MI 529 Advisor Plan

Fees & Expenses

The information below describes the fees and expenses that you would pay if you contribute to a particular investment portfolio in the MI 529 Advisor Plan. These fees are indirectly paid out of the assets of your account. Except for the fees listed below, there are currently no other fees, charges or penalties imposed by or payable to the Plan in connection with opening or maintaining an account.


View Fees & Expenses Options

Class A Units:

Enrollment Year Investment Portfolios
Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees Maximum Initial Sales Charge(4)
2038 / 2039 Enrollment Portfolio 0.46% 0.32% 0.25% 0.00% 0.05% 1.08% 4.25%
2036 / 2037 Enrollment Portfolio 0.46% 0.32% 0.25% 0.00% 0.05% 1.08% 4.25%
2034 / 2035 Enrollment Portfolio 0.46% 0.32% 0.25% 0.00% 0.05% 1.08% 4.25%
2032 / 2033 Enrollment Portfolio 0.45% 0.32% 0.25% 0.00% 0.05% 1.07% 4.25%
2030 / 2031 Enrollment Portfolio 0.44% 0.32% 0.25% 0.00% 0.05% 1.06% 4.25%
2028 / 2029 Enrollment Portfolio 0.43% 0.32% 0.25% 0.00% 0.05% 1.05% 4.25%
2026 / 2027 Enrollment Portfolio 0.37% 0.32% 0.25% 0.00% 0.05% 0.99% 4.25%
2024 / 2025 Enrollment Portfolio 0.31% 0.32% 0.25% 0.00% 0.05% 0.93% 3.50%
2022 / 2023 Enrollment Portfolio 0.23% 0.32% 0.25% 0.00% 0.05% 0.85% 2.50%
In School Portfolio 0.16% 0.32% 0.25% 0.00% 0.05% 0.78% 2.50%
Target Risk Investment Portfolios
Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees Maximum Initial Sales Charge(4)
Capital Appreciation Portfolio 0.46% 0.32% 0.25% 0.00% 0.05% 1.08% 4.25%
Conservative Allocation Portfolio 0.16% 0.32% 0.25% 0.00% 0.05% 0.78% 4.25%
Multi-Fund Investment Portfolio
Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees Maximum Initial Sales Charge(4)
Nuveen Alternative Income Portfolio 0.65% 0.32% 0.25% 0.00% 0.05% 1.27% 2.50%
Individual Fund Investment Portfolios

Domestic Equity Portfolios

Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees Maximum Initial Sales Charge(4)
TIAA Large Cap U.S. Equity Index Portfolio 0.05% 0.32% 0.25% 0.00% 0.05% 0.67% 2.50%
Nuveen Dividend Growth Portfolio 0.64% 0.32% 0.25% 0.00% 0.05% 1.26% 2.50%
TIAA Large Cap Value Portfolio 0.41% 0.32% 0.25% 0.00% 0.05% 1.03% 2.50%
Harbor Capital Appreciation Portfolio 0.59% 0.32% 0.25% 0.00% 0.05% 1.21% 2.50%
Ariel Portfolio 0.72% 0.32% 0.25% 0.00% 0.05% 1.34% 2.50%
TIAA U.S. Small Cap Portfolio 0.43% 0.32% 0.25% 0.00% 0.05% 1.05% 2.50%

Global / International Equity Portfolios

Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees Maximum Initial Sales Charge(4)
Harding Loevner Global Equity Portfolio  0.80% 0.32% 0.25% 0.00% 0.05% 1.42% 2.50%
Oakmark International Portfolio 0.75% 0.32% 0.25% 0.00% 0.05% 1.37% 2.50%
DFA Emerging Markets Portfolio 0.39% 0.32% 0.25% 0.00% 0.05% 1.01% 2.50%

Fixed Income Portfolios

Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees Maximum Initial Sales Charge(4)
Metwest Total Return Bond Portfolio 0.38% 0.32% 0.25% 0.00% 0.05% 1.00% 2.50%
Nuveen Strategic Income Portfolio 0.50% 0.32% 0.25% 0.00% 0.05% 1.12% 2.50%
TIAA Inflation-Linked Portfolio 0.26% 0.32% 0.25% 0.00% 0.05% 0.88% 2.50%

Social Choice Portfolios

Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees Maximum Initial Sales Charge(4)
TIAA Social Choice Equity Portfolio 0.18% 0.32% 0.25% 0.00% 0.05% 0.80% 2.50%
TIAA Core Impact Bond Portfolio 0.36% 0.32% 0.25% 0.00% 0.05% 0.98% 2.50%

Real Assets Portfolio

Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees Maximum Initial Sales Charge(4)
Nuveen Real Asset Income Portfolio 0.80% 0.32% 0.25% 0.00% 0.05% 1.42% 2.50%

