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MI 529 Advisor Plan

MI 529 Advisor Plan, managed by TIAA-CREF Tuition Financing, Inc., features age-based, asset-allocation, and individual-fund portfolios using funds from ten investment managers. To find a financial advisor in your area, use the Directory of Financial Professionals.


  • Program typeSavings
  • Inception2009
  • State agency
    Michigan Department of Treasury
  • Tax deduction
    Tax deduction for single filers $5,000/yr
    Tax deduction for joint filers $10,000/yr
  • Program Manager
    TIAA-CREF Tuition Financing, Inc.
  • Program distributor
    Nuveen Securities, LLC
  • Manager contract termUNLOCK PRO

Ratings & Rankings

Our overall rating for MI residents

This is an excellent program with many benefits for the participant and positive investment attributes. If it has any significant weaknesses then it also has some particularly good things to recommend it.

Our overall rating for non-residents

This is a very good program that offers valuable benefits but may have some limitations or concerns that investors need to know.

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.


0.00out of 5

Each plan's performance score is developed directly from Savingforcollege.com's Quarterly 529 Performance Rankings. A 529 savings plan must have at least one year of performance history before they will be assigned a 5-cap rating. For those plans that are not part of our quarterly performance rankings, such as plans offering a single set of bank-based investment options, we assign a performance score by evaluating the returns currently available on similar types of investments outside of 529 plans.

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 $500,000.

Minimum contributions:

$25 per investment portfolio.

Investment Options

Age-based investment options:

The Age-Based option contains 9 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.View more age-based investment options

Static investment options:

Select among 2 target-risk portfolios (Capital Appreciation and Conservative Allocation), a multi-fund portfolio (Nuveen Alternative Income) and 16 individual-fund portfolios from a number of fund families.View more static investment options

Underlying investments:

Mutual funds managed by Nuveen Asset Management, LLC, TIAA Investments, LLC, Symphony Asset Management, Santa Barbara Asset Management, Harding Loevner, Oakmark Funds, Dimensional Fund Advisors, MetWest Funds, Harbor Funds and Ariel InvestmentsView a full list of this plan's investment options

Underlying fund allocations:

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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:

0.37% (includes a state fee of 0.05%) plus service fee of 0.25% (Class A, C and AR) and distribution fee of 0.40% - 0.75% (Class C) and 0.40% (Class AR). None for the Principal Plus Interest Portfolio.

Expenses of the underlying investments:

Ranges from 0.17% to 0.66% (portfolio weighted average) in the age-based, and static, and multi-fund portfolios, and from 0.06% to 0.90% in the individual-fund portfolios. None for the Principal Plus Interest Portfolio.

Total asset-based expense ratio:

Class A: 0.68% - 1.52%
Class C: 1.08% - 1.92%
Class AR: 1.08% - 1.92%

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

  • Tax deduction for single filers$5,000/yr
  • Tax deduction for joint filers$10,000/yr

Example

Married filing jointly residents contributing $100/month can expect an additional $0 a year in tax savings.

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.

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?

Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.

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

Website:

http://www.mi529advisor.com

Telephone:

1-866-529-8818

Telephone for broker use:

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