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Mississippi Affordable College Savings (MACS) Program
The Mississippi Affordable College Savings (MACS) Program is similar to other TIAA-managed 529 savings programs, and features an age-based option, five risk-based options, and a guaranteed option.
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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Access enrollment materials and open an account with Mississippi Affordable College Savings (MACS) Program in just a few easy steps.Enroll Now
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.
College Savings Plans of Mississippi and State Treasury Department
TIAA-CREF Tuition Financing, Inc.
TIAA-CREF Individual & Institutional Services, LLC
Through September 21, 2016, with an option for a five-year extension.
U.S. citizens and resident aliens, UGMA/UTMA custodians, and legal entities.
Accepts contributions until all account balances in Mississippi's 529 plans for the same beneficiary reach $235,000.
$25, or $15 per pay period via payroll deduction.
The Managed Allocation Option contains nine 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.
Five multi-fund risk-based options and the Guaranteed Option.
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% rate of interest (actual rate is declared annually).
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
0.50% manager fee. No fee for the Guaranteed Option.
Ranges from 0.14% to 0.23% (portfolio weighted average). None for the Guaranteed Option.
0.64% - 0.73%. None for the Guaranteed Option.
Taxes and other Benefits
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.
Investment time horizon:
18 yrs (i.e. newborn): 0.22% annualized
10 yrs (i.e. 8-yr old): 0.39% annualized
2 yrs (i.e. 16-yr old): 1.97% annualized
Based on 5% MS tax rate. (For assumptions see 529 State Tax Calculator.)
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.
Qualified distributions from Mississippi and non-Mississippi 529 plans are exempt.
Mississippi 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 or account owner, as directed by the account owner.
Accepts requests to transfer account ownership.
Documents, Access & Reporting
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