors 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 and charges and expenses of SMART529 and its Underlying Funds before investing. This and other information can be found in the Offering Statement for SMART529 and the prospectuses or other disclosure documents for the Underlying Funds, which can be obtained on this website or by calling toll-free (866) 574-3542. Please read them carefully before you invest or send money. SMART529 is distributed by Hartford Securities Distribution Company Inc.  Member SIPC.

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

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