Short Term / Cash Portfolio

Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees Maximum Initial Sales Charge(4)
Principal Plus Interest Portfolio N/A N/A N/A N/A N/A N/A 0.00%

1Estimated Underlying Fund Expenses are based on information reported in the most recent prospectuses for the Underlying Funds that were available prior to the date this Plan Description was finalized for printing, as it may be supplemented from time to time. The estimated Underlying Fund Expenses for each Enrollment Year Investment Portfolio, each Target Risk Portfolio and the Multi-Fund Portfolio reflect the weighted average of the estimated Underlying Fund Expenses for each Underlying Fund in which the Investment Portfolios invest based on their respective target asset allocations.

2The Principal Plus Interest Portfolio does not pay a Program Management Fee. TIAA-CREF Life Insurance Company, the issuer of the Funding Agreement in which this Investment Portfolio invests and an affiliate of TFI, makes payments to TFI, as Program Manager. This payment, among many other factors, is considered by the issuer when determining the interest rates credited under the Funding Agreement.

3Although the Program Management Fee and the State Administrative Fee are deducted from an Investment Portfolio, not from your Account, each Account with Units in the Investment Portfolio indirectly bears its pro rata share of the Program Management Fee and the State Administrative Fee, as these fees reduce the Investment Portfolio’s return. The State Administrative Fee is paid directly to the State to administer and maintain the State’s qualified tuition programs.

4See "FEES, EXPENSES AND SALES CHARGES — Reduction of Class A Units Initial Sales Charge" to determine whether a reduced Initial Sales Charge would be applied to your contribution, or for details regarding circumstances under which the Initial Sales Charge may be waived.

Class C Units:

Enrollment Year Investment Portfolios
Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees CDSC(4)
2038 / 2039 Enrollment Portfolio 0.46% 0.32% 0.25% 0.75% 0.05% 1.83% 0.65%
2036 / 2037 Enrollment Portfolio 0.46% 0.32% 0.25% 0.75% 0.05% 1.83% 0.65%
2034 / 2035 Enrollment Portfolio 0.46% 0.32% 0.25% 0.75% 0.05% 1.83% 0.65%
2032 / 2033 Enrollment Portfolio 0.45% 0.32% 0.25% 0.75% 0.05% 1.82% 0.65%
2030 / 2031 Enrollment Portfolio 0.44% 0.32% 0.25% 0.75% 0.05% 1.81% 0.65%
2028 / 2029 Enrollment Portfolio 0.43% 0.32% 0.25% 0.75% 0.05% 1.80% 0.65%
2026 / 2027 Enrollment Portfolio 0.37% 0.32% 0.25% 0.75% 0.05% 1.74% 0.65%
2024 / 2025 Enrollment Portfolio 0.31% 0.32% 0.25% 0.75% 0.05% 1.68% 0.65%
2022 / 2023 Enrollment Portfolio 0.23% 0.32% 0.25% 0.75% 0.05% 1.60% 0.65%
In School Portfolio 0.16% 0.32% 0.25% 0.75% 0.05% 1.53% 0.65%
Target Risk Investment Portfolios
Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees CDSC(4)
Capital Appreciation Portfolio 0.46% 0.32% 0.25% 0.75% 0.05% 1.83% 0.65%
Conservative Allocation Portfolio 0.16% 0.32% 0.25% 0.75% 0.05% 1.53% 0.65%
Multi-Fund Investment Portfolio
Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees CDSC(4)
Nuveen Alternative Income Portfolio 0.65% 0.32% 0.25% 0.40% 0.05% 1.67% 0.65%
Individual Fund Investment Portfolios

Domestic Equity Portfolios

Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees CDSC(4)
TIAA Large Cap U.S. Equity Index Portfolio 0.05% 0.32% 0.25% 0.40% 0.05% 1.07% 0.65%
Nuveen Dividend Growth Portfolio 0.64% 0.32% 0.25% 0.40% 0.05% 1.66% 0.65%
TIAA Large Cap Value Portfolio 0.41% 0.32% 0.25% 0.40% 0.05% 1.43% 0.65%
Harbor Capital Appreciation Portfolio 0.59% 0.32% 0.25% 0.40% 0.05% 1.61% 0.65%
Ariel Portfolio 0.72% 0.32% 0.25% 0.40% 0.05% 1.74% 0.65%
TIAA U.S. Small Cap Portfolio 0.43% 0.32% 0.25% 0.40% 0.05% 1.45% 0.65%

