THE START SAVING PROGRAM

LOUISIANA'S SECTION 529 COLLEGE SAVING PLAN

THE START SAVING PROGRAM

DISCLOSURE BOOKLET AND PARTICIPATION AGREEMENT

PROGRAM MANAGERS: LOUISIANA TUITION TRUST AUTHORITY

LOUISIANA STATE TREASURER

April 15, 2020

This Disclosure Booklet is intended to comply with the College Savings Plans Network Disclosure Principles, Statement No. 6, adopted June 8, 2017.

NOTE: Section 529 qualified tuition programs are intended to be used only to save for Qualified Higher Education Expenses. These programs are not intended to be used, nor should they be used, by any taxpayer for the purpose of evading federal or state taxes or tax penalties. Taxpayers may wish to seek tax advice from an independent tax advisor based on their own particular circumstances.

NEW THIS YEAR

Effective December 20, 2019, Account owners may withdraw up to $10,000, per lifetime, from START Saving Plan accounts for the payment of a qualified education loan. Additionally, account owners may withdraw funds for the designated beneficiary to attend an apprenticeship program that is offered by an eligible postsecondary institution.

Qualified Higher Education Expenses has been expanded to include: Expenses for fees, books, supplies, and equipment required for the participation of a designated beneficiary in an apprenticeship program registered and certified with the Secretary of Labor under the National Apprenticeship Act (29 USC 50). Earning Enhancements cannot be disbursed for payment of expenses related to attendance in an apprenticeship program that is not offered through a postsecondary institution. Amounts of repaid principal and interest on any Qualified Education Loan of either a 529 plan designated beneficiary or a sibling of the designated beneficiary. To be a qualified expense, the loan repayment amount for an individual is subject to a lifetime limit of $10,000.

A Qualified Education Loan is considered: a loan you took out solely to pay Qualified Education Expenses that were used for you, your spouse, or a person who was your dependent when you took out the loan; paid or incurred within a reasonable period of time before or after you took out the loan; and used for education provided during an academic period for an eligible student. Loans from a related person or qualified employer plan are not considered qualified education loans.

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START Saving Program

LOCATOR TABLE

You can find information in this Disclosure Booklet on these important topics:

Topic Definitions

Principal Location(s) in this Booklet Definitions

Page Numbers 2

Overview of Key Features

Overview of Key Features

3

Fees and Charges

12

Fees and Costs

2011 Program Fee Disclosure (Appendix D)

D-1

Deposits and Investments

3

Selection of Investments

12

Investments

13

Investments

Investments ? Changes By Account Owner

16

Trade Date

32

The Vanguard Group

32

Investment Management

4

How and When Louisiana Tuition

Selection of Investments

12

Trust Authority (LATTA) May

Change The Investment Options

Responsibilities and Powers of LATTA and the State Treasurer

24

The Vanguard Group

32

Investment Performance

Performance Charts (Appendix E)

E-1

Other States' Qualified Tuition Programs

2

Refunds

22

Rollover Deposits

25

Federal and State Tax Considerations Tax Benefits and Consequences

6

Tax and Other Considerations

27

Termination of Education Savings Accounts (ESAs)

31

Transfer of ESAs

32

Risk Factors

Investment Risks

16

Limitations or penalties imposed by Disbursements

10

the Program upon:

Investments ? Changes By Account Owner

16

Transfers between investments ,

Transfers to other IRC Section Limitations

21

529 Qualified Tuition Programs Refunds

22

or

Refunds (Non-Qualified

Tax and Other Considerations

27

Distributions)

Transfer of ESAs

32

What is the effect of START on

Student Financial Aid

6

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financial aid eligibility?

Student Financial Aid Implications

26

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LOUISIANA'S START Saving Program

DISCLOSURE BOOKLET AND

PARTICIPATION AGREEMENTS

TABLE OF CONTENTS

LOCATOR TABLE ...............................................................................................................................................................ii TABLE OF CONTENTS ......................................................................................................................................................iv Preface ..................................................................................................................................................................................... 1

Disclosure ............................................................................................................................................................................. 1 Privacy Policy ......................................................................................................................................................................1 Accuracy of Information in Disclosure Booklet...................................................................................................................1 Acknowledgement of Terms and Conditions .......................................................................................................................1 Administration ...................................................................................................................................................................... 1 Authorized Representatives..................................................................................................................................................1 Booklet Availability .............................................................................................................................................................2 Definitions ............................................................................................................................................................................ 2 Governing Laws ...................................................................................................................................................................2 Long-Term Investment.........................................................................................................................................................2 Not an Offer to Sell or Buy ..................................................................................................................................................2 Offering Materials ................................................................................................................................................................2 Other States' Qualified Tuition Programs ............................................................................................................................2 Participation Agreements .....................................................................................................................................................2 Speakers Available ...............................................................................................................................................................2 Overview of Key Features ..................................................................................................................................................... 3 Purpose ................................................................................................................................................................................. 3 What Are Qualified Higher Education Expenses? ...............................................................................................................3 Deposits and Investments.....................................................................................................................................................3 Documents in Good Order....................................................................................................................................................4 Education Savings Account (ESA).......................................................................................................................................4 Extent of Guarantee..............................................................................................................................................................4 Investment Management ......................................................................................................................................................4 Obligation of LATTA ..........................................................................................................................................................4 Opening an ESA...................................................................................................................................................................4

Who May Open an ESA? .................................................................................................................................................4 Participation Agreements .................................................................................................................................................5 How to Open an ESA .......................................................................................................................................................5 Restrictions and Limitations.................................................................................................................................................5

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