APRIL 2020 SUPPLEMENT TO THE iSHARES 529 PLAN PROGRAM ...
Please file this Supplement to the iShares 529 Plan Program Description and Participation Agreement with your records.
SUPPLEMENT DATED DECEMBER 2021 TO THE ISHARES 529 PLAN
PROGRAM DESCRIPTION AND PARTICIPATION AGREEMENT DATED DECEMBER 2021
This Supplement describes important changes affecting the iShares 529 Plan Program Description and Participation Agreement, as supplemented (the "Program Description"). Unless otherwise indicated, capitalized terms have the same meaning as those in the Program Description.
1. Plan Name Change. Effective January 27, 2022 the name of the Plan will change from "iShares 529 Plan" to "Brighter Future Advisor Plan".
2. Increase to the Federal Annual Exclusion for Gifts. As of January 1, 2022, the federal annual gift tax exclusion increased to $16,000 for a single individual, $32,000 for married couples making a proper election. For 529 Plans, contributions of up to $80,000 for a single contributor (or $160,000 for married couples making a proper election) can be made in a single year and applied against the annual gift tax exclusion equally over a five-year period. Accordingly, all references to the exclusion of contributions from federal gift tax found throughout the Program Description are updated to reflect these increased amounts.
3. Distributor Change. Effective January 1, 2022, Ascensus Broker Dealer Services, LLC, will replace BlackRock Investments, LLC ("BRIL"), as Distributor of the Plan. Accordingly, effective January 1, 2022, all references to BRIL are replaced with Ascensus Broker Dealer Services, LLC.
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iSH-529SUPP-1221
PO Box 219700 Kansas City, MO 64121-9700
iShares 529 Plan
Program Description and Participation Agreement December 2021
271294356v.25
Sponsored by the State of Arkansas Investment Products Offered
Are Not FDIC Insured (except for the Savings Portfolio) May Lose Value
Are Not Bank Guaranteed
TABLE OF CONTENTS iSHARES 529 PLAN PROGRAM DESCRIPTION
IMPORTANT NOTICES ............................1
THE iSHARES 529 PLAN KEY FEATURES .................................................5
THE ISHARES 529 PLAN KEY TERMS 15
PART I. OPENING UP AND CONTRIBUTING TO AN ACCOUNT ....19
GENERAL INFORMATION ABOUT 529 PLANS AND THE TRUST....................19
IMPORTANT LEGAL INFORMATION .19
OPENING AN ACCOUNT AND MAKING CONTRIBUTIONS ................................20
CONTRIBUTIONS ...................................22
PART II. THE INVESTMENT PORTFOLIOS AND INVESTMENT RISKS ........................................................32
iShares Year-of-Enrollment Portfolios ......32
iShares Asset Allocation Portfolios ...........32
Custom iShares Portfolios..........................32
FDIC-Insured Portfolio ..............................32
iSHARES YEAR-OF-ENROLLMENT PORTFOLIOS ........................................32
iSHARES ASSET ALLOCATION PORTFOLIOS ........................................36
CUSTOM iSHARES PORTFOLIOS ........39
FDIC-INSURED PORTFOLIO.................46
OVERVIEW OF UNDERLYING INVESTMENTS .....................................47
UNDERLYING INVESTMENTS.............48
PLAN AND PORTFOLIO RISKS AND OTHER CONSIDERATIONS................59
UNDERSTANDING PORTFOLIO STRATEGIES AND RISKS ..................62
PRINCIPAL RISK FACTORS OF THE PORTFOLIOS AND THE UNDERLYING INVESTMENTS..........63
PART III. MANAGING AND MODIFYING AN ACCOUNT..................86
INVESTMENT OPTIONS ........................86
CHOOSING YOUR INVESTMENT OPTIONS ................................................86
HISTORICAL INVESTMENT PERFORMANCE ...................................86
CONFIRMATIONS AND STATEMENTS/SAFEGUARDING YOUR ACCOUNT .................................91
ACCOUNT RESTRICTIONS ...................92
CHANGING INVESTMENT OPTIONS..92
CHANGING THE ACCOUNT OWNER .93
CHANGING THE DESIGNATED BENEFICIARY ......................................93
SUCCESSOR ACCOUNT OWNER.........94
PART IV. ACCOUNT AND PORTFOLIO FEES AND EXPENSES............................95
PLAN-LEVEL EXPENSES ......................96
CHOOSING A CLASS OF UNITS...........98
OTHER CHARGES.................................100
PLAN FEE AND EXPENSE INFORMATION...................................104
FEES PAID BY BRIL TO BROKERDEALERS AND FINANCIAL INTERMEDIARIES FOR DISTRIBUTION...................................113
PART V. FEDERAL AND STATE TAX TREATMENT .........................................113
PART VI. MAKING WITHDRAWALS ..................................................................120