Global / International Equity Portfolios

Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees CDSC(4)
Harding Loevner Global Equity Portfolio  0.80% 0.32% 0.25% 0.40% 0.05% 1.82% 0.65%
Oakmark International Portfolio 0.75% 0.32% 0.25% 0.40% 0.05% 1.77% 0.65%
DFA Emerging Markets Portfolio 0.39% 0.32% 0.25% 0.40% 0.05% 1.41% 0.65%

Fixed Income Portfolios

Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees CDSC(4)
Metwest Total Return Bond Portfolio 0.38% 0.32% 0.25% 0.40% 0.05% 1.40% 0.65%
Nuveen Strategic Income Portfolio 0.50% 0.32% 0.25% 0.40% 0.05% 1.52% 0.65%
TIAA Inflation-Linked Portfolio 0.26% 0.32% 0.25% 0.40% 0.05% 1.28% 0.65%

Social Choice Portfolios

Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees CDSC(4)
TIAA Social Choice Equity Portfolio 0.18% 0.32% 0.25% 0.40% 0.05% 1.20% 0.65%
TIAA Core Impact Bond Portfolio 0.36% 0.32% 0.25% 0.40% 0.05% 1.38% 0.65%

Real Assets Portfolio

Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees CDSC(4)
Nuveen Real Asset Income Portfolio 0.80% 0.32% 0.25% 0.40% 0.05% 1.82% 0.65%

Short Term / Cash Portfolio

Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees CDSC(4)
Principal Plus Interest Portfolio N/A N/A N/A N/A N/A N/A 0.00%

1Estimated Underlying Fund Expenses are based on information reported in the most recent prospectuses for the Underlying Funds that were available prior to the printing of this Plan Description, as it may be supplemented from time to time. The estimated Underlying Fund Expenses for each Enrollment Year Investment Portfolio, each Target Risk Portfolio and the Multi-Fund Portfolio reflect the weighted average of the estimated Underlying Fund Expenses for each Underlying Fund in which the Investment Portfolios invest based on their respective target asset allocations.

2The Principal Plus Interest Portfolio does not pay a Program Management Fee. TIAA-CREF Life Insurance Company, the issuer of the Funding Agreement in which this Investment Portfolio invests and an affiliate of TFI, makes payments to TFI, as Program Manager. This payment, among many other factors, is considered by the issuer when determining the interest rates credited under the Funding Agreement.

3Although the Program Management Fee and the State Administrative Fee are deducted from an Investment Portfolio, not from your Account, each Account with Units in the Investment Portfolio indirectly bears its pro rata share of the Program Management Fee and the State Administrative Fee as these fees reduce the Investment Portfolio’s return. The State Administrative Fee is paid directly to the State to administer and maintain the State’s qualified tuition programs.

4Class C Units that are redeemed to satisfy a withdrawal or Rollover within 8 months of purchase are subject to the CDSC. See “FEES, EXPENSES AND SALES CHARGES — Sales Charges” in the Plan Description for additional information.

537014-INV-AN-06/19

Class AR Units:

Enrollment Year Investment Portfolios
Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2) Service Fee Distribution Fee State Admin Fee(2) Total Annual Asset-Based Fees CDSC(3)
2038 / 2039 Enrollment Portfolio 0.46% 0.32% 0.25% 0.40% 0.05% 1.48% 0.65%
2036 / 2037 Enrollment Portfolio 0.46% 0.32% 0.25% 0.40% 0.05% 1.48% 0.65%
2034 / 2035 Enrollment Portfolio 0.46% 0.32% 0.25% 0.40% 0.05% 1.48% 0.65%
2032 / 2033 Enrollment Portfolio 0.45% 0.32% 0.25% 0.40% 0.05% 1.47% 0.65%
2030 / 2031 Enrollment Portfolio 0.44% 0.32% 0.25% 0.40% 0.05% 1.46% 0.65%
2028 / 2029 Enrollment Portfolio 0.43% 0.32% 0.25% 0.40% 0.05% 1.45% 0.65%
2026 / 2027 Enrollment Portfolio 0.37% 0.32% 0.25% 0.40% 0.05% 1.39% 0.65%
2024 / 2025 Enrollment Portfolio 0.31% 0.32% 0.25% 0.40% 0.05% 1.33% 0.65%
2022 / 2023 Enrollment Portfolio 0.23% 0.32% 0.25% 0.40% 0.05% 1.25% 0.65%
In School Portfolio 0.16% 0.32% 0.25% 0.40% 0.05% 1.18% 0.65%
Target Risk Investment Portfolios
Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2) Service Fee Distribution Fee State Admin Fee(2) Total Annual Asset-Based Fees CDSC(3)
Capital Appreciation Portfolio 0.46% 0.32% 0.25% 0.40% 0.05% 1.48% 0.65%
Conservative Allocation Portfolio 0.16% 0.32% 0.25% 0.40% 0.05% 1.18% 0.65%
Multi-Fund Investment Portfolio
Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2) Service Fee Distribution Fee State Admin Fee(2) Total Annual Asset-Based Fees CDSC(3)
Nuveen Alternative Income Portfolio 0.65% 0.32% 0.25% 0.40% 0.05% 1.67% 0.65%
Individual Fund Investment Portfolios

