529 College Savings Plan
A 529 College Savings Plan is a convenient, automatic, and tax-advantaged way to save money for higher education costs. You can open and contribute to a 529 College Savings Plan for your children, stepchildren, grandchildren, and/or nieces/nephews.
Tax Advantages of a 529
- Tax-deferred growth: Earnings within the account grow tax-free.
- Tax-free withdrawals: Withdrawals for qualified expenses are tax-free at the federal level and sometimes at the state level.
- Potential state tax deductions: Some states offer a state income tax deduction for contributions made to 529 plans.
Qualified 529 Expenses
A 529 account can be used for tuition, fees, room and board, books, and other required supplies at eligible colleges, universities, and vocational schools in the United States.
Contact Information
How to Get Started
You will need to establish your account by completing the 529 College Savings Account Application. Once you have your account number, you will need to complete the Payroll Deduction Authorization Form and send it to Benefits@mihomes.com.
This Benefits Website provides general information for our benefits-eligible employees; however, more detailed information is available within the plan documents and legal contracts between our company and the insurance providers. In case of any discrepancy between this Benefits Website and the plan documents, the plan documents always govern and determine your exact benefits. In addition, the company reserves the right to modify or terminate any benefit plan at any time. Benefits are not a guarantee of employment.