College Savings of Mississippi

MPACT Update

admin — Tue, 07 May 2013 18:44:35 +0000

Plans to restructure the MPACT plan are moving forward and the College Savings Mississippi Board of Directors expects to re-open enrollment. Ideally, the board would like to see new enrollees enter the program in early 2014, if not before. A firm re-opening date is not possible according to board members, due to the complexity of the issues that must be addressed.

At the request of Treasurer Lynn Fitch and the board, MPACT underwent an actuarial audit last fall. Gabriel, Roeder, Smith and Company (GRS) presented their audit findings April 30, 2013 after months of looking in depth at the program’s finances.

GRS identified twelve areas of concern dealing with pricing and valuation. Auditors believe the plan may be underfunded by more than $100
million dollars. In addition they recommend new pricing and contract changes for future participants.

Board members now must review the audit report and determine what changes will be necessary to resume the MPACT program.

“The Way To Go” 5.29K Race

admin — Tue, 19 Mar 2013 15:01:17 +0000

The 1st annual “The Way to Go 5.29K” will be held Saturday May 4, 2013 at the Renassiance at Colony Park. The Walk/Run will begin at 8:00am. The 1 Mile Fun Run will begin at 9:00am.

This is not your average 5K! Our race is a 5.29K since MACS and MPACT are Mississippi’s 529 plans!

Proceeds from the race will be used to award college scholarships on race day! Eight scholarships will be given to the top place finishers in the fun run. Three scholarships will be awarded to the teams with the most registered racers. We will also be giving scholarships away as door prizes to registered racers.

We will have face painting and inflaitables for the kids. Merchants from the Renassiance will also be donating door prizes! Come on out and join the fun and good luck!

Click here for the registration form.

Update: MPACT Contract Holders

admin — Mon, 28 Jan 2013 14:49:02 +0000

Please click on the link below to see an update from State Treasurer, Lynn Fitch, to current MPACT contract holders.

MPACT Contract Holder

MPACT Actuary Audit Update

admin — Fri, 11 Jan 2013 18:49:16 +0000

Phase I of the audit has been distributed to the College Savings Board of Directors. There is still one more phase to the actuarial audit that is expected to be complete within the next few months. In Phase II the auditors will take a more in-depth look at areas of concern in the contract pricing and the valuation that were noted in Phase I.

The direction in which to take the program will not be a quick decision. In addition to the audit, College Savings Mississippi is currently working with other partners and key players, including Dr. Hank Bounds with the Institutions of Higher Learning and Dr. Eric Clark with the Junior and Community College Board. All avenues will be explored to ensure the program’s soundness.

MPACT enrollment will be deferred until further notice. Current contract holders are not effected by the actuarial audit and full contract benefits will continue to be paid. The MPACT program is guaranteed and backed by full faith and credit of the State of Mississippi.

To view the executive summary of Phase I please click the link below.

ReportPhaseI

Thank you,

College Savings Mississippi

College Savings Mississippi Holiday Office Hours

admin — Tue, 18 Dec 2012 21:56:46 +0000

The College Savings Mississippi office will be closed on the following dates:

December 24
December 25
December 31
January 1

Other than the dates listed above, our office will keep normal business hours of 8am until 5pm.

Mery Christmas and Happy New Year!

MACS Holiday Commercials

admin — Tue, 11 Dec 2012 19:59:36 +0000

College Savings Mississippi is proud to unveil this years new TV and radio commercials!

Click on the links below to check them out.

We hope you enjoy the commercials and have a very Merry Christmas!

MACS TV Commercial

MACS Radio Commercial

What’s Going on with College Savings Mississippi…

admin — Mon, 26 Nov 2012 21:24:56 +0000

MACS – The Way to Go!

Give the gift of higher education this holiday season. Open a MACS account for your loved ones

for as little as $25! MACS has four investment options, one of which is guaranteed to earn 1%-3%.

Don’t forget that your contributions are also state tax deductable!

