Important: Action Required Before June 15, 2020 for Direct Deposit to MESP
If you contribute to your Michigan Education Savings Program (MESP) automatically from your paycheck, your MESP account number and the Plan’s bank routing information will change as MESP transitions to a new account management system in June.These changes will require you to take action to update your direct deposit information.
You will receive a letter from the Michigan Education Savings Program, managed by TIAA−CREF Tuition Financing, Inc., with your new MESP account number and routing number.
To ensure there is no disruption in contributions, you will need to edit your MESP Routing and Account numbers between June 1 and June 15, 2020.
To make the change:
- Go to Wolverine Access - Employee Self Service - Payroll and Compensation - Direct Deposit and click te your MESP account to update your number and routing number with the new numbers from your letter, or
- Complete and return the Michigan Education Program Direct Deposit Form that was included with your letter.
If have not received the letter, visit MISaves.com or call (877) 861-637 Monday - Friday, 8:00 a.m. - 8:00 p.m. (ET )to request a copy.
Please ensure your MESP direct deposit changes are effective for pay periods on or after June 15, 2020. If you don't update your MESP account number and routing number for direct deposit, contributions submitted by U-M on your behalf after June 11, 2020 will no longer be processed and will be returned to U-M. The payroll office may require one complete pay period to implement these changes, so you may experience a pay period without a payroll contribution to your MESP account.
Lower Fees, New Investment Options Coming to MESP in June 2020
The transition to a new account management system will make it easier for you to manage your MESP account features. Key benefits include:
- Lower fees resulting in an overall 44% reduction in average fees
- New enrollment year investment options
- New target allocation Investment options (Balanced Option renamed Moderate Allocation Option)
- New underlying investments from Vanguard, Schwab and iShares
- New and improved online account management
- New payroll direct deposit process
Create a New Username and Password for Your MESP Account on or After June 15, 2020
On or after June 15, 2020, you will need to create a new username and password to access your MESP account online through the new account management system. The following items are required to complete the new registration process:
- Your current or new MESP account number*
- Account Owner Social Security Number.
- Account Owner Zip Code.
* Make note of your current account numbers before June 15. You can obtain it by logging into your online account or by referring to your quarterly MESP account statement.
If you have any questions about your MESP account, please visit MIsaves.com or call TIAA at (877) 861−6377.
About the Michigan Education Savings Program
Saving for college has become one of the most important financial goals, like buying a home or saving for retirement. A 2018 survey conducted by the Michigan Education Trust found that while most Michigan parents view a college education as an investment in their child’s future, only about half are currently saving for higher education expenses. Read the full article.
In an effort to meet the needs of all residents, the state of Michigan offers both a pre-paid plan and college savings plans. Each option offers a State of Michigan income tax deduction and tax deferred earning potential, as well as tax free withdrawals when funds are used for qualified educational expenses.
The Michigan Education Savings Program direct sold 529 college savings plan is managed by TIAA, Tuition Financing Incorporated. MESP was established in 2000 and TIAA has been the plan manager since inception.
Please keep in mind that 529 plans are long-term investment approaches. To learn more, read 529 Plans: Market Volatility During Uncertain Times from TIAA.
Participate in a Live Webinar on 529 Day, May 29
529 Day: MESP Live Webinar, Friday May 29, 2020, 9:30 a.m. (Host: Jenny Uhlar) Register today
Schedule a Phone Appointment
To schedule a free phone appointment with your dedicated Tuition Financing Consultant, Jennifer D. Uhlar, request an appointment.
Jennifer D. Uhlar
Tuition Financing Consultant, TIAA