Domestic Equity Portfolios

Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2) Service Fee Distribution Fee State Admin Fee(2) Total Annual Asset-Based Fees CDSC(3)
TIAA Large Cap U.S. Equity Index Portfolio 0.05% 0.32% 0.25% 0.40% 0.05% 1.07% 0.65%
Nuveen Dividend Growth Portfolio 0.64% 0.32% 0.25% 0.40% 0.05% 1.66% 0.65%
TIAA Large Cap Value Portfolio 0.41% 0.32% 0.25% 0.40% 0.05% 1.43% 0.65%
Harbor Capital Appreciation Portfolio 0.59% 0.32% 0.25% 0.40% 0.05% 1.61% 0.65%
Ariel Portfolio 0.72% 0.32% 0.25% 0.40% 0.05% 1.74% 0.65%
TIAA U.S. Small Cap Portfolio 0.43% 0.32% 0.25% 0.40% 0.05% 1.45% 0.65%

Global / International Equity Portfolios

Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2) Service Fee Distribution Fee State Admin Fee(2) Total Annual Asset-Based Fees CDSC(3)
Harding Loevner Global Equity Portfolio  0.80% 0.32% 0.25% 0.40% 0.05% 1.82% 0.65%
Oakmark International Portfolio 0.75% 0.32% 0.25% 0.40% 0.05% 1.77% 0.65%
DFA Emerging Markets Portfolio 0.39% 0.32% 0.25% 0.40% 0.05% 1.41% 0.65%

Fixed Income Portfolios

Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2) Service Fee Distribution Fee State Admin Fee(2) Total Annual Asset-Based Fees CDSC(3)
Metwest Total Return Bond Portfolio 0.38% 0.32% 0.25% 0.40% 0.05% 1.40% 0.65%
Nuveen Strategic Income Portfolio 0.50% 0.32% 0.25% 0.40% 0.05% 1.52% 0.65%
TIAA Inflation-Linked Portfolio 0.26% 0.32% 0.25% 0.40% 0.05% 1.28% 0.65%

Social Choice Portfolios

Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2) Service Fee Distribution Fee State Admin Fee(2) Total Annual Asset-Based Fees CDSC(3)
TIAA Social Choice Equity Portfolio 0.18% 0.32% 0.25% 0.40% 0.05% 1.20% 0.65%
TIAA Core Impact Bond Portfolio 0.36% 0.32% 0.25% 0.40% 0.05% 1.38% 0.65%

Real Assets Portfolio

Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2) Service Fee Distribution Fee State Admin Fee(2) Total Annual Asset-Based Fees CDSC(3)
Nuveen Real Asset Income Portfolio 0.80% 0.32% 0.25% 0.40% 0.05% 1.82% 0.65%

Short Term / Cash Portfolio

Fees and Expenses
  Annual Asset-Based Fees and Expenses Sales Charges
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2) Service Fee Distribution Fee State Admin Fee(2) Total Annual Asset-Based Fees CDSC(3)
Principal Plus Interest Portfolio N/A N/A N/A N/A N/A N/A 0.00%

1Estimated Underlying Fund Expenses are based on information reported in the most recent prospectuses for the Underlying Funds that were available prior to the printing of this Plan Description, as it may be supplemented from time to time. The estimated Underlying Fund Expenses for each Enrollment Year Investment Portfolio, each Target Risk Portfolio and the Multi-Fund Portfolio reflect the weighted average of the estimated Underlying Fund Expenses for each Underlying Fund in which the Investment Portfolios invest based on their respective target asset allocations.

2Although the Program Management Fee and the State Administrative Fee are deducted from an Investment Portfolio, not from your Account, each Account with Units in the Investment Portfolio indirectly bears its pro rata share of the Program Management Fee and the State Administrative Fee, as these fees reduce the Investment Portfolio’s return. The State Administrative Fee is paid directly to the State to administer and maintain the State’s qualified tuition programs.

3Class AR Units that are redeemed to satisfy a withdrawal or Rollover within eight months of purchase are subject to the CDSC. See "FEES, EXPENSES AND SALES CHARGES - Sales Charges" for additional information.

