LANSING, MI --- The Michigan Education Savings Program (MESP) has
launched a new smartphone application that allows investors to instantly manage
their account from virtually anywhere at no additional cost.
“MESP is dedicated to making saving for college as easy as possible, and this
new tool, along with MESP’s other technological advancements will allow users
to manage their accounts more effectively,” said Douglas Chittenden, President
of TIAA-CREF Tuition Financing, Inc. MESP is administered by the Michigan
Department of Treasury, which chose TIAA-CREF Tuition Financing Inc. to
manage MESP over 10 years ago. Since then, MESP has helped more than
105,000 families invest over $2.5 billion towards college (as of January 6, 2011).
Smartphones are mobile phones that offer more advanced computing ability and
connectivity to the Internet than contemporary, basic feature phones. Users who
download the new MESP application can make contributions, view account
balances, see recent transactions, withdraw funds, or change their investment
options. The application is available for the following devices: iPhone, iPod
Touch, Andriod, Palm Pre, Pixi and Blackberry Torch.
According to a new study by ComScore, over 45.5 million people in the United
States owned smartphones in 2010 and it is the fastest growing segment of the
mobile phone market, which comprises 234 million subscribers in the United
States. A new study by International Data Corporation (IDC) also forecasts
annual mobile application downloads to increase from 10.9 billion in 2010 to
nearly 76.9 billion in 2014 as developers create applications for virtually every
aspect of a mobile user's personal and business lives.
MESP’s smartphone application is part of an array of technological
enhancements introduced to investors during the past year. MESP launched a
new consumer friendly website in October, 2010. The new website helps
potential investors learn more about MESP and provides account owners more
tools to manage their account including online withdrawals and electronic
delivery of statements. MESP has also added a College Planner (Calculator) for
iPhone and Android owners to project their potential tax savings or their own
personal college savings needs.
For potential college savers, MESP now offers additional ways to learn more
about the Program online including a recorded webcast, interactive live webinars
offered weekly, and webchats aired through WXYZ-TV. The online webinars
offer prospective investors a way to learn about the Program and interact with a
live presenter from the comforts of their home or at work during lunch.
“These new enhancements will extend MESP’s history of providing a variety of
tools and services to assist customers across all communication platforms – from
mail, telephone support, and web” stated Chittenden. “Although we are proud to
offer these e-tools for our tech-savvy investors, MESP will also continue to
provide a high level of quality and personal service to those investors who still
prefer to communicate with a consultant or attend on-site presentations in the
community.”
MESP was ranked among the nation’s five best Section 529 plans in 2010,
according to Kiplinger’s Personal Finance magazine. MESP is “best for
conservative investors,” according to the Kiplinger’s survey, which is based on an
analysis of investment performance figures for thousands of 529 portfolios
nationally.* The Michigan Department of Treasury renewed the contract with
TIAA-CREF Tuition Financing, Inc. for a two-year renewal for a second time in
March, 2010. TIAA-CREF Tuition Financing, Inc. is one of the nation’s largest
529 program managers and currently manages nine state programs across the
nation, including MESP.
MESP is Michigan’s direct sold Section 529 college savings plan, which offers
Michigan taxpayers a Michigan income tax deduction on contributions and
potential tax-free growth on any earnings if account proceeds are used to pay for
qualified expenses. MESP can be used at any eligible college, university or trade
school in the nation for a variety of qualified expenses including tuition,
mandatory equipment, fees, certain room and board costs and books. Limitations
apply. See the MESP Disclosure Booklet for details.
To learn more about MESP, to sign up for a webinar, or to download the
new smartphone application, visit www.misaves.com. You can also speak
to a MESP consultant by calling us toll-free at 877-861-6377.
