General InformationDownload PDF Report
Michigan Education Savings Program (MESP)
The Michigan Education Savings Program is similar to other TIAA-managed 529 savings programs. The Program features an age-based option, four multi-fund options, a single fund option and a principal protection option.
- Program typeSavings
- State agencyMichigan Department of Treasury
- Tax deduction
- Program ManagerTIAA-CREF Tuition Financing, Inc.
- Program distributorTIAA-CREF Individual & Institutional Services, LLC
- Manager contract termUNLOCK PRO
Ratings & Rankings
Our overall rating for non-residents
This is a recent program and does not yet have a 5-Cap Rating assigned.
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 and resident aliens, UGMA/UTMA custodians, estates, trusts, 501(c)(3) organizations, corporations, and state or local government agencies and instrumentalities.
Significant time or age restrictions imposed by the program:None
Alternative 529 Plans
Other great plans you should consider
You are not limited to opening your own state's 529 plan, so shop around. We encourage you to consider the highly rated options below:
Maximum contributions:Accepts contributions until all account balances in Michigan's 529 plan for the same beneficiary reach $500,000.
Minimum contributions:$25, or $15 per pay period via payroll deduction.
Age-based investment options:The Age-Based Option is offered in 3 different risk levels (Aggressive, Moderate, and Conservative), each containing 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 4 multi-fund options (the International Equity Index Option, the Global Equity Index Option, the 100% Fixed Income Option, and the Balanced Option), the U.S. Equity Index Option and the Principal Plus Interest OptionView more static investment options
Underlying investments:TIAA-CREF institutional mutual funds and one Vanguard index fund. The Principal Plus Interest Option is invested in a funding agreement with TIAA-CREF Life Insurance Company that guarantees principal and a minimum annual rate (actual rate is declared annually).View 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:0.02% manager fee plus 0.05% state fee. No fee for the Principal Plus Interest Option.
Expenses of the underlying investments:0.06% - 0.17%. None for the Principal Plus Interest Option.
Total asset-based expense ratio:0.12% - 0.24%. None for the Principal Plus Interest Option.
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.