General InformationDownload PDF Report
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
- State agencyMichigan Department of Treasury
- Tax deductionTax deduction for single filers $5,000/yrTax deduction for joint filers $10,000/yr
- Program ManagerTIAA-CREF Tuition Financing, Inc.
- Program distributorNuveen Securities, LLC
- Manager contract termUNLOCK PRO
Ratings & Rankings
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.
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.
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.
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.
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:UNLOCK PRO
Portfolio Fees & Performance LookupUNLOCK PRO
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:UNLOCK PRO
Breakpoint pricing:UNLOCK PRO
Does breakpoint pricing include non-529 assets under rights of accumulation policiesUNLOCK PRO
Taxes and other Benefits
- Tax deduction for single filers$5,000/yr
- Tax deduction for joint filers$10,000/yr
Married filing jointly residents contributing $100/month can expect an additional $0 a year in tax savings.