Forum Thread

Michigan 529 $50 bonus when you contribute $500 or more in september

$500.00
+12 Deal Score
3,697 Views
I just received this flier in the mail today (I am a current customer). Apparently, if you contribute $500 or more in the month of september, they will add a $50 bonus.

Also, all you armchair (or legit) financial planners.. I know that a lot of financial planners reccomend IRA's vs 529's etc.. I am simply posting this for people who may have this 529 or are planning on opening it anyways.

Please note, you do NOT have to be a MI resident to open an MESP 529 but...

Quote :
Do I need to live in the same state that I have my plan in?
No. You may, for example, live in Michigan and have a Plan in Connecticut. If you move out-of-state, you have the option to keep your plan in the state you moved from.

However, keep in mind each state's plan includes tax advantages only available to residents of that state. By not participating in the plan for the state where you're a resident, you will not be eligible for those tax incentives. You can always rollover your current 529 plan into another state's 529 account.
TOC for the offer:
Quote :
MICHIGAN EDUCATION SAVINGS PROGRAM MATCH PROMOTION
Terms and Conditions
Offer Description: The Michigan Education Savings Program (MESP) is a 529 college savings plan offered by the
State of Michigan and managed by TIAA-CREF Tuition Financing, Inc. ("TFI") (hereinafter collectively, the
"Sponsor").
To receive a $50 matching deposit ("the Matching Deposit"), eligible individuals must:
1. Open a new MESP account (for a new Beneficiary) online at www.MIsaves.com/offer during the promotion
period between 12:01 AM Eastern Time (ET) on September 1, 2019 and up to 11:59 PM ET on September 30,
2019* with an initial deposit of at least $500, as one lump sum, to be contributed and invested at the time the
new MESP account is opened. The initial $500 deposit must be received within 10 business days after the
account is established.
-ORContribute to an existing MESP account by adding $500 or more, as one lump sum, during the promotion
period.
2. Sign up for this special offer online at www.MIsaves.com/offer and provide the required information, including
account/contact information. The account/contact information must exactly match the information used to open
the new account (name, email address, zip code).
The Matching Deposit will be made to the eligible MESP account on or before January 15, 2020. Limit: one Matching
Deposit per account for a new unique Account Owner/Beneficiary combination. Void where prohibited or restricted by
law.
Eligibility: Offer open to legal residents of the 50 states of the United States who are at least 18 years of age or older
and have a social security number or federal taxpayer identification number. The following are excluded: (a) members,
officers, and employees of the State of Michigan who are directly involved in the management of MESP, TFI and its
parent, subsidiaries, affiliates, owners, members, directors, managers, officers, employees, trustees, agents; and their
respective immediate family members (spouse, domestic partner, parents, legal guardians, grandparents,
grandchildren, siblings, children and "step" of each) and those individuals living in their same household; and (b) FINRA
affiliated customers. All taxes and other costs associated with this promotion are solely the responsibility of the recipient
and/or beneficiary. Beneficiary for the new MESP account cannot be a beneficiary of an existing MESP account for that
account owner.
Miscellaneous: The Sponsor is not responsible for errors, omissions, interruptions, deletions, defects, or delays
in operation or transmission of information, in each case whether arising by way of technical or other failures or
malfunctions or computer hardware or software, communications devices, data corruption, theft, unauthorized
access to or alteration of offer materials, or otherwise. Sponsor reserves the right (a) to modify, suspend, or
terminate this offer at any time for any reason, including any technical failure, unauthorized human intervention, or
other causes beyond Sponsor's reasonable control that corrupt or adversely affect the security, administration, or
proper conduct of this offer; and (b) to disqualify any individual who tampers with the offer process.
*NOTE: This promotion is offered on a first come first served basis for a limited time. Sponsor has the right to
withdraw and otherwise terminate the offer at any time during the promotion period.
To learn more about MESP, its investment objectives, tax benefits, risks, and costs please see the
Disclosure Booklet at aboutchet.com. Read it carefully. Investments in the Plan are neither insured nor
guaranteed and there is the risk of investment loss. Check with your home state to learn if it offers tax or
other benefits for investing in its own 529 plan.
No public funding is used for MESP marketing, promotions or contest awards. Funding for marketing is provided by
the program manager, TIAA-CREF Tuition Financing, Inc.
TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and SIPC, distributor and underwriter for the
Michigan Education Savings Program (MESP).
VOID WHERE PROHIBITED
https://www.misaves.com/buzz/back...er_AO_na_o
Share
Good deal?
You gave thanks to Cobalt_Blue_FF for this post.
Thank you!
Cobalt_Blue_FF posted this deal. Say thanks!
Add Comment
If you purchase something through a post on our site, Slickdeals may get a small share of the sale.
Deal
Score
+12
3,697 Views
$500.00

