The Mississippi Affordable College Savings (MACS) Program is similar to other TIAA-managed 529 savings programs, and features an age-based option, an equity option, and a guaranteed option.
- Summary: The Mississippi Affordable College Savings (MACS) Program is similar to other TIAA-managed 529 savings programs, and features an age-based option, an equity option, and a guaranteed option.
- Program type: Savings
- Telephone: 1-800-486-3670
- Web site: Click here to visit
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- Program manager: TIAA-CREF Tuition Financing, Inc.
- State residency requirements: 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.
- Static investment options: The 100% Equity Option (a multi-fund portfolio) and the Guaranteed Option.
- Underlying investments: TIAA-CREF institutional mutual funds; the Guaranteed Option is invested in a funding agreement with TIAA-CREF Life Insurance Company that guarantees principal and a minimum 3% rate of interest (actual rate is declared annually).
- Enrollment or application fee: None.
- Account maintenance fee: None.
- Program management fees: 0.50% manager fee. No fee for the Guaranteed Option.
- Expenses of the underlying investments: Ranges from 0.15% to 0.22% (portfolio weighted average). None for the Guaranteed Option.
- Total asset-based expense ratio: 0.65% - 0.72%. None for the Guaranteed Option.
- 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.