When it comes to the perfect gift for your child or grandchild this Christmas season,

MACS is the way to go!

MPACT – Know They Can Go

The MPACT actuarial audit is ongoing. The audit’s main purpose is to verify that the previous

actuarial work is accurate and the advice given is sound. The audit is expected to be completed before

the end of the calendar year. We will continue to post updates as they are available.

admin — Fri, 09 Nov 2012 16:58:38 +0000

PUBLIC NOTICE

A meeting of the College Savings Plans of Mississippi Board of Directors will be held via teleconference on November 14, 2012, at 9:00am. Members of the public may attend in Room 1152 located at 501 North West Street in Jackson, Mississippi. The meeting will include discussion regarding the Mississippi Affordable College Savings (MACS) Advisor Program. The Mississippi Prepaid Affordable College Savings (MPACT) Program is not on the agenda. For additional information about this meeting, please contact Claire Whittington at 601-359-5256.

Disabled persons needing special accommodation(s) to fully participate in this meeting should contact the College Savings Mississippi office at 601-359-5255.

MPACT Audit Underway

admin — Tue, 23 Oct 2012 16:15:31 +0000

The actuary firm Gabriel, Roeder, Smith and Company is currently auditing the Mississippi Prepaid Affordable College Tuition plan. The audit’s main purpose is to verify that the previous actuarial work is accurate and the advice given is sound. The audit is expected to be completed before the end of the calendar year. Please check our website for future updates.

College Savings Board of Directors: October Meeting

admin — Mon, 01 Oct 2012 20:23:43 +0000

The College Savings Mississippi Board of Directors will not meet in October 2012. Questions? Contact the College Savings Mississippi office at 601.359.5255.

Treasurer Lynn Fitch Announces April Scholarship Giveaway

admin — Mon, 02 Apr 2012 15:56:22 +0000

April is financial literacy month. To celebrate, Treasurer Lynn Fitch has announced College Savings Mississippi will give away (10) ten one thousand dollar scholarships to Mississippi school children. You can start with as little as $25 a month. Here are the contest details:

WHAT: April is Financial Literacy Month! To celebrate, the Treasurer’s office and College Savings Mississippi are sponsoring a Scholarship Giveaway. Ten $1000 scholarships in the form of MACS accounts will be awarded to Mississippi public and private K-12 school students.

WHY: Every child deserves a chance to attend college. The Mississippi College Savings Plan wants to help families realize their full potential and start thinking about college.

WHO: Public and private schools in Mississippi, K-12, whose students open the most number of MACS plans will be eligible for the scholarships. One student from each of the ten schools will be selected at random.

WHEN: Contest submission period is 8:00AM CDT on April 2, 2012 and ends at 3:00PM CDT on April 30, 2012. Mailed entries must be received by April 30, 2012. Child’s school must be listed on the application.

HOW: There are two ways to enter: Applications MUST be printed off and mailed to: P. O. Box 120, Jackson, MS 39205-0120 and cannot be submitted online. You may also hand deliver the application to the College Savings Office at the Office of the Treasurer, 1101 Woolfolk Building, 501 North West Street, Jackson, MS 39201.

A complete list of contest rules is attached to this email along with a contest flyer and the MACS application. You may also visit: www.treasury.ms.gov/contest for complete contest details.

Contact our office at: 601.359.5255

Lt. Gov.-elect: State must improve college graduation rates

admin — Wed, 30 Nov 2011 19:51:13 +0000

Mississippi Lt. Gov.-elect Tate Reeves speaks to Starkville area
residents Tuesday during the W.H. “Bill” Collins Speaker Series at the John
Grisham Room in the Mitchell Memorial Library at Mississippi State University.
MSU President Dr. Mark Keenum looks on. / Courtesy Photo/Mississippi State
University

David Miller (contact)
November
30, 2011 12:04:00 PMSTARKVILLE — Lt. Gov. Tate Reeves said the state’s
economic future hinges on making college more affordable.