Class I Units:

Enrollment Year Investment Portfolios
Fees and Expenses
  Annual Asset-Based Fees and Expenses
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees
2038 / 2039 Enrollment Portfolio 0.46% 0.32% 0.00% 0.00% 0.05% 0.83%
2036 / 2037 Enrollment Portfolio 0.46% 0.32% 0.00% 0.00% 0.05% 0.83%
2034 / 2035 Enrollment Portfolio 0.46% 0.32% 0.00% 0.00% 0.05% 0.83%
2032 / 2033 Enrollment Portfolio 0.45% 0.32% 0.00% 0.00% 0.05% 0.82%
2030 / 2031 Enrollment Portfolio 0.44% 0.32% 0.00% 0.00% 0.05% 0.81%
2028 / 2029 Enrollment Portfolio 0.43% 0.32% 0.00% 0.00% 0.05% 0.80%
2026 / 2027 Enrollment Portfolio 0.37% 0.32% 0.00% 0.00% 0.05% 0.74%
2024 / 2025 Enrollment Portfolio 0.31% 0.32% 0.00% 0.00% 0.05% 0.68%
2022 / 2023 Enrollment Portfolio 0.23% 0.32% 0.00% 0.00% 0.05% 0.60%
In School Portfolio 0.16% 0.32% 0.00% 0.00% 0.05% 0.53%
Target Risk Investment Portfolios
Fees and Expenses
  Annual Asset-Based Fees and Expenses
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees
Capital Appreciation Portfolio 0.46% 0.32% 0.00% 0.00% 0.05% 0.83%
Conservative Allocation Portfolio 0.16% 0.32% 0.00% 0.00% 0.05% 0.53%
Multi-Fund Investment Portfolio
Fees and Expenses
  Annual Asset-Based Fees and Expenses
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees
Nuveen Alternative Income Portfolio 0.65% 0.32% 0.00% 0.00% 0.05% 1.02%
Individual Fund Investment Portfolios

Domestic Equity Portfolios

Fees and Expenses
  Annual Asset-Based Fees and Expenses
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees
TIAA Large Cap U.S. Equity Index Portfolio 0.05% 0.32% 0.00% 0.00% 0.05% 0.42%
Nuveen Dividend Growth Portfolio 0.64% 0.32% 0.00% 0.00% 0.05% 1.01%
TIAA Large Cap Value Portfolio 0.41% 0.32% 0.00% 0.00% 0.05% 0.78%
Harbor Capital Appreciation Portfolio 0.59% 0.32% 0.00% 0.00% 0.05% 0.96%
Ariel Portfolio 0.72% 0.32% 0.00% 0.00% 0.05% 1.09%
TIAA U.S. Small Cap Portfolio 0.43% 0.32% 0.00% 0.00% 0.05% 0.80%

Global / International Equity Portfolios

Fees and Expenses
  Annual Asset-Based Fees and Expenses
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees
Harding Loevner Global Equity Portfolio  0.80% 0.32% 0.00% 0.00% 0.05% 1.17%
Oakmark International Portfolio 0.75% 0.32% 0.00% 0.00% 0.05% 1.12%
DFA Emerging Markets Portfolio 0.39% 0.32% 0.00% 0.00% 0.05% 0.76%

Fixed Income Portfolios

Fees and Expenses
  Annual Asset-Based Fees and Expenses
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees
Metwest Total Return Bond Portfolio 0.38% 0.32% 0.00% 0.00% 0.05% 0.75%
Nuveen Strategic Income Portfolio 0.50% 0.32% 0.00% 0.00% 0.05% 0.87%
TIAA Inflation-Linked Portfolio 0.26% 0.32% 0.00% 0.00% 0.05% 0.63%

Social Choice Portfolios

Fees and Expenses
  Annual Asset-Based Fees and Expenses
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees
TIAA Social Choice Equity Portfolio 0.18% 0.32% 0.00% 0.00% 0.05% 0.55%
TIAA Core Impact Bond Portfolio 0.36% 0.32% 0.00% 0.00% 0.05% 0.73%

Real Assets Portfolio

Fees and Expenses
  Annual Asset-Based Fees and Expenses
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees
Nuveen Real Asset Income Portfolio 0.80% 0.32% 0.00% 0.00% 0.05% 1.17%

Short Term / Cash Portfolio

Fees and Expenses
  Annual Asset-Based Fees and Expenses
Investment Portfolio Estimated Underlying Fund Expenses(1) Program Management Fee(2)(3) Service Fee Distribution Fee State Admin Fee(3) Total Annual Asset-Based Fees
Principal Plus Interest Portfolio N/A N/A N/A N/A N/A N/A

1Estimated Underlying Fund Expenses are based on information reported in the most recent prospectuses for the Underlying Funds that were available prior to the date this Plan Description was finalized for printing, as it may be supplemented from time to time. The estimated Underlying Fund Expenses for each Enrollment Year Investment Portfolio, each Target Risk Portfolio and the Multi-Fund Portfolio reflect the weighted average of the estimated Underlying Fund Expenses for each Underlying Fund in which the Investment Portfolios invest based on their respective target asset allocations.

