No. 529 plans owners are limited to just one tax-free rollover in a 12-month period. Account owners can make two investment changes per year within a given plan. However, these restrictions are independent of one another. As an example, you could rollover an account, then change the investment options within that plan twice without penalty.
The twice-per-year reallocation restriction is on the participant. So reallocations by the plan, such as with an age-based portfolio, do not impact your reallocation cap.
VP, Research & Development
This information does not constitute tax advice and is provided for informational purposes only. Please consult your tax advisor, financial advisor, local taxing authority, and/or plan provider or sponsor for more information.