“In the long term, if core inflation is at 2 or 3 percent,
our universities can’t be at 7 percent each year,” Reeves said Tuesday at
Mississippi State University. “Tuition is something I’ve talked about for eight
years (as state treasurer). No one knows better than I do what increases have
meant for the accessibility for many families across our state.”

During his campaign for lieutenant governor, he listed job
creation as his top priority. It wasn’t a surprise, given dire economic times in
the state and across the country.

Underneath the hot topic of jobs and industry is the
linchpin to economic growth: education. Reeves, who easily defeated Reform Party
candidate Tracella Lou O’Hara Hill in November, said despite increased
enrollment at junior colleges and four-year universities, college-level
education isn’t as attainable as it needs to be for Mississippians.

Tuition at four-year universities in the state has
increased by 7 percent each year over the past 10 years. Reeves, who has served
as chairman of the board of directors for the College Savings Plans of
Mississippi, said rates will continue to rise unless colleges reduce costs and
lawmakers ensure funding through legislative appropriation. Families will find
it increasingly difficult to pay for higher education, even if they lock in
current rates through the state’s prepaid tuition plans,

Reeves spoke at the W.H. “Bill” Collins Speaker Series at
the John Grisham Room in the Mitchell Memorial Library.

MSU became the first state university to top the 20,000
mark for enrollment this fall. Reeves said the boost in enrollment at MSU and
other colleges across the state is influenced by the downturn in the economy.
While the spike in enrollment is encouraging, time will tell if it translates
into increased graduation rates.

By the numbers

According to Higheredinfo.org, Mississippi ranked 33rd in
the country in bachelor’s degree graduation rates at 51.5 percent in 2009, about
4 percent below the national average. Mississippi’s average increased roughly 1
percent from 2006-2009.

A 2009 report by the National Center for Higher Education
Management showed the percentage of Mississippians between the ages of 25-64
with a bachelor’s degree or higher stood at 20.2, percent, ranking only ahead of
West Virginia’s 19 percent. Massachusetts ranked No. 1 at 41.3 percent.

“We’re making progress,” Reeves said. “I’m not one who
believes that a four-year college degree is necessary for every child,
especially when you look at some of the skill-based manufacturing jobs that have
come here to the Golden Triangle. But we need more college graduates, more high
school graduates and more kids to go to junior college and learn a skill so that
they can provide for jobs for next 20 years.”

Talking up the talent

Reeves said the easiest way to improve college enrollment
and graduation rates is through encouragement. He referenced a recent statement
from outgoing Republican Gov. Haley Barbour, who said Mississippians often
underestimate themselves.

The incoming lieutenant governor pointed to his own
background as a rising politician in the Republican Party as proof. Reeves, who
at age 29 became state treasurer in 2003, was advised to set his bar lower in
his first bid for a political office.

“They said, ‘Maybe you should have started in the House or
as a (county) supervisor or as dog catcher of Rankin County,’” he said. “I tell
students that story and that in the context of life there’s always going to be
naysayers. If you are willing to dream big and develop a plan to accomplish it,
and if you’re willing to work hard enough to do it, Mississippi kids can
accomplish anything.

“We need more people in leadership positions and
government telling kids this.”

Praise for priorities

Amy Tuck, former lieutenant governor and current special
assistant to the president at MSU, praised Reeves for setting an example and
encouraging the future leaders of the state.

“It’s a tremendous asset to have someone that has
education as a priority and a passion,” Tuck said. “He has already exemplified
that by his tenure in public service up to this point. Tate has been a
tremendous leader and will be for our state.”

Reeves will be sworn into office Jan. 5 and will make
legislative committee appointments the day after. Reeves will preside over a
state Senate that will include 18 new members.

David Miller reports on news from the Starkville
bureau.

Your Money: Why a 529 college savings plan is a great gift

admin — Tue, 15 Nov 2011 17:59:32 +0000

By Sandra Block, USA TODAY

With the holiday shopping season fast approaching, gift givers have a couple of choices. You could venture out at midnight (or even earlier if you’re a Wal-Mart shopper) on Thanksgiving and battle for a deeply discounted flat-screen TV or Xbox that will make the little ones squeal with delight.

