Table of Contents
The Michigan Education Savings Program is similar to other TIAA-managed 529 savings programs. The Program features an registration year choice, six multi-fund options, five unmarried fund options and a chief security option. Fee Score
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5
/ 5
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4
/ 5
- Program type Savings
- origin 2000
- state of matter agency Michigan Department of Treasury
- Tax deduction
- Program Manager TIAA-CREF Tuition Financing, Inc .
- Program distributor TIAA-CREF Individual & Institutional Services, LLC
Ratings & Rankings
Our overall rating for MI residents
This is a course of study that offers outstanding flexibility, attractive investments, and extra economic benefits ( such as generous submit tax incentives ) that for some people, at least, will provide a substantial promote to their savings. There are few, if any, weaknesses noted in the course of study .
Our overall rating for non-residents
This is a platform that offers outstanding flexibility, attractive investments, and extra economic benefits ( such as generous submit tax incentives ) that for some people, at least, will provide a solid boost to their savings. There are few, if any, weaknesses noted in the program. preservation FOR COLLEGE ’ S 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the be categories. performance of 5
4.11 Each plan ‘s operation seduce is developed directly from Savingforcollege.com ‘s quarterly 529 Performance Rankings. A 529 savings plan must have at least one year of operation history before they will be assigned a 5-cap denounce. For those plans that are not part of our quarterly performance rankings, such as plans offering a single set of bank-based investing options, we assign a performance score by evaluating the returns presently available on alike types of investments outside of 529 plans. Costs
of 5 4.86 We compare the entire average asset-based expense proportion of the design to other 529 savings plans. We besides compare the asset-based expense attributable to program coach and administrator fees, because these represent the extra costs of using the 529 plan over and above the costs of investing directly in the plan ’ s underlying investments. We besides adjust for plans that charge on registration fee and/or annual account management tip. For advisor-sold plans, we compare the sales loads on the “ A ” plowshare class. And we besides penalize plans offering a menu of investing options that you can find in a different 529 plan but at a lower cost. Features of 5 4.55 How “ state-of-the-art ” is this 529 plan ? What extra features does it provide for the benefit of its participants ? Among the features we look for are investment menu covering the broad range of investor hazard ; the ability of the plan to hire and fire investment managers or replace their fundamental reciprocal funds ; creditor protective covering under the sponsoring country ’ s laws ; FDIC-insured options ; purchase rewards programs ; other player perks ; and minimal and utmost contribution restrictions. dependability of 5 4.71 No one likes unpleasant surprises, and here we look for the warn signs. We assign a denounce to the 529 plans based on many considerations including diligence know of the outside program managers ; plan popularity ; risk of plan upheaval ; quality of program disclosures and early materials ; department of state ascribable diligence practices ; investment report ; flexibility to make report changes ; withdrawal restrictions ; and rollover procedures. nonmigratory 0.40 The Resident 5-Cap Rating may be higher than the Non-Resident 5-Cap Rating if the 529 plan or the department of state extend it provides limited benefits to residents of the state. These benefits might consist of a express tax subtraction or citation for contributions to the plan that are not available for contributions to an out-of-state 529 design ; a coordinated contribution plan ; a break on fees and expenses ; an advantage in computing eligibility for state-funded fiscal help programs ; or any other potentially valuable advantage .
Eligibility
State residency requirements:
Who can be a participant/owner in the program?
Significant time or age restrictions imposed by the program:
Alternative 529 Plans
Other great plans to consider
You are not limited to opening your own state ‘s 529 plan, so workshop around. here are some highly rated options to consider :
Plan
Our Rating
Fee Score
Performance
Contributions
Maximum contributions:
Minimum contributions:
Does the program offer an e-gifting platform for receiving gift contributions?
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Fees & Expenses
Enrollment or application fee:
Account maintenance fee:
Program management fees:
Expenses of the underlying investments:
Total asset-based expense ratio:
Taxes and other Benefits
- Tax subtraction for single filers $ 5,000/yr
- Tax tax write-off for joint filers $ 10,000/yr
Example
Married filing jointly residents contributing $ 100/month can expect an extra $ 0 a class in tax savings.
Program match on contributions:
State tax deduction or credit for contributions:
State tax recapture provisions:
State definition of qualified expenses
State tax treatment of qualified distributions:
State tax treatment of rollovers:
Does the sponsoring state exclude the value of an account for state financial aid purposes?
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
Is there a rewards program or outside scholarship program that works with this program?
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