2The Principal Plus Interest Portfolio does not pay a Program Management Fee. TIAA-CREF Life Insurance Company, the issuer of the Funding Agreement in which this Investment Portfolio invests and an affiliate of TFI, makes payments to TFI, as Program Manager. This payment, among many other factors, is considered by the issuer when determining the interest rates credited under the Funding Agreement.

3Although the Program Management Fee and the State Administrative Fee are deducted from an Investment Portfolio, not from your Account, each Account with Units in the Investment Portfolio indirectly bears its pro rata share of the Program Management Fee and the State Administrative Fee, as these fees reduce the Investment Portfolio’s return. The State Administrative Fee is paid directly to the State to administer and maintain the State’s qualified tuition programs.

The following examples are intended to help you compare the cost of investing in Class A, Class C, and Class AR Units of the various Investment Portfolios with the costs of investing in other Section 529 plans.

The Examples assume: (1) you invest $10,000 in the noted class of Units in the noted Investment Portfolio for the time periods indicated; (2) your investment has a 5% return each year; (3) the Investment Portfolio’s operating expenses remain the same (including the operating expenses of the Underlying Fund(s)); (4) all Units redeemed, if any as noted, are used to pay Qualified Higher Education Expenses (the table does not consider the impact of any potential state or federal taxes on the redemption); (5) you pay the applicable maximum Initial Sales Charge on Class A Units and any CDSC applicable to Units invested for the applicable periods in Class C Units; and (6) for the Class C Units Example, the Class C Units converted to Class A Units at the end of sixth year and were thereafter subject to the costs associated with Class A Units.

Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.


Class A Units

Regardless of whether you do or do not redeem your Units at the end of each Period

Investment Cost Example
  Year 1 Year 3 Year 5 Year 10
Enrollment Year Investment Portfolio
2038/2039 Enrollment Portfolio1 $531 $756 $998 $1,691
2036/2037 Enrollment Portfolio1 $531 $756 $998 $1,691
2034/2035 Enrollment Portfolio1 $531 $756 $998 $1,691
2032/2033 Enrollment Portfolio1 $530 $752 $993 $1,680
2030/2031 Enrollment Portfolio1 $529 $749 $987 $1,669
2028/2029 Enrollment Portfolio1 $528 $746 $982 $1,658
2026/2027 Enrollment Portfolio1 $522 $728 $951 $1,591
2024/2025 Enrollment Portfolio2 $442 $637 $849 $1,457
2022/2023 Enrollment Portfolio3 $335 $516 $711 $1,276
In School Portfolio3 $328 $494 $674 $1,195
Target Risk Portfolios1
Capital Appreciation Portfolio $531 $756 $998 $1,691
Conservative Allocation Portfolio $502 $664 $841 $1,353
Multi-Fund Investment Portfolio3
Nuveen Alternative Income Portfolio $377 $645 $933 $1,753
Individual Fund Portfolios3
TIAA Large Cap U.S. Equity Index Portfolio $317 $460 $615 $1,066
Nuveen Dividend Growth Portfolio $376 $642 $928 $1,742
TIAA Large Cap Value Portfolio $353 $571 $807 $1,483
Harbor Capital Appreciation Portfolio $371 $627 $902 $1,686
Ariel Portfolio $384 $666 $970 $1,830
TIAA U.S. Small Cap Portfolio $355 $577 $817 $1,505
Harding Loevner Global Equity Portfolio $392 $691 $1,012 $1,918
Oakmark International Portfolio $387 $676 $986 $1,863
DFA Emerging Markets Portfolio $351 $565 $796 $1,460
MetWest Total Return Bond Portfolio $350 $562 $791 $1,448
Nuveen Strategic Income Portfolio $362 $599 $854 $1,585
TIAA Inflation-Linked Portfolio $338 $525 $727 $1,311
TIAA Social Choice Equity Portfolio $330 $500 $685 $1,218
TIAA Core Impact Bond Portfolio $348 $556 $780 $1,426
Nuveen Real Asset Income Portfolio $392 $691 $1,012 $1,918
Principal Plus Interest Portfolio N/A N/A N/A N/A

1Assumes that the maximum Initial Sales Charge of 4.25% was paid for the Class A Units.
2Assumes that the maximum Initial Sales Charge of 3.50% was paid for the Class A Units.
3Assumes that the maximum Initial Sales Charge of 2.50% was paid for the Class A Units.

