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Michigan Launches 529 Advisor College Savings PlanContact: Terry Stanton, (517) 335-2167
Program Offered Through Brokers, Planners, and Financial Advisors
The Michigan Department of Treasury has launched a new college savings plan designed to augment the Michigan Education Trust (MET) and Michigan Education Savings Program (MESP), Michigan's long-running college savings plans. The MI 529 Advisor Plan is now available through brokers, planners, and financial advisors who assist individuals in reaching their financial goals, including saving for college.
The MI 529 Advisor Plan will allow financial advisors and their clients to work together and develop a comprehensive college savings strategy. The MI 529 Advisor Plan is a joint effort through TIAA-CREF Tuition Financing, Inc., and Allianz Global Investors Distributors LLC. As with MET and MESP, the Michigan Department of Treasury is the administering agency.
"With the Michigan 529 Advisor Plan, we are expanding our outreach to parents, grandparents, and others through the financial advisor community," said State Treasurer Robert J. Kleine. "Financial planners will be able to help their clients face the sometimes daunting task of saving for college, while taking advantage of a generous Michigan income tax deduction."
The MI 529 Advisor Plan allows a state income tax deduction of up to $5,000 for an individual taxpayer and $10,000 per year for married couples filing jointly. For more information about the MI 529 Advisor Plan, visit www.mi529advisorplan.com.
Michigan's longest-running 529 plan, the Michigan Education Trust, recently opened an eight-month enrollment period. MET allows individuals and organizations to pre-purchase future tuition at today's prices. Since its debut in 1988, MET has sold more than 91,000 contracts with 17,000 students currently using MET benefits to attend college. Visit SETwithMET.com for enrollment information.
The Michigan Education Savings Program (MESP) has been offered directly to Michigan families and others since 2000. MESP holds assets of more than $2 billion with 215,000 accounts having been opened. For more on MESP, visit www.misaves.com.
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