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Fees Go Down For Michigan Education Savings Program

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LANSING (WWJ/AP) - Fees are going down for the Michigan Education Savings Program (MESP).

Management and servicing fees for the so-called 529 plan range from 0.2 percent to 0.3 percent, down from an average of 0.35 percent.

State Treasurer Andy Dillon negotiated the decrease with the program’s manager. The annual fees amount to $2 to $3 for every $1,000 in investments.

“You have even more money going toward the actual investment and less going towards the fees,” said Randy Brady, director of the MESP, told Mlive.com

Contributions into the plan are tax-deductible and investment earnings are tax-free, as long as they’re used for eligible higher education expenses.

To learn more about MESP, visit www.misaves.com or call 877-861-6377.

TM and © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press contributed to this report.

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