Class A

Class A Units (with certain exceptions) are subject to an Initial Sales Charge at the time of purchase. The amount of the Initial Sales Charge generally depends on the dollar amount of the contribution and the Investment Portfolio(s) selected. When an Account Owner purchases Class A Units, the applicable Initial Sales Charge is deducted from the dollar amount of the contribution. As such, the Account Owner will receive fewer Units than if no Initial Sales Charge applied.

While there is no Initial Sales Charge when an Account Owner purchases Class A Units in the Principal Plus Interest Portfolio, if Class A Units in the Principal Plus Interest Portfolio are subsequently exchanged for Class A Units in another Investment Portfolio, the exchange will be subject to an Initial Sales Charge. However, any such exchange would not be subject to an Initial Sales Charge if the Account Owner previously paid an Initial Sales Charge attributable to the Class A Units being exchanged.

The following table lists the Initial Sales Charges applicable to Class A Units. The Initial Sales Charges differ depending on the Investment Portfolio(s) that you select. See “Reduction of Class A Units Initial Sales Charge” below to determine whether a reduced Initial Sales Charge would be applied to your contribution, and for details regarding circumstances under which the Initial Sales Charge may be waived.


Enrollment Year Investment Portfolios (except 2024/2025, 2022/2023, and In School)1
Target Risk Portfolios
Dollar Amount of Contribution Initial Sales Charge2
Less than $50,000 4.25%
At least $50,000 but less than $100,000 4.00%
At least $100,000 but less than $250,000 3.50%
At least $250,000 but less than $500,000 2.50%
At least $500,000 but less than $1,000,0003 2.00%
$1,000,000 and over3 0.00%4
Enrollment Year Investment Portfolio: 2024/2025
Dollar Amount of Contribution Initial Sales Charge2
Less than $250,000 3.50%
At least $250,000 but less than $500,000 2.50%
At least $500,000 but less than $1,000,0003 2.00%
$1,000,000 and over3 0.00%4
Individual Fund Portfolios
Multi-Fund Portfolio
Enrollment Year Investment Portfolios: 2022/2023, In School Portfolio
Dollar Amount of Contribution Initial Sales Charge1
Less than $500,000 2.50%
At least $500,000 but less than $1,000,0003 2.00%
$1,000,000 and over3 0.00%4

1With respect to each of the Enrollment Year Investment Portfolios: 2038/2039, 2036/2037, 2034/2035, 2032/2033, 2030/2031, 2028/2029, 2026/2027, and 2024/2025, effective on June 15 of a year that is three years before the earlier target year noted in the name of the Enrollment Year Investment Portfolio, the Initial Sales Charge breakpoint schedule applicable to the Enrollment Year Investment Portfolio 2024/2025 will apply. For example, the Initial Sales Charge breakpoint schedule for the Enrollment Year Investment Portfolio 2024/2025 will apply to the Enrollment Year Investment Portfolio 2026/2027 effective June 15, 2023.

2Expressed as a percentage of the amount of the contribution.

3Under the Maximum Contribution Limit in effect as of the date of this Plan Description, contributions will not be accepted to the extent that the proposed contribution, together with the aggregate account balance of all accounts across all qualified tuition programs sponsored by the State (including MAP, MESP and MET) for the same Designated Beneficiary (regardless of account owner) would exceed $500,000.

4If an Account Owner makes a contribution of $1,000,000 or more to purchase Class A Units, the Class A Units will be subject to a CDSC of 0.65% if they are redeemed within eight months of purchase to satisfy a withdrawal. The CDSC is paid on either the purchase price of the redeemed Units or the redemption proceeds, whichever is less, and the charge is deducted from the redemption proceeds.


Class C

Class C Units are not subject to an Initial Sales Charge; however, Class C Units are subject to a CDSC if they are redeemed to satisfy a withdrawal or Qualified Rollover within eight months of the date of purchase. A CDSC will also apply to redemptions of Class C Units in connection with transfers from MAP to MESP or MET within eight months of purchase.

The CDSC applicable to Class C Units is 0.65% of either the purchase price of the redeemed Units or the redemption proceeds, whichever is less, and the charge is deducted from the redemption proceeds. When an Account Owner redeems Class C Units subject to a CDSC, the Program Manager will first redeem any Units that are not subject to a CDSC, and then redeem Units that the Account Owner has held for the longest period of time, unless the Account Owner specifies that Units be redeemed in a different order.

There is no CDSC when an Account Owner redeems Class C Units from the Principal Plus Interest Portfolio. However, if the Account Owner purchases Class C Units of an Investment Portfolio (other than the Principal Plus Interest Portfolio) and later exchanges those Units for Class C Units of the Principal Plus Interest Portfolio, and then subsequently redeems the Units of the Principal Plus Interest Portfolio within eight months of the original purchase, a CDSC will apply. Similarly, if an Account Owner purchases Class C Units of the Principal Plus Interest Portfolio, and then exchanges such Units for Class C Units of another Investment Portfolio, the acquired Units will be subject to a CDSC for eight months from the time of the exchange.

