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FAQs - [ General ] [ Administrative ] [ Financial ]
Q.
If I move out of Mississippi, what will happen to my Account?
A. If you move to another state, you can still keep your money invested in the Account. You can also continue contributing money to your Account and enjoying the federal tax benefits. You should consult a tax advisor about the tax consequences in your new state of residence.
Q.
Who will invest the money in the MACS Program?
A. The Mississippi Treasury Department selected TIAA-CREF Tuition Financing, Inc. (TFI), to serve as program manager of the MACS Program. TFI, an SEC-registered investment advisor, manages MACS investments and provides investment advisory services. TFI is a wholly owned subsidiary of Teachers Insurance and Annuity Association (TIAA), an insurance company domiciled in New York. TIAA, together with its companion organization CREF, form a nationally recognized financial services organization with over $260 billion in assets under management.
Q.
How will I be kept informed about my Account?
A. Quarterly and annual statements will be mailed reflecting Account activity. A separate statement will also be mailed reflecting every transaction made to the Account (quarterly statements will be provided for periodic payment plans, such as payroll deduction).
Q.
Is there a cost for opening an Account?
A. No. You pay no application fees, sales charges or annual fees for your Account. An annual asset-based management fee is used to cover the cost of administrative services. This fee is computed at an annual rate of 0.70% of the MACS average daily net asset. In addition, the investment management fee for each mutual fund is charged separately. No other fees or charges will be applied to your account.
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The tax information herein is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties. It was written to support the promotion of the Mississippi Affordable College Savings plan. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.
Consider the investment objectives, risks, charges and expenses before investing in the
Mississippi Affordable College Savings plan. For details, refer to the Disclosure Booklet containing
this information. Read it carefully.
Before investing in a 529 plan, you should consider whether the state you or your designated beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state's 529 plan.
TIAA-CREF Individual & Institutional Services, LLC, member FINRA, distributes securities products.
The State of Mississippi, its agencies, TIAA-CREF Tuition Financing, Inc., Teachers Insurance and Annuity Association of America and its affiliates do not insure any account or guarantee its principal or investment return except for TIAA-CREF Life Insurance Company’s guarantee to the Mississippi Affordable College Savings plan under the funding agreement for the Guaranteed Option. Account value will fluctuate based upon a number of factors, including general market conditions. |
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