General InformationDownload PDF Report
Mississippi Affordable College Savings (MACS) Program
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.
- Program typeSavings
- Inception2001; program manager change in 2017
- State agencyCollege Savings Plans of Mississippi and State Treasury Department
- Tax deductionTax deduction for single filers $10,000/yrTax deduction for joint filers $20,000/yr
- Program ManagerIntuition College Savings Solutions, LLC
- Program distributorIntuition College Savings Solutions, LLC
- Manager contract termUNLOCK PRO
Ratings & Rankings
Our overall rating for non-residents
This is a program that will work for many people who fit the "target" profile but contains potentially significant problems or uncertainties that can hurt the unsuspecting investor.
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, and legal entities.
Significant time or age restrictions imposed by the program:None
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.
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.View more age-based investment options
Static investment options:Five multi-fund risk-based options, three single fund options and the Guaranteed Option.View more static investment options
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).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:$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
- Tax deduction for single filers$10,000/yr
- Tax deduction for joint filers$20,000/yr
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 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 definition of qualified expensesThe state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, as well as up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school.
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?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:UNLOCK PRO
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