News & Events Digest: April 2024

State Treasurer Eubanks Leads by Example by Enrolling Her Child in Michigan?s 529 Education Savings Plans

As a new mother,?Michigan Treasurer Rachael Eubanks?followed her own department?s advice recently when it comes to education savings.

Eubanks, who gave birth late last year to a daughter, joined other parents, loved ones and college savers at a free drop-in informational session at the Impression 5 Science Center in Lansing. It was hosted by the Michigan Department of Treasury ? the agency Eubanks oversees ? to bring awareness to college savings plans.

?I believe in these programs not just in my professional capacity as Michigan?s Treasurer, but as a new mom who wants to ensure her child?s educational future is secure,? Eubanks said. ?I hope other newly minted parents and loved ones of young Michiganders will do the same ? it's never too late to start saving.?

Investing in the?Michigan Education Trust (MET)?or the?Michigan Education Savings Program (MESP)?provides considerable value by providing tax advantages and investment returns over time. Both programs offer a State of Michigan tax deduction on contributions. In addition, funds used for qualified higher education expenses may be exempt from federal and state income taxes.

?There are few things more impactful or more loving than setting up our children for success by building a financial foundation for them to achieve their dreams,? Eubanks said.

The event was one of a series held periodically throughout the state to provide attendees the opportunity to purchase a MET contract and open an MESP account on-site.?MET typically contributes $150 toward each new prepaid tuition contract purchased at such sessions. Rules and eligibility are available online.

MET also offers one-on-one consultation sessions for those unable to attend one of the events. More information about MET can be found at SETwithMET.com?or by calling 800-MET-4-KID.

Representatives from MET and MESP are available at the events to discuss the features and benefits of each plan and offer tips to parents, grandparents and others on saving for college.

?The prospect of saving for college can be daunting for parents as they work to balance all their immediate needs throughout the year,? said?Diane Brewer, executive director of MET. ?That?s why we?re providing a one-stop shopping event for families to easily gather information in a low-key, no-pressure environment.?

Fostering Futures Fundraiser with State Treasurer speaking

Fostering Futures Scholarship Trust Fund Raises More Than $39,000 for Foster Youth from Kalamazoo Fundraiser

Michigan's foster care youth are eligible to receive college scholarships following a Fostering Futures Scholarship Trust Fund Fundraising Dinner in Kalamazoo organized by the Michigan Education Trust (MET) and the Michigan Department of Health and Human Services (MDHHS).

The April 19 event at the Radisson Plaza Hotel in Kalamazoo was attended by around 150 guests who raised approximately $39,375 for scholarships through MET, the Michigan Department of Treasury's 529 prepaid tuition program.?

"Fostering Futures Scholarship fundraisers are about breaking down barriers for Michigan?s youth who have experienced foster care and demonstrating how compassion can turn into action, hope into reality and dreams into achievements," State Treasurer Rachael Eubanks said. "I am inspired by our foster youth who overcome more challenges than most to obtain a certificate or degree. The money raised helps make the dream of college a reality for hundreds of Michiganders every year.?

A partnership between MET and MDHHS makes Fostering Futures Scholarships possible.

Close to 10,000 youth are in the Michigan foster care system run by the Michigan Department of Health and Human Services. Nationally, fewer than 10% of former foster youth enroll in college after high school and fewer than 3% eventually earn a degree.

The Fostering Futures Scholarship Trust Fund provides former Michigan foster care students who may not have adequate financial resources to attend college with a scholarship to a Michigan college or university. During the 2023-24 academic year, 441 students at 60 different institutions benefited from the scholarship.??

?Everyone deserves the opportunity to pursue the education and career path that is right for them,? said Elizabeth Hertel, MDHHS director. ?MDHHS is proud to be part of this program, which assists with tuition and fees, books and supplies, and room and board for students at a vocation school, apprenticeship or college.?

Fostering Futures Scholarship Trust Fund is a Section 170(c) organization, so all contributions are eligible for an income tax deduction. Anyone who could not attend the event can make donations to the Fostering Futures Scholarship Trust Fund by visiting?www.FosteringFutures-MI.com.?

