Michigan 529 College Savings Plans

Michigan 529 College Savings Plan – Michigan Education Savings Program (MESP)

The Benefits Of 529 College Savings PlansAbout: The Michigan Education Savings Program (MESP) is a state-sponsored, tax-advantaged 529 college savings plan that’s helping families and individuals plan for the cost of higher education. It’s available to any citizen or tax payer. And just about anyone can help contribute including Grandparents, other family, members and friends. The Michigan Education Savings Program is similar to other TIAA-managed 529 savings programs. The Program features an age-based option, four multi-fund options, a single fund option and a principal protection option.

Website: https://www.misaves.com/

Phone #: 1-877-861-6377

Investment Options: Their Age-Based Option is offered in 3 different risk levels (Aggressive, Moderate, and Conservative), each containing 9 portfolios of underlying mutual funds. Investors can also select among 4 multi-fund options (the International Equity Index Option, the Global Equity Index Option, the 100% Fixed Income Option, and the Balanced Option), the U.S. Equity Index Option and the Principal Plus Interest Option. Investments are managed by TIAA-CREF institutional mutual funds and one Vanguard index fund. The Principal Plus Interest Option is invested in a funding agreement with TIAA-CREF Life Insurance Company that guarantees principal and a minimum annual rate

Tax Benefits: Contributions to a Michigan’s 529 savings plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing Michigan taxable income. Contributions must be reduced by qualified withdrawals during the year for purposes of determining the amount that may be deducted. Rollover contributions are not deductible, according to the Michigan Department of Treasury.

State Residency Requirements:  No state residency is required to participate in Michigan 529 College Savings Plans.

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