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MI 529 Advisor Plan
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 Allianz, PIMCO and TIAA-CREF. To find a financial advisor in your area, use the Directory of Financial Professionals.
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)
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Enroll in MI 529 Advisor Plan through a financial advisor. Search our directory of qualified financial professionals to find one near you.
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Residents are not limited to investing in their own state's plan. Another state may offer a plan that performs better and has lower fees. If there is no tax break offered for in-state investors ... shop around!
Also, the plan chosen does not affect which state the student enrolls in. An investor can live in NY, invest in a plan from NV and send a student to college in FL.
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Michigan Department of Treasury
TIAA-CREF Tuition Financing, Inc. and Allianz Global Investors Distributors LLC
Allianz Global Investors Distributors LLC
Through March 2017.
U.S. citizens or resident aliens at least 18 years old, UGMA/UTMA custodians, and legal entities.
Accepts contributions until all account balances in Michigan's 529 plan for the same beneficiary reach $500,000.
$25 per investment portfolio.
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.
Select among 2 multi-fund portfolios (Capital Appreciation Portfolio and Capital Preservation Portfolio) and 10 individual-fund portfolios.
Mutual funds managed by Allianz, PIMCO, and TIAA-CREF.
Click here, you need Microsoft Excel to open this document.
Click here to visit, link to the program website containing most current performance data.
Fees & Expenses
All except PIMCO Short Asset Investment Portfolio:
0.60% (includes state fee of 0.05%) plus distribution fees of 0.25% (Class A) or 0.25% - 0.50% (Class C)
PIMCO Short Asset Investment Portfolio:
0.60% (includes state fee of 0.10%) plus distribution fees of 0.10%
Ranges from 0.36% to 0.61% (portfolio weighted average) in the age-based, 0.36% to 0.61% in the static multi-fund portfolios, and from 0.06% to 0.97% in the individual-fund portfolios.
Class A: 0.86% - 1.77%
Class C: 0.91% - 1.85%
PIMCO Short Asset Investment portfolio: No sales charge or CDSC; dealer receives 0.10% annual trail beginning immediately
All other investment options:
Maximum initial sales charge: 4.50%
Dealer: 3.75% commission and 0.25% annual trail beginning immediately
CDSC: 0.33% - 0.65% within the first year only
Dealer: 0.33% - 0.65% commission and 0.33% - 0.65% annual trail beginning in month 13
Class A sales load (dealer commission):
Less than $25,000 - 4.50% (3.75%)
$25,000 - $99,999 - 4.25% (3.75%)
$100,000 - $249,999 - 3.50% (3.00%)
$250,000 - $499,999 - 2.50% (2.00%)
$500,000 - $999,999 - 2.00% (1.75%)
$1,000,000 or more - 0.00% (0.50%)
Taxes and other 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. Contribution deadline is December 31.
Investment time horizon:
18 yrs (i.e. newborn): 0.18% annualized
10 yrs (i.e. 8-yr old): 0.33% annualized
2 yrs (i.e. 16-yr old): 1.68% annualized
Based on 4.25% MI tax rate. (For assumptions see 529 State Tax Calculator.)
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.
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.
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?
Distributions & Terminations
Eligible educational institution, beneficiary, institution and beneficiary jointly, or account owner, as directed by the account owner.
Accepts requests to transfer account ownership.
Documents, Access & Reporting