Boost your college savings account by switching to MESP, one of the country’s top performing 529 plans*
Michigan residents who do not use MESP may be missing out on additional tax benefits. Find out how much you could potentially save in annual expenses.
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How high fees and tax advantages can impact your savings
** This hypothetical example compares potential future values of a 529 plan account at different fee levels and a MI state tax deduction over 18 years, and assumes an annual investment return of 5% with an initial investment of $10,000 assuming no withdrawals during the relevant time period, and annual contributions of $10,000. It is presented for illustrative purposes and does not reflect actual performance or predict future results. Account values will fluctuate with market conditions and the specific investment portfolios selected.
*Michigan Education Savings Program has once again received a Silver rating from Morningstar, making it one of the best-rated plans in the nation. In an annual review (10/25/2016) of the largest 529 college savings plans (63 total), Morningstar identified 33 plans that rose above their typical peers, awarding those plans Gold, Silver, and Bronze Morningstar Analyst Ratings for 2016. These forward-looking, qualitative ratings signal Morningstar’s conviction in the plans' abilities to outperform their relevant benchmark and peer groups on a risk-adjusted basis over the long term. Morningstar evaluates college savings plans based on five key pillars — Process, Performance, People, Parent, and Price. For more information about Morningstar’s overview of MESP go to 529.morningstar.com. Past performance does not predict future results.
Michigan taxpayers are eligible to receive a Michigan income tax deduction of up to $10,000 a year for married couples filing jointly and $5,000 a year for individuals filing single on contributions made to MESP, less any Qualified Withdrawals made during the same tax year. Amounts transferred from another 529 college savings plan are not eligible for the Michigan income tax deduction.
Consider the investment objectives, risks, charges and expenses before investing in Michigan Education Savings Program. Visit www.misaves.com for a Plan Disclosure Booklet containing this and other information. Read it carefully.
Investments in the Plan are neither insured nor guaranteed, and there is a risk of investment loss. TIAA-CREF Tuition Financing, Inc., Plan Manager. TIAA-CREF Individual & Institutional Services, LLC, member FINRA, distributor and underwriter for Michigan Education Savings Program. Taxpayers should seek advice from an independent tax advisor based on their own particular circumstances. Non-qualified withdrawals may be subject to federal and state taxes and the additional federal 10% tax. Non-qualified withdrawals may also be subject to an additional 4.25% Michigan tax on earnings. Before investing in a 529 plan, consider whether the state where you or your Beneficiary resides has a 529 plan that offers favorable state tax benefits that are available if you invest in that state’s 529 plan. Neither TIAA-CREF Tuition Financing, Inc., nor its affiliates, are responsible for the content found on any external website links referenced herein.