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Scholars Choice Education Savings Plan®

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Scholars Choice Education Savings Plan® Scholars Choice Education Savings Plan® A Financial Professional-Sold Plan established under the CollegeInvest Section 529 College Savings Program Plan Description and Participation Agreement 19 Jul 2021 Trustee & Administrator: CollegeInvest Plan Manager: TIAA-CREF Tuition Financing, Inc. Distributor: Nuveen Securities, LLC Scholars Choice is a registered service mark of CollegeInvest. IMPORTANT NOTICES This Plan Description contains information to be considered in making a decision whether to participate in and contribute to the Scholars Choice Education Savings Plan (the “Plan”). Please keep this Plan Description and the attached Participation Agreement as part of your records. Investing is an important decision. You should read this Plan Description in its entirety before making an investment decision. You should rely only on the information contained in this Plan Description and the attached Participation Agreement. It gives you important information about the Plan and discusses the risks of investing, through the Plan, in the Scholars Choice Education Savings Trust (the “Trust”). No person is authorized to provide information that is different from the information contained in this Plan Description and the attached Participation Agreement. The information in this Plan Description is subject to change without notice. This Plan Description does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of a security in the Plan by any person, in any jurisdiction in which it is unlawful to make such an offer, solicitation or sale. Accounts in the Plan may only be established, and contributions to accounts may only be made, through financial intermediaries that have entered into a selling, service or similar agreement with Nuveen Securities, LLC, the primary distributor of interests in the Trust. The Colorado income tax deduction for contributions to the Plan, as described herein, is only available to Colorado taxpayers. If you are not a Colorado taxpayer, depending upon the laws of your home state or the home state of your Beneficiary, favoraBle state tax treatment or other Benefits such as financial aid, scholarship funds and protection from creditors offered By such home state for investing in Section 529 plans may Be availaBle only if you invest in the home state’s Section 529 plan. Any state- based benefit offered with respect to a particular Section 529 plan should be one of many appropriately weighted factors considered in making an investment decision. You should consult with your financial or tax professional to learn more about how state-based benefits (including any limitations) would apply to your specific circumstances. You also may wish to contact your home state or other Section 529 plans to learn more about the features, Benefits and limitations of that state’s Section 529 plans. Interests in the Trust have not been registered with the U.S. Securities and Exchange Commission or with any state. Interests in the Trust are not deposits or other oBligations of any depository institution. None of your account, the principal you invest in the Trust, nor any investment return is insured or guaranteed By the Federal Deposit Insurance Corporation, the State, CollegeInvest, any other state or federal governmental agency, any depository institution or any of the service providers to the Plan, including, but not limited to, TIAA-CREF Tuition Financing, Inc. and Nuveen Securities, LLC. In short, you could lose money (including the principal invested), or not make money, if you invest in the Trust. While the Plan is intended primarily as a savings and investment vehicle for post-secondary education expenses, withdrawals may Be made on a qualified Basis (for federal tax purposes, But not for Colorado tax purposes): (i) to pay for elementary or secondary puBlic, private or religious school tuition expenses, suBject to certain limitations, and (ii) to make principal or interest payments on qualified education loans, suBject to certain limitations. ”Qualified higher education expenses” (for federal tax purposes) also includes fees, Books, supplies and equipment required for a Beneficiary’s participation in an apprenticeship program that is registered and certified with the U.S. Department of LaBor. It has not yet been confirmed that apprenticeship program expenses will Be treated as “qualified higher education expenses” for Colorado tax purposes. Statements in this Plan Description concerning U.S. and State tax issues are provided for general informational purposes in connection with the promotion or marketing of the Plan, are not offered as tax advice to any person, and are not provided or intended to Be used, and cannot Be used, By any taxpayer for the purpose of avoiding tax penalties. A taxpayer should seek tax advice Based on the taxpayer’s particular circumstances from an independent, qualified tax professional. CollegeInvest currently administers three other Section 529 plans, including the CollegeInvest Direct Portfolio College Savings Plan, the Stable Value Plus College Savings Plan and the Smart Choice College Savings Plan, and may develop and offer other Section 529 plans in the future. Such other Colorado Section 529 plans i are not described in this Plan Description, and (i) offer different investment options with different underlying investments or different benefits from the Plan; (ii) may be marketed and sold differently from the Plan; and (iii) assess different fees, withdrawal penalties and sales commissions, if any, compared to those assessed by the Plan. Offering materials describing such other Colorado Section 529 plans are available from CollegeInvest or the distributors of such plans. ii TABLE OF CONTENTS Introduction to the Scholars Choice Education Savings Plan .................................................................................. 1 Key Terms ............................................................................................................................................................. 3 Overview of the Scholars Choice Education Savings Plan ................................................................................... 7 Opening, Maintaining and Contributing to an Account ........................................................................................ 11 Opening an Account. ................................................................................................................................. 11 Naming a Designated Beneficiary ............................................................................................................. 12 Selecting Investment Portfolios ................................................................................................................ 12 Designating a Successor Account Owner ............................................................................................... 12 Method of ContriBution .............................................................................................................................. 12 Ineligible Funding Sources ........................................................................................................................ 13 Checks ......................................................................................................................................................... 13 Recurring Contributions ............................................................................................................................ 13 One-Time Electronic Funds Transfer ....................................................................................................... 13 Payroll Direct Deposit ................................................................................................................................ 13 Automatic Dollar-Cost Averaging Program ............................................................................................. 14 Rollover ContriBution Information ............................................................................................................ 14 UTMA/UGMA ContriButions ....................................................................................................................... 14 Ugift® ............................................................................................................................................................ 15 Minimum ContriButions ............................................................................................................................. 15 Maximum ContriBution Limit ..................................................................................................................... 15 SuBstantiating Transactions Involving Your Account ............................................................................ 15 Personal Information .................................................................................................................................. 15 Community Property Laws ........................................................................................................................ 16 Unclaimed Property Laws .......................................................................................................................... 16 ProhiBition on Pledges, Assignments and Loans ................................................................................... 16 OmniBus Accounts ....................................................................................................................................
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