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MS Adv Affordable Coll Svgs Prog |
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State Provider: Mississippi; Net Assets ($mil):
$9.2 as of
10-31-09 |
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The advisor-sold version of the Mississippi Affordable College Savings Plan could and should be more affordable. To be sure, the TIAA-CREF-managed plan offers a nice tax incentive. State residents can deduct up to $10,000 ($20,000 for joint filers) in contributions annually from their taxable income. However, the annual asset-based fees range from 0.79% to 1.29% (a 0.70% administrative program management fee included), which are hefty levies given that the plan relies heavily on index strategies. (The plan does offer a principal-plus-interest option at no cost though.) Broker sales charges and the possible $25 annual account fee are additional headwinds on what is basically a more-expensive version of the state's direct-sold plan. This plan has eight options made up of equity, fixed-income, balanced, and principal-plus-interest portfolios. 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: Broker
Non-Resident: Broker
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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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| Static Portfolios and Self-Directed Funds |
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| US Stock
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Bond |
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| Total International Funds: 4 |
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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 |
0.00
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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 |
$3,000 |
$3,000 |
| Additional Purchase |
25 |
25 |
| Initial (AIP) |
3,000 |
3,000 |
| Additional (AIP) |
25 |
25 |
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