REQUESTING A WITHDRAWAL........120
DETERMINING THE TAX STATUS OF A WITHDRAWAL ...................................121
PART VII. FINANCIAL AID CONSIDERATIONS ...............................126
PART VIII. LEGAL AND ADMINISTRATIVE INFORMATION ..128
GENERAL INFORMATION ABOUT 529 PLANS AND THE iSHARES 529 PLAN ...............................................................128
iSHARES 529 PLAN i
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TABLE OF CONTENTS iSHARES 529 PLAN PROGRAM DESCRIPTION
DISPUTE RESOLUTION AND ARBITRATION ...................................130
CONTINUING DISCLOSURE...............130
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM .........................130
SPECIAL CONSIDERATIONS..............130
CONFLICTS ............................................132
REPRESENTATIONS ............................132
CONTACTING THE iSHARES 529 PLAN ...............................................................132
PART IX. PRIVACY STATEMENT.....132
iSHARES 529 PLAN PARTICIPATION AGREEMENT .........................................134
271294356v.25
iSHARES 529 PLAN ii
IMPORTANT NOTICES
Before you make Contributions to the iShares 529 Plan (either the "iShares 529 Plan" or the "Plan"), please read and understand this Program Description and the attached Participation Agreement. Please keep both this Program Description and the Participation Agreement for future reference. These documents together give you important information about the iShares 529 Plan, including information about the investment risks associated with, and the terms under which you agree to participate in, the Plan. See "THE INVESTMENT PORTFOLIOS AND INVESTMENT RISKS ? Plan and Portfolio Risks and Other Considerations" on page 59 for more information about the risks of investing in the iShares 529 Plan. See "THE ISHARES 529 PLAN KEY TERMS" for capitalized terms used but not otherwise defined in this Program Description.
Investment Risk; No Guarantee
Interests in the iShares 529 Plan are municipal fund securities issued by the Plan, which is administered by The Arkansas Section 529 Plan Review Committee (the "Committee"). Interests in the Plan are not deposits or other obligations of any depository institution. The iShares 529 Plan, which is within the Arkansas Brighter Future Fund Plan Trust (the "Trust"), is administered by the Committee, which is composed of the Director of the Department of Higher Education, the Executive Director of the Arkansas Teacher Retirement System, and the Arkansas State Treasurer, and is managed by Ascensus Broker Dealer Services, LLC ("ABD"). None of your Account, the principal you invest, nor any investment return is insured or guaranteed by ABD or its affiliates (collectively,
271294356v.25
"Ascensus"), BlackRock, Inc., BlackRock Investments, LLC, BlackRock Fund Advisors or any of their affiliates (collectively "BlackRock"), the Committee, the State of Arkansas or any instrumentality thereof, the federal government, the Federal Deposit Insurance Corporation (except to the extent of FDIC insurance available on the Savings Portfolio), or any other state or federal governmental agency. In short, you may not make money and you could lose your money (including the principal invested) if you invest in the iShares 529 Plan. Neither your contributions to an Account nor any investment return earned on your contributions are guaranteed by Plan Officials. Except to the extent of FDIC insurance available on the Savings Portfolio, you could lose money (including your contributions) or not make any money by investing in the Plan.
The Plan, the investment options in the Plan, the Trust and its portfolios, and interests therein have not been registered with the Securities and Exchange Commission (the "SEC") in reliance on an exemption from registration available for obligations issued by a public instrumentality or state. In addition, interests in the iShares 529 Plan have not been registered with any state in reliance on an exemption from registration available for obligations issued by an instrumentality of a state.
Neither the SEC nor any state securities commission has approved or disapproved these securities or passed upon the adequacy of the Program Description or the Participation Agreement. Any representation to the contrary is a criminal offense. These securities have not been registered with the SEC or any state securities commission.
iSHARES 529 PLAN 1
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