Program Offered Through Brokers, Planners, and
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,
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
# # #