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Mississippi Affordable College Savings (MACS) Program
Mississippi
Similar to other TIAA-managed 529 savings programs, this one features an age-based option, an equity option, and a guaranteed option with minimum 3% annual interest.
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General
Did you know?
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.
Program type:
Savings
How to enroll:
Enroll directly with the program.
Initial year of operation:
2001
State agency(ies):
College Savings Plans of Mississippi and State Treasury Department
Program manager:
TIAA-CREF Tuition Financing, Inc.
Program distributor:
TIAA-CREF Individual & Institutional Services, LLC
Manager contract term:
Premium subscription required for this data.
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:
$25, or $15 per pay period via payroll deduction
Investment Options
Age-based investment options:
The Managed Allocation Option contains six 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:
The 100% Equity Option (a multi-fund portfolio) 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 a minimum 3% annual rate of interest (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
Account maintenance fee:
None
Program management fees:
0.70% manager fee. No fee for the Guaranteed Option.
Expenses of the underlying investments:
Approximate range is 0.19% to 0.25% (portfolio weighted average); none for the Guaranteed Option.
Total asset-based expense ratio:
0.89% - 0.95%; None for the Guaranteed Option
Taxes and other Benefits
Program match on contributions:
None
State tax deduction or credit for contributions:
Contributions to a Mississippi MACS 529 savings plan of up to $10,000 per year for an individual taxpayer, and $20,000 per year for married taxpayers filing jointly, are deductible in computing Mississipp 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:
Mississippi law exempts qualified distributions from a Mississippi 529 plan (via specific exclusion) and from non-Mississippi 529 plans (via conformity to the federal tax exclusion).
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?
Yes
Documents and other services accessible or downloadable on the program's public Web site:
Premium subscription required for this data.
Contact
Telephone:
1-800-486-3670
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