 |
|
|
| |
MI Education Savings Program |
|
| |
State Provider: Michigan; Net Assets ($mil):
$2,002.9 as of
10-31-09 |
|
| |
|
|
|
 |
|
|
| |
The Michigan Education Savings Program, managed by TIAA-CREF, is a great choice for state residents and non-residents alike. Residents are eligible for the state's tax deduction on contributions of up to $5,000 per beneficiary per year ($10,000 if married, filing jointly). Also, the state will match $1 for every $3 contributions (up to $200 per beneficiary) for the first year of enrollment provided that the beneficiary is a state resident, is six years old or younger, and comes from a household with combined income of $80,000 or less. The program caters to out-of-state investors too. It doesn't charge any application or account maintenance fees, so investors will only have to pay a rock-bottom 0.45% management fee. The program offers three age-based tracks---aggressive, conservative, and moderate--that shift assets from stocks to bonds and cash at a sensible pace. Investors can also choose from equity-only, fixed-income-only, balanced, and principle-plus-interest static portfolios. Overall, these options are well-diversified, providing broad exposure to various types of securities including real estate and inflation-linked securities. We think this program is top-notch choice for residents and non-residents alike.(Information as of 03/25/2009) |
|
|
 |
|
|
|
|
| |
| Availability: Sales Channel |
Resident: Direct
Non-Resident: Both
|
|
| Annual State Tax Deduction |
|
Up to $5,000 (S),
10,000 (J)
|
|
| Max Investment/Beneficiary |
|
$235,000 |
|
(includes appreciation)
|
|
| Mos. to Qualified Withdrawal |
|
Public, Private & International
|
|
| Age-Based, Aggressive, Conservative |
|
|
|
|
Age-Based Portfolios
|
| Static Portfolios |
|
| US Stock
|
|
Bond |
|
|
|
|
| Total International Funds: 40 |
|
|
|
|
|
|
|
|
| |
| Underlying Funds’ Ratings |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Overall Morningstar Rating |
# Equity
Funds |
|
# Bond
Funds |
|
|
| Ratings as of
10-31-09 |
|
|
|
|
|
|
|
|
| Range |
0.13
–
0.45 |
| 529 Plan Avg |
0.8 |
|
|
|
|
| Portfolio Expense Ratio Range |
| Fee to Change Beneficiary |
| Share Classes: Sales Charge |
|
|
|
|
|
| Initial Purchase |
$25 |
$25 |
| Additional Purchase |
25 |
25 |
| Initial (AIP) |
15 |
15 |
| Additional (AIP) |
15 |
15 |
|
|
|
|
|