24 Comments

1 2

Sign up for a Slickdeals account to remove this ad.

This comment has been rated as unhelpful by Slickdeals users
Joined Apr 2007
L3: Novice
142 Posts
29 Reputation
#2
I live in Massachusetts searching for a good 529 plan for my kids for the last six months. I'm thinking either Fidelity mass account or Vanguard. I can't decide
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Jun 2005
L6: Expert
1,478 Posts
2,602 Reputation
Original Poster
Pro
#3
Quote from giran99
:
I live in Massachusetts searching for a good 529 plan for my kids for the last six months. I'm thinking either Fidelity mass account or Vanguard. I can't decide
I did quite a bit of searching and settled on my home states 529.i cannot remember the exact reason why but it seemed pretty good. There are a bunch of web sites that compare each states offerings and that was a huge factor in my decision. Good luck! Parenting is hard when they are first born and thinking about college seems like a way distant problem lol
Reply Helpful Comment? 2 0
This comment has been rated as unhelpful by Slickdeals users
Joined Jun 2014
L3: Novice
168 Posts
51 Reputation
#4
Several states offer 529 incentives. Indiana's CollegeChoice 529 Savings Plans can get a credit of 20 percent of their contribution, or up to $1,000, as a tax credit. Starting in January 2019 for the 2018 tax year, taxpayers can claim 10 percent of K-12 plan contributions, limited to $500.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined May 2009
L7: Teacher
2,701 Posts
836 Reputation
Pro
#5
Quote from giran99
:
I live in Massachusetts searching for a good 529 plan for my kids for the last six months. I'm thinking either Fidelity mass account or Vanguard. I can't decide
Utah and NY are two of the top 529 programs in terms of expenses. NY is Vanguard-based.

The Mass 529 is fine as long as you stick to the index fund choices. The non-index options are overpriced. You can deduct up to $2k as a couple per year which works out to a $100 deduction on your Mass state income tax form.
Reply Helpful Comment? 2 0
This comment has been rated as unhelpful by Slickdeals users
Joined Nov 2014
L3: Novice
206 Posts
87 Reputation
#6
We used these for our kids - youngest is still in college - they're graduating / graduated with no debt, early planning and saving are key. So glad we did that all those years ago.
Reply Helpful Comment? 2 0
This comment has been rated as unhelpful by Slickdeals users
Joined Aug 2006
L10: Grand Master
10,886 Posts
2,511 Reputation
#7
I opened accounts for my 2 daughters 18 years ago. The return is much lower than any of my other mutual fund investments. The state tax deductible could not make up the difference if the contribution was made several years ago. Unlike Roth IRA which can also be withdrawn for education expenses if needed, 529 is counted as parent asset in financial aid applications. Nevertheless, this $500 contribution with instant 10% bonus is a good deal.
Reply Helpful Comment? 1 0
Last edited by billcsho September 3, 2019 at 05:30 PM.
This comment has been rated as unhelpful by Slickdeals users
Joined Jun 2005
L6: Expert
1,478 Posts
2,602 Reputation
Original Poster
Pro
#8
Quote from billcsho
:
I opened accounts for my 2 daughters 18 years ago. The return is much lower than any of my other mutual fund investments. The state tax deductible could not make up the difference if the contribution was made several years ago. Unlike Roth IRA which can also be withdrawn for education expenses if needed, 529 is counted as parent asset in financial aid applications. Nevertheless, this $500 contribution with instant 10% bonus is a good deal.
What investment mix did you use if you do not mind my asking? I have both my children in the aggressive growth funds, and hope that pans out over time
Reply Helpful Comment? 0 0

Sign up for a Slickdeals account to remove this ad.

