529 News

Michigan launches advisor 529

(December 3, 2009) - Michigan has launched an advisor-sold 529 savings plan, adding to the state's existing direct-sold 529 savings lan (MESP) and its prepaid tuition plan (MET). Michigan taxpayers may claim up to $10,000 ($5,000 for single filers) in annual contributions to either 529 savings plan as a deduction on their Michigan income tax returns.

The MI 529 Advisor Plan is managed and distributed through a partnering arrangement between TIAA-CREF Tuition Financing Inc. and Allianz Global Investors Distributors LLC. The plan features an age-based option, 2 static asset-allocation options, and 12 individual-fund options. The underlying funds consist of mutual funds from TIAA-CREF and from Allianz and its affiliated companies. Financial adivsors and their clients can choose between A shares and C shares.

For more information, click here.

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