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MI 529 Advisor Plan

3.5 / 5

Our rating

Best MI resident benefits

MI resident benefits

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

MI 529 Advisor Plan

KEY METRICS

OVERVIEW

Program type

Savings

Inception

2009

State agency

Michigan Department of Treasury

Tax deduction

For single filers: $5,000/yr per beneficiary

For joint filers: $10,000/yr per beneficiary

Program manager

TIAA-CREF Tuition Financing, Inc.

Program distributor

Nuveen Securities, LLC

Manager contract term

MORE INFORMATION

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.

Does the program offer an e-gifting platform for receiving gift contributions?

This plan offers a robust gifting platform that allows gift-givers to save their own profile for recurring or future contributions.

Investment Options

Investors in MI 529 Advisor Plan can select from the following investment options. Click on a portfolio name for more information.

The Enrollment Year Investment Option contains 10 portfolios of underlying mutual funds. The asset allocation of the money invested in these investment options is automatically adjusted over time to become more conservative as the number of years to enrollment for the student decreases. Except for the In School Portfolio, each Enrollment Year Investment Portfolio's investments in its underlying funds and a funding agreement are assessed and rebalanced on a quarterly basis by the program manager.
PortfolioE.R. % Equity1yr performance
2036/2037 Enrollment Portfolio0.97%68.68%5.76%
2034/2035 Enrollment Portfolio0.97%64.2%5.72%
2032/2033 Enrollment Portfolio0.96%58.23%5.65%
2030/2031 Enrollment Portfolio0.91%44.78%5.5%
2028/2029 Enrollment Portfolio0.83%33.2%4.99%
2026/2027 Enrollment Portfolio0.76%24.08%4.33%
In School Portfolio0.7%14.65%3.61%
2038/2039 Enrollment Portfolio0.98%76.58%5.73%
2040/2041 Enrollment Portfolio0.98%79.9%5.73%
2042/2043 Enrollment Portfolio0.98%79.9%N/A

Age-based/Enrollment Year investment options:

The Enrollment Year Investment Option contains 10 portfolios of underlying mutual funds. The asset allocation of the money invested in these investment options is automatically adjusted over time to become more conservative as the number of years to enrollment for the student decreases. Except for the In School Portfolio, each Enrollment Year Investment Portfolio's investments in its underlying funds and a funding agreement are assessed and rebalanced on a quarterly basis by the program manager.

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.

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 Investments

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

None.

Program management fees:

0.30% (includes a state fee of 0.05%) plus service fee of 0.25% (Class A and C) and distribution fee of 0.40% - 0.75% (Class C). None for the Principal Plus Interest Portfolio.

Expenses of the underlying investments:

Ranges from 0.15% to 0.63% (portfolio weighted average) in the enrollment year, static, and multi-fund portfolios, and from 0.05% to 0.81% in the individual-fund portfolios. None for the Principal Plus Interest Portfolio.

Total asset-based expense ratio:

Class A: 0.60% - 1.36%
Class C: 1.00% - 1.76%
Class I: 0.35% - 1.11%

Broker loads and commissions:

Breakpoint pricing:

Does breakpoint pricing include non-529 assets under rights of accumulation policies

Taxes and other Benefits

Tax deduction for single filers:

$5,000/yr per beneficiary

Tax deduction for joint filers:

$10,000/yr per beneficiary

Program match on contributions:

None.

State tax deduction or credit for contributions:

Contributions to a Michigan 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.

Calculate your Michigan 529 tax benefit

Find out how much you can save on state taxes this year by contributing to a Michigan 529 plan.

Your tax savings per year
$0

Household income

$100,000

Monthly Contribution

$100

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 definition of qualified expenses

The state's definition of qualified education expenses currently includes expenses for attendance at an institution of higher education or an apprenticeship program, as defined by the Internal Revenue Code and its regulations addressing qualified state tuition programs. This does not include tuition for elementary or secondary education, or education loan payments. Distributions from a 529 account directly to a Roth IRA are not considered a qualified expense for state income tax purposes.

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

Is there a rewards program or outside scholarship program that works with this 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:

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:

Contact

Website:

http://www.mi529advisor.com

Telephone:

1-866-529-8818

Telephone for broker use:

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