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MI 529 Advisor Plan

Michigan

MI 529 Advisor Plan, managed by TIAA-CREF Tuition Financing, Inc. and Allianz Global Investors Distributors LLC, features age-based, asset-allocation, and individual-fund portfolios using funds from PIMCO, TIAA-CREF and the Allianz group of money management companies. To find a financial advisor in your area, use the Find a 529 Pro Directory.

5-Cap Rating

Resident:
Non-Resident:

Savingforcollege.com's 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories. (Scale 0 to 5; 5 is highest)

Performance Costs Features Reliability Resident Upgrade
2.37 1.91 2.87 3.80 0.40

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General

Program type:

Savings

How to enroll:

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Initial year of operation:

2009

State agency(ies):

Michigan Department of Treasury

Program manager:

TIAA-CREF Tuition Financing, Inc. and Allianz Global Investors Distributors LLC

Program distributor:

Allianz Global Investors Distributors LLC

Manager contract term:

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Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

U.S. citizens or resident aliens at least 18 years old, UGMA/UTMA custodians, and legal entities.

Contributions

Maximum contributions:

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

Minimum contributions:

$25 per investment portfolio.

Investment Options

Age-based investment options:

The Age-Based option contains 6 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the beneficiary's age and later reassigned to more conservative portfolios as the beneficiary approaches college age.

Static investment options:

Select among 2 multi-fund portfolios (Capital Appreciation Portfolio and Capital Preservation Portfolio) and 12 individual-fund portfolios.

Underlying investments:

Mutual funds managed by TIAA-CREF, Allianz-affiliated companies and PIMCO.

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.

Account maintenance fee:

None.

Program management fees:

All except TIAA-CREF Money Market Portfolio:
0.60% (includes state fee of 0.10%) plus distribution fees of 0.25% (Class A) or 0.33% - 0.65% (Class C)

TIAA-CREF Money Market Portfolio:
0.60% (includes state fee of 0.10%) plus distribution fees of 0.10%

Expenses of the underlying investments:

Ranges from 0.45% to 0.60% (portfolio weighted average) in the age-based, 0.47% to 0.61% in the static multi-fund portfolios, and from 0.07% to 1.01% in the individual-fund portfolios.

Total asset-based expense ratio:

Class A: 0.84% - 1.86%
Class C: 0.84% - 1.94%

Broker loads and commissions:

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Breakpoint pricing:

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Does breakpoint pricing include non-529 assets under rights of accumulation policies

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Taxes and other Benefits

Program match on contributions:

None.

State tax deduction or credit for contributions:

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. Contribution deadline is December 31.

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 Michigan taxable income to the extent of prior Michigan tax deductions. Qualified rollovers are not subject to recapture.

State tax treatment of qualified distributions:

Qualified distributions from Michigan and non-Michigan 529 plans are exempt. Also excluded are distributions made due to the beneficiary's death, disability, scholarship, or attendence at one of the U.S. military academies.

State tax treatment of rollovers:

Michigan follows federal tax-free treatment.

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, beneficiary, institution and beneficiary jointly, 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:

1-866-529-8818

Telephone for broker use:

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