This comment has been rated as unhelpful by Slickdeals users
Joined Dec 2009
Outdoorsman
322 Posts
53 Reputation
#9
Quote from giran99
:
I live in Massachusetts searching for a good 529 plan for my kids for the last six months. I'm thinking either Fidelity mass account or Vanguard. I can't decide
As othes have stated, it only matters if your state gives you a tax break on using their plan. Otherwise, go with a plan that has the investment you desire. And one of the most important aspects of these plans is the administrative costs. Of course, it will be hard to get an apples to apples comparison. Good luck!
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Dec 2009
Outdoorsman
322 Posts
53 Reputation
#10
Quote from Cobalt_Blue_FF
:
What investment mix did you use if you do not mind my asking? I have both my children in the aggressive growth funds, and hope that pans out over time
Depends on how much time I suppose.....since most people are watching their investments go in the red recently. My kids will hit college in a couple years...and I am hoping that my funds reverse the trend of the last couple weeks in time for it to matter.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Jan 2018
New User
6 Posts
14 Reputation
#11
State 529 Deduction
Alabama $5,000 per parent ($10,000 joint)
Alaska No state income tax
Arizona $2,000 single or head of household/$4,000 joint (any state plan)
Arkansas $5,000 per parent ($10,000 joint)
California--
Colorado Full amount of contribution
Connecticut $5,000 per parent ($10,000 joint), 5 year carryforward on excess contributions
Delaware--
Florida No state income tax
Georgia $2,000 per beneficiary
Hawaii--
Idaho$4,000 single/$8,000 joint
Illinois $10,000 single/$20,000 joint per beneficiary
Indiana 20% tax credit on contributions up to $5,000 ($1,000 maximum credit)
Iowa $3,163 single/$6,326 joint per account
Kansas $3,000 single/$6,000 joint per beneficiary (any state plan), above the line exclusion from income
Kentucky--
Louisiana $2,400 single/$4,800 joint per beneficiary, above the line exclusion from income, unlimited carryforward of unused deduction into subsequent years
Maine $250 per beneficiary
Maryland $2,500 per account per beneficiary, 10 year carryforward
Massachusetts--
Michigan $5,000 single/$10,000 joint, above the line exclusion from income
Minnesota--
Mississippi $10,000 single/$20,000 joint, above the line exclusion from income
Missouri $8,000 single/$16,000 joint, above the line exclusion from income
Montana $3,000 single/$6,000 joint, above the line exclusion from income
Nebraska $10,000 per tax return ($5,000 if filing separate), above the line exclusion from income
Nevada No state income tax
New Hampshire--
New Jersey--
New Mexico Full amount of contribution, above the line exclusion from income
New York $5,000 single/$10,000 joint, above the line exclusion from income
North Carolina--
North Dakota $5,000 single/$10,000 joint
Ohio $4,000 per beneficiary per contributor or married couple, above the line exclusion from income, unlimited carryforward of excess contributions
Oklahoma $10,000 single/$20,000 joint per beneficiary, above the line exclusion from income, five-year carryforward of excess contributions
Oregon $2,265 single/$4,530 joint (i.e., $2,265 per contributor) per year, above the line exclusion from income, four-year carryforward of excess contributions
Pennsylvania $14,000 per contributor/$28,000 joint per beneficiary (any state plan)
Rhode Island $500 single/$1,000 joint, above the line exclusion from income, unlimited carryforward of excess contributions
South Carolina Full amount of contribution, above the line exclusion from income
South Dakota No state income tax
Tennessee--
Texas No state income tax
Utah 5% tax credit on contributions of up to $1,900 single/$3,800 joint per beneficiary (credit of $95 single/$190 joint)
Vermont 10% tax credit on up to $2,500 in contributions per beneficiary (up to $250 tax credit per taxpayer per beneficiary)
Virginia $4,000 per account per year (no limit age 70 and older), above the line exclusion from income, unlimited carryforward of excess contributions
Washington, DC $4,000 single/$8,000 joint, above the line exclusion from income
Washington No state income tax
West Virginia Full amount of contribution up to extent of income, above the line exclusion from income, five-year carryforward of excess contributions
Wisconsin$3,000 per dependent beneficiary, self or grandchild, above the line exclusion from income
Wyoming No state income tax
Reply Helpful Comment? 2 0
This comment has been rated as unhelpful by Slickdeals users
Joined Aug 2006
L10: Grand Master
10,886 Posts
2,511 Reputation
#12
Quote from Cobalt_Blue_FF
:
What investment mix did you use if you do not mind my asking? I have both my children in the aggressive growth funds, and hope that pans out over time
Check Mornstar for % return. I spread my funds (mostly in IRA and Roth) among around 10 mutual funds with different focus and risk factor. I transfer the funds between high and low risk fund whenever needed, sometimes a few times in a year (around 20-30% of total investment each time). My annual return average is around 10% in the last 20 years. For long term investment, I recommend Fidelity Contrafund which has an average of 15% return per year in the last 11 years (double every 5 years or so). While for the Michigan 529 matching bonus my daughter received when I opened the account, it only went up 75% after 17.5 years.
Reply Helpful Comment? 0 0
Last edited by billcsho September 4, 2019 at 05:33 PM.
This comment has been rated as unhelpful by Slickdeals users
Joined Aug 2010
L4: Apprentice
307 Posts
258 Reputation
#13
I got this letter too. I've already made the $500 contributions for each of my children. I've had Mesp accounts since the program started. This is an outstanding deal for Michigan residents as you get a state tax deduction. For non residents this is still one of the best 529s out there. There are several self guided options to choose from. It is run by Tiaa-cref. The only fees are the fund expenses which are similar to Vanguard.

