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MS Affordable College Savings Progr |
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State Provider: Mississippi; Net Assets ($mil):
$80.6 as of
10-31-09 |
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The Mississippi Affordable College Savings Plan could and should be more affordable. To be sure, this TIAA-CREF-managed plan has a few points in its favor. State residents can deduct up to $10,000 ($20,000 for joint filers) in contributions annually from their taxable income, and aren't charged any application or account maintenance fees. However, the annual asset-based fees range from 0.90% to 1.12% (a 0.70% program management fee included), which are hefty levies given that the funds rely primarily on low-cost index strategies. (The plan does offer a principal-plus-interest option at no cost though.) The plan also lacks flexibility with just three investment options --an age-based track, an all-equity static portfolio (which has a 20% international exposure), and a principle-plus-interest portfolio. The age-based offering is well-diversified, providing broad exposure to various types of securities including real estate and inflation-linked securities. It's profile is a bit on the conservative side, though, with its initial 20% bond allocation (72% of assets are invested in domestic and international stocks and 8% are invested in real estate securities). On the whole, this slim lineup makes it tough for investors to customize their own plans (essentially they can only dial up their equity exposure through the use of the equity-only static fund or add a cash stake). Residents may want to invest here if the tax deduction benefits outweighed the plan's shortcomings, but everyone else should shop around. (Information as of 03/25/2009) |
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| Availability: Sales Channel |
Resident: Direct
Non-Resident: Direct
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| Annual State Tax Deduction |
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Up to $10,000 (S),
20,000 (J)
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| Max Investment/Beneficiary |
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$235,000 |
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(includes appreciation)
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| Mos. to Qualified Withdrawal |
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Public, Private & International
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Age-Based Portfolios
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| Static Portfolios |
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| US Stock
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Bond |
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| Total International Funds: 14 |
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| Underlying Funds’ Ratings |
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| Overall Morningstar Rating |
# Equity
Funds |
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# Bond
Funds |
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| Ratings as of
10-31-09 |
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| Range |
0.7 |
| 529 Plan Avg |
0.8 |
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| Portfolio Expense Ratio Range |
| Fee to Change Beneficiary |
| Share Classes: Sales Charge |
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| Initial Purchase |
$25 |
$25 |
| Additional Purchase |
25 |
25 |
| Initial (AIP) |
15 |
15 |
| Additional (AIP) |
15 |
15 |
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