The following table lists the CDSCs applicable to Class C Units.


CDSCs applicable to Class C Units
Investment Portfolio for Class C Units Being Redeemed for Withdrawal Within Eight Months of Purchase Contingent Deferred Sales Charge (CDSC)1
All Investment Portfolios (except the Principal Plus Interest Portfolio) 0.65%
Principal Plus Interest Portfolio 0.00%

1As a percent of either the purchase price of the redeemed Units or the redemption proceeds, whichever is less.


The redemption of Class C Units in connection with any of the following withdrawals is not subject to a CDSC:

  • Withdrawals paid to the Designated Beneficiary of the Account (or to the estate of the Designated Beneficiary) on or after the death of the Designated Beneficiary, if the withdrawal is made within one year of death.
  • Withdrawals attributable to the Designated Beneficiary’s permanent disability (as evidenced by a determination by the federal Social Security Administration), if the withdrawal is made within one year of disability.
  • Withdrawals made on account of a scholarship received by the Designated Beneficiary to the extent the amount withdrawn does not exceed the scholarship.
  • Amounts that are the subject of a transfer or Qualified Rollover from one Account to another Account in MAP, if such Units were not subject to a CDSC at the time of transfer/Qualified Rollover.
  • Withdrawals made on account of the Designated Beneficiary’s attendance at certain military academies to the extent the amount withdrawn does not exceed the costs of qualifying expenses attributable to such attendance.
  • Units which are purchased with the proceeds of withdrawals that are subsequently reinvested in an amount equal to all or a portion of the withdrawn amount in Class C Units of the same Investment Portfolio or any other Investment Portfolio, provided that such reinvestment is made within one year of the withdrawal. This CDSC waiver only applies if MAP is notified that a contribution qualifies at the time the contribution is made, and will be granted upon confirmation that a CDSC was previously paid.

Conversion of Class C Units into Class A Units

Class C Units automatically convert to Class A Units on or about the 18th of the month, or the next business day, after the Class C Units have been owned for six years. Class C Units purchased on or prior to September 11, 2017 will convert into Class A Units on or about September 18, 2023. Immediately following conversion, converted Units are subject to the fee structures applicable to Class A Units. No CDSCs are imposed when Class C Units convert to Class A Units.

The Program Manager may also convert Class C Units to Class A Units in Accounts that do not have a Selling Institution of record.


Class AR

Class AR Units may be purchased only with contributions in the form of Incoming Rollovers. Class AR Units are not subject to an Initial Sales Charge; however, Class AR Units are subject to a CDSC if they are redeemed to satisfy a withdrawal or Qualified Rollover within eight months of the date of purchase. A CDSC will also apply to redemptions of Class AR Units in connection with transfers from MAP to MESP or MET within eight months of purchase.

The following table lists the CDSCs applicable to Class AR Units


CDSCs applicable to Class C Units
Investment Portfolio for Class AR Units Being Redeemed for Withdrawal Within Eight Months of Purchase Contingent Deferred Sales Charge (CDSC)1
All Investment Portfolios 0.65%

1As a percent of either the purchase price of the redeemed Units or the redemption proceeds, whichever is less.

The terms and conditions regarding whether and how CDSCs are imposed on Class AR Units are the identical to the terms and conditions applicable to Class C Units. See “Class C” above.


Conversion of Class AR Units into Class A Units

Class AR Units automatically convert to Class A Units after they have been owned for 12 months (converting on or about the 18th of the month, or the next business day). Immediately following the conversion, converted Class AR Units are subject to the fee structure applicable to Class A Units. No Initial Sales Charges or CDSCs are imposed when Class AR Units convert to Class A Units.


CLASS I

Class I Units are not subject to any Initial Sales Charges, CDSCs, Service Fees or Distribution Fees. Class I Units are subject to specific eligibility requirements. Class I Units may only be purchased:

(i) in Accounts that are subject to periodic or asset-based fees for a Selling Institution’s and/or a Financial Professional’s services;

(ii) in Accounts established pursuant to corporate and other employer relationships that involve the services of a Financial Professional;

(iii) in Accounts established through a Selling Institution that are subject to brokerage commissions and/or other transaction-related fees pursuant to a Selling Institution’s compensation schedule; or

(iv) by Account Owners who are current or retired employees or directors of the Program Manager or the Distributor or their affiliates, or who are immediate family members of any such persons (immediate family members include spouses or domestic partners, parents, children, grandparents, grandchildren, parents-in-law, sons-in-law and daughters-in-law, siblings, a sibling’s spouse and a spouse’s siblings).