Effective October 25, 2010, the total annual asset-based fee, which covers the cost of operations, investment management and marketing of MESP, was reduced from 0.45% to 0.35% per year. The Principal Plus Interest Option continues to be offered without a fee, according to a press release.
MESP also recently unveiled a new Web site (www.misaves.com) that includes:
- e-Delivery of statements and disclosure information
- Online withdrawals
- College Savings Planner to project potential tax savings and college savings goals
- Informational Webinars to learn about MESP
- iPhone and Android applications available
The Michigan Education Savings Program has close to $2.5 billion in assets (as of November 4, 2010) since its launch in November, 2000.