Alternatively, you could stay home and invest that money in a 529 college savings plan. This gift will no doubt convince your children that there really is no Santa Claus, but years from now, when they graduate from college without student loans, they’ll thank you.

Saving for college has never been more important. Federal and state budget deficits could lead to cuts in traditional sources of financial aid, which means there’s a good chance there won’t be as much available when your child goes to college, says Joseph Hurley, founder of SavingforCollege.com. Meanwhile, tuition continues to increase much faster than the rate of inflation. Tuition and fees at public colleges and universities rose more than 8% this year, according to a recent report by the College Board.

There are lots of ways to save for college, but none offers greater tax benefits than 529 savings plans. Earnings on your investments grow tax-free, and withdrawals aren’t taxed as long as the money is used for qualified higher-education expenses. Anyone — parents, grandparents, aunts and uncles — can contribute to a child’s 529 account. If the beneficiary of the plan decides not to go to college, or gets a full scholarship, you can make another child the beneficiary. Alternatively, you can name yourself the beneficiary and use the money to go back to school.

Other reasons to contribute to a 529 plan:

•Plans have gotten cheaper, and investment options have improved. In the past, some 529 plans were burdened by high costs and mediocre mutual fund portfolios. In recent years, though, the 529 plan industry has matured, says Laura Pavlenko Lutton, editorial director for Morningstar’s fund research group, which tracks 529 plans. “Overall, the quality of investment choices in 529 plans is quite good,” she says.

Meanwhile, state plan administrators have used the competitive bidding process to lower costs. Through August, the average annual expense ratio for 529 plans was 0.87%, down from 0.94% for the same period in 2010, according to Morningstar’s annual survey of 529 plans.

•Plans have added conservative options. Many parents and grandparents are understandably anxious about investing their college savings in a stock market that seems to have lost its mind. In recognition of those concerns, many 529 plans have added conservative investments, such as certificates of deposit and stable value funds. Sometimes, these investments pay a higher interest rate than you could get from a bank CD, Hurley says.

These options may be a good choice if your child is in high school and you want to protect money you’ve already saved, Lutton says. They’re not a wise choice for parents of younger children, she says, because returns from ultra-conservative investments are unlikely to keep up with tuition inflation.

Remember, too, that most 529 plans offer an age-based portfolio that shifts your money into more conservative investments as the child nears college.

•You may be eligible for a reduction in your state taxes. Thirty-four states and Washington, D.C., offer state tax deductions or credits to residents who invest in their own state’s plan. These tax breaks have escaped state budget cuts, Hurley says.

The size of these tax incentives varies significantly. Indiana, for example, offers a tax credit worth 20% of the first $5,000 in 529 plan contributions. A couple with two children and an annual income of $100,000 could save $1,040 in taxes by contributing $5,000 to their home state’s plan, according to a Morningstar analysis. If that same couple lived in Arizona and contributed $5,000 to Arizona’s plan, they’d save about $63, Morningstar found.

Families that live in states with no tax break — either because the state doesn’t offer one or the state has no income tax — should look for a plan that has the best-performing investments and the lowest costs, Lutton says. A good place to start is Morningstar’s annual list of top-rated 529 plans, shown in the box.

Sandra Block covers personal finance for USA TODAY. Her Your Money column appears Tuesdays. E-mail her at: sblock@usatoday.com. Follow on Twitter: www.twitter.com/sandyblock. See an index of Block’s columns.

Exciting contests for MACS and MPACT!

admin — Tue, 01 Nov 2011 20:05:13 +0000

College Savings Mississippi plans has two savings plans, MPACT and MACS, and we now have TWO contests for you to enter and win college tuition.

