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MACS 529 Advisor Program

Mississippi

The MACS 529 Advisor Program was terminated on May 17, 2013 and each account in the MACS Advisor Program was automatically transferred to the MACS Direct Program.

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5-Cap Rating

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Non-Resident:

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General

Program type:

Savings

How to enroll:

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Initial year of operation:

2002

State agency(ies):

College Savings Plans of Mississippi and State Treasury Department

Program manager:

TIAA-CREF Tuition Financing, Inc.

Program distributor:

Teachers Personal Investors Services, Inc.

Manager contract term:

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Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

U.S. citizens and resident aliens, UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Accepts contributions until all account balances in Mississippi's 529 plans for the same beneficiary reach $235,000.

Minimum contributions:

The minimum initial contribution is $3,000 ($1,000 per investment option), and the minimum subsequent contribution is $25 per investment option.

Investment Options

Age-based investment options:

None.

Static investment options:

Select among the Balanced Option (a multi-fund portfolio), 6 individual-fund portfolios, and the Guaranteed Option

Underlying investments:

TIAA-CREF institutional mutual funds; the Guaranteed Option is invested in a funding agreement with TIAA-CREF Life Insurance Company that guarantees principal and an annual rate of interest of 1% to 3% (actual rate is declared annually).

Underlying fund allocations:

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Investment performance link:

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Portfolio Fees & Performance Lookup

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Fees & Expenses

Enrollment or application fee:

None, but contributions are subject to a sales charge.

Account maintenance fee:

$25 for accounts below $25,000.

Program management fees:

0.70% manager fee. No fee for the Guaranteed Option.

Expenses of the underlying investments:

Ranges from 0.07% to 0.54%. None for the Guaranteed Option.

Total asset-based expense ratio:

0.77% - 1.24%. None for the Guaranteed Option.

Broker loads and commissions:

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Breakpoint pricing:

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Taxes and other Benefits

Program match on contributions:

None.

State tax deduction or credit for contributions:

Contributions to a Mississippi 529 savings plan of up to $10,000 per year by an individual, and up to $20,000 per year by a married couple filing jointly, are deductible in computing Mississippi taxable income. Contribution deadline is April 15 of the following year.

Value of in-state tax benefits:

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State tax recapture provisions:

The principal portion of nonqualified withdrawals from this plan are included in Mississippi taxable income to the extent of prior Mississippi tax deductions. A rollover to another 529 plan is not subject to recapture.

State tax treatment of qualified distributions:

Qualified distributions from Mississippi and non-Mississippi 529 plans are exempt.

State tax treatment of rollovers:

Mississippi follows federal tax-free treatment.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

Yes

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

No

Does the program have a formal agreement with a rewards program or outside scholarship program?

No

Statutory protection of an account from creditors:

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Distributions & Terminations

To whom are distributions made payable:

Eligible educational institution or account owner, as directed by the account owner

Account Changes

Policy regarding participant/owner changes:

Accepts requests to transfer account ownership.

Documents, Access & Reporting

Does participant have online password-protected access to account?

Yes

Can the complete enrollment process including funding be done online?

No

Documents and other services accessible or downloadable on the program's public Web site:

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Contact

Web site:

Click here to visit

Telephone:

1-877-238-7529

Telephone for broker use:

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