Finally, I disagree with the OP. Do not ever use your Roth IRA for education. You'll owe taxes on any earnings and you can't put the money back. You are limited how much you can contribute each year. Stick to the 529 for education expenses.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Aug 2010
L4: Apprentice
307 Posts
258 Reputation
#14
Quote from billcsho
:
I opened accounts for my 2 daughters 18 years ago. The return is much lower than any of my other mutual fund investments. The state tax deductible could not make up the difference if the contribution was made several years ago. Unlike Roth IRA which can also be withdrawn for education expenses if needed, 529 is counted as parent asset in financial aid applications. Nevertheless, this $500 contribution with instant 10% bonus is a good deal.
You shouldn't be comparing the mesp funds to your retirement investments. The mesp funds are designed to gradually transfer to more secure investments the closer your kids get to college. When your child is 18 about 80% will be invested in safe bonds and cash. The performance will be lower but much less volatile. You wouldn't want the value to crash if we enter a recession right before college. It is assumed the Mesp funds will be drawn down to zero by time your kids finish college at 22-23 years old. It's not like your retirement money which may be invested 40-60 years or more. The allocations if done correctly will be very different.
Reply Helpful Comment? 1 0
This comment has been rated as unhelpful by Slickdeals users
Joined Jun 2005
L6: Expert
1,478 Posts
2,602 Reputation
Original Poster
Pro
#15
Quote from tromboneboss
:
I got this letter too. I've already made the $500 contributions for each of my children. I've had Mesp accounts since the program started. This is an outstanding deal for Michigan residents as you get a state tax deduction. For non residents this is still one of the best 529s out there. There are several self guided options to choose from. It is run by Tiaa-cref. The only fees are the fund expenses which are similar to Vanguard.

Finally, I disagree with the OP. Do not ever use your Roth IRA for education. You'll owe taxes on any earnings and you can't put the money back. You are limited how much you can contribute each year. Stick to the 529 for education expenses.
Oh, do not get me wrong, I totally disagree with my friends and love our 529's Smilie. It just seems like anytime I tell them we have a 529, they start saying stuff like "well my financial advisor told us to get an IRA instead blah blah " . I was just trying to head off anyone on this posting debating IRA vs 529 etc.. and instead just focus on the deal. Thank you for the data points!
Reply Helpful Comment? 0 0
Page 1 of 2
1 2
Join the Conversation
Add a Comment
 
Copyright 1999 - 2019. Slickdeals, LLC. All Rights Reserved. Copyright / Infringement Policy  •  Privacy Policy  •  Terms of Service  •  Acceptable Use Policy (Rules)  •  Interest-Based Ads
Link Copied to Clipboard