On our Web Site, you can register to win a Free Year of College Tuition. Go online to www.CollegeSavingsMississippi.com to sign up for a chance to win a free year of college tuition through our guaranteed Mississippi Prepaid Affordable College Tuition (MPACT) plan. The web site contest ends, December 8th and the winner will be announced Monday, December 12th.
On our Facebook page, enter our “When I grow up …” photo contest to win $1,529 for a Mississippi Affordable College Savings Program (MACS) program! In the month of November, upload a photo of your child dressed up for their future career (calling all firemen, astronauts, teachers, soldiers, and engineers!) Beginning December 1, get your friends to vote for your child’s photo. On December 15, the entry with the most votes wins!

We hope you’ll take a few moments and enter both of these exciting contests! So little to lose, so much to gain for your child’s future!

Fees for state’s college savings plan reduced

admin — Wed, 28 Sep 2011 20:40:55 +0000

by MBJ Staff

Published: September 22,2011

Tags: college, education, higher education, state government, university

JACKSON — With over $114 million invested and more than 10,000 Mississippi Affordable College Savings Plan (MACS) accounts as of Sept. 1, the program is now offering lower fees for the 529 college savings plan, according to State Treasurer Tate Reeves.

Effective yesterday, MACS fees were reduced by as much as 27 percent. MACS now offers fees as low as 0.65 percent.

“During our contract negotiations, we extended our relationship with TIAA-CREF Tuition Financing Inc., and we were able to acquire fee reductions that will benefit existing and future MACS customers,” Reeves said.

In addition to lower fees, MACS has also launched a new website, www.MS529.com, with improved navigation, a new look and new features to make managing accounts easier. Account owners may now manage their account online, make online withdrawals and elect e-delivery of statements and disclosure materials.

The State of Mississippi offers both MACS and MPACT to provide Mississippi families two unique ways to save for college.

MACS offering lower fees

admin — Mon, 26 Sep 2011 20:54:03 +0000

JACKSON, MS (WLBT) -

Parents now have more reason than ever to start saving for their child’s higher education. The Mississippi Affordable College Savings Plan (MACS), the state’s college saving accounts, are now offering lower fees. State Treasurer Tate Reeves made the announcement Wednesday.

The 529 savings plan now offers fees as low as .65 percent. That’s down 27 percent. Lower fees gives account owners the opportunity to put more of their money toward college expenses.

So far, families have invested more than $114-million into the MACS program.

The Mississippi Affordable College Savings Plan (MACS) Reduces Fees by as much as 27%

admin — Wed, 21 Sep 2011 17:58:00 +0000

(JACKSON, MS) – Mississippians now have a bigger incentive to start saving for their loved one’s college education, State Treasurer Tate Reeves announced today. With over $114 million invested and more than 10,000 MACS accounts, as of September 1, 2011, the success of MACS allows the program to offer new lower fees for our 529 college savings plan. Effective September 21, 2011, MACS fees were reduced by as much as 27%. MACS now offer fees as low as 0.65%. Lower plan fees means MACS account owners have the opportunity to put more of their money toward future college expenses.

“During our contract negotiations, we extended our relationship with TIAA-CREF Tuition Financing, Inc., and we were able to acquire fee reductions that will benefit existing and future MACS customers,” Reeves said. “This is welcomed news for Mississippi families who are saving for college.”

In addition to lower fees, MACS has also launched a new website, www.MS529.com, with improved navigation, a new look and new features to make managing accounts easier. Account owners may now manage their account online, make online withdrawals and elect e-delivery of statements and disclosure materials.

MACS has also updated its logo. The new MACS logo complements the branding for College Savings Mississippi – the overarching program that offers MACS and Mississippi’s pre-paid college savings program, MPACT. The state of Mississippi offers both MACS and MPACT to provide Mississippi families two unique ways to save for college.

“The College Savings Mississippi Board is committed to providing families with a low-cost flexible 529 college savings plan to help them prepare for their loved one’s college education,” said Reeves. “Lower fees could be a big help to parents with existing accounts and we hope the reduced fees will make the plan even more attractive to those who haven’t yet opened a 529 college savings account.”

