529 PLANS

Mississippi Affordable College Savings (MACS) Program NEW! PDF ReportPRO

The manager for the Mississippi Affordable College Savings (MACS) Program changed from TIAA-CREF to Intuition College Savings Solutions, LLC in June 2017. The plan features an age-based option, five risk-based options, three individual fund options and a guaranteed option.

Resident Rating
Non-Resident Rating

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
3.36 2.01 2.00 3.50 0.50

General

Program type:

Savings

How to enroll:

Enroll directly with the program. Enroll Now

Initial year of operation:

2001; program manager change in 2017

State agency(ies):

College Savings Plans of Mississippi and State Treasury Department

Program manager:

Intuition College Savings Solutions, LLC

Program distributor:

Intuition College Savings Solutions, 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 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 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.

Static investment options:

Five multi-fund risk-based options, three single fund options and the Guaranteed Option.

Underlying investments:

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

Underlying fund allocations:

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Portfolio Fees & Performance Lookup

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See Investment Options

Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

$20 for account owners who have not elected to receive plan documents by electronic delivery

Program management fees:

0.60% manager fee; 0.59% for the Managed Allocation Age Band 18+ option; no fee for the Guaranteed Option.

Expenses of the underlying investments:

Ranges from 0.05% to 0.13% (portfolio weighted average). None for the Guaranteed Option.

Total asset-based expense ratio:

0.64% - 0.73%. 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 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.

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?

Yes

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

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