The Mississippi Affordable College Savings Plan (MACS) is a 529 plan, named after the Internal Revenue Service Code section that allows each state to establish its own college savings plan. MACS provides a tax advantaged, affordable and convenient way to save. For more information about MACS or to open an account, visit the website at www.MS529.com or call 1-800-486-3670.

MPACT is administered and managed by the College Savings Mississippi Board. MACS is administered by the College Savings Mississippi Board and managed by
TIAA-CREF Tuition Financing, Inc.

Consider the investment objectives, risks, charges and expenses before investing in MACS. For detailed information on MACS please visit www.MS529.com for a Disclosure Booklet containing this and other information. Read it carefully.

Before investing in a 529 plan, you should consider whether the state you or your beneficiary reside in or have taxable income 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.

The tax information contained herein is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.

Account values in the Investment Options are not guaranteed and will fluctuate based upon a number of factors, including general market conditions. Non-qualified withdrawals may be subject to federal and state taxes and the additional federal 10% tax.

TIAA-CREF
Tuition Financing, Inc. Plan Manager. C993

Lock in today’s tuition rates for your future college student

admin — Mon, 12 Sep 2011 13:34:35 +0000

Submitted by Morgan Carlson, WLBT Community Web Producer

Thursday, September 8th, 2011, 11:41am

Copiah County

JACKSON, MS (WLBT) – Governor Haley Barbour has declared September “College Savings Month” and a state program that kicked off this month is making saving easier.

Wednesday, State Treasurer Tate Reeves marked College Savings Month by kicking off the enrollment period for the Mississippi Prepaid Affordable College tuition program, or MPACT.

Reeves was surrounded by hundreds of Madison Station Elementary School students to announce that Sept. 1 through Dec. 31, Mississippi families can enroll in MPACT.

MPACT is Mississippi’s 529 prepaid tuition plan that allows families the opportunity to lock in college tuition at today’s rates, regardless of future tuition increases.

It’s guaranteed by the state to cover the cost of college tuition and mandatory fees at Mississippi’s public colleges – the benefits can also be used for private or out-of-state schools. MPACT earnings are tax exempt and contributions are fully deductible from state income tax.

Reeves said:

“It’s a factor that tuition has risen in our state and virtually every other state over the last 10 to 20 years and so affordability and accessibility of a college degree is becoming an issue for many of these kids and their parents and their grandparents, so what we try to do is stress to them the importance of education, but also the importance of starting to save early.”

Get more information about MPACT here

Enrollment period opens for Miss. college savings

admin — Fri, 09 Sep 2011 15:07:00 +0000

JACKSON — The state treasurer’s office says this year’s enrollment period is open for a state-sponsored college savings plan in Mississippi.

The sign-up period for the Mississippi Prepaid Affordable College Tuition plan started Sept. 1 and runs through Dec. 31.

MPACT allows participants to lock in today’s college tuition rates for students who still might be years away from going to college.

It is guaranteed by the state to cover the cost of college tuition and mandatory fees at Mississippi’s public community colleges or universities, or the benefits can be used for private or out-of-state schools. Earnings are exempt from federal and state income tax.

Enrollment period opens for Miss. college savings

admin — Fri, 09 Sep 2011 15:04:09 +0000

WXVT

JACKSON, Miss. (AP) – The state treasurer’s office says this year’s
enrollment period is open for a state-sponsored college savings plan in
Mississippi.

The sign-up period for the Mississippi Prepaid Affordable College Tuition
plan started Sept. 1 and runs through Dec. 31.

MPACT allows participants to lock in today’s college tuition rates for
students who still might be years away from going to college.

It is guaranteed by the state to cover the cost of college tuition and
mandatory fees at Mississippi’s public community colleges or universities, or
the benefits can be used for private or out-of-state schools. Earnings are
exempt from federal and state income tax.

Online:

http://www.collegesavingsmississippi.com/