Since 2012, fundraising efforts have totaled more than $1.4 million, with funds awarded as scholarships in the year they were raised.?

Listen in to Michigan's State Treasurer Rachael Eubanks and her guest, R Scott de Varona, MiABLE program director, as they discuss the benefits of the disability savings program.

The sun is shining, and it?s the season for renewal. If you received a #Medicaid renewal packet, complete and return the paperwork as soon as possible to keep access to your family?s benefits.

NFL Family Points to Michigan Education Trust as Wise Investment to Kick Off Children?s Educational Dreams

As Southeast Michigan prepared to welcome the NFL draft to town in April, a Novi family with deep football roots who know firsthand the value of preparing for the future ? whether on the gridiron or in the classroom ? became a voice for educational savings.

And following the lead of former?Detroit Lions cornerback and NFL front-office executive Sheldon White and his family?during NFL Draft Week comes with a financial incentive.

To celebrate the 2024 NFL draft being held in Detroit, the Michigan Education Trust (MET), a program administered by the Michigan Department of Treasury, will waive the $25 online enrollment fee for anyone opening a MET account between now and June 30, 2024, by using the code 2024DRAFT when they enroll online.

White, his wife, Amy, and their family understand that uncertainty waits around the corner in football and in life. That?s why Sheldon, who spent 20 years with the Detroit Lions organization and now is director of pro scouting for the Pittsburgh Steelers, and Amy decided long ago to invest in MET to save for their children?s college education.

For the White family, the flexibility that MET affords couldn?t have worked out any better.

MI Money Matters Provides Michiganders with a Virtual Tutor for Financial Empowerment

As a part of?Michigan?s Financial Literacy Month, Lt. Governor Garlin Gilchrist II recently announced the launch of ?MI Money Matters,? a free financial empowerment platform for all state residents and beyond.

?Understanding money and navigating through the complexities of managing money can be difficult,??said?Lt.?Governor Gilchrist.??Michiganders?of all ages ? from young adults going to college to retirees ??can?be empowered financially?by?taking advantage of this insightful and free tool provided within?the?MI Money Matters?platform.?

Powered by Enrich ? a personal finance program endorsed by the National Association of State Treasurers -- MI Money Matters features dynamic tools and courses, delivering a highly personalized and interactive experience that includes a financial behavior assessment that analyzes each user?s financial ?personality.? Individuals who participate gain personal finance insight on topics that include:

Financial education courses with personalized action plans on topics including budgeting, mortgages, health care, college savings, student loan repayment, banking, credit, financial planning, long-term care, and more.
Retirement and home affordability analyzers.
A suite of student loan and higher education tools.
Personal finance calculators and a real-time budget tool.

?This virtual money tutor provides user-friendly interactive tools, videos, and articles to help individuals understand and manage their financial resources,? said State Treasurer Rachael Eubanks. ?I encourage all Michiganders to learn how they can be empowered financially.?

According to?Standard & Poor's Ratings Services Global Financial Literacy Survey, only 57% of adults in the US are considered financially empowered. While 100% of Americans are making decisions with financial impact, only half are equipped to do so.

The launch of the MI Money Matters platform coincides with National Financial Literacy Month and helps raise awareness of the importance of financial wellness and education.

To get started with the MI Money Matters, go to?www.michigan.gov/mimoneymatters.

State Treasurer Announces Grants for Distressed Municipalities

State Treasurer Rachael Eubanks recently announced a total of $2.8 million is being awarded to 13 municipalities through the Financially Distressed Cities, Villages and Townships (FDCVT) Grant Program.

Municipalities can participate in the FDCVT Grant Program if they are experiencing one or more conditions indicative of ?probable financial distress? as defined in Public Act 436 of 2012, the Local Financial Stability and Choice Act. The grants fund specific projects, services, or strategies, including infrastructure and public safety enhancements, that move a city, village, or township toward financial stability.

?The Michigan Department of Treasury looks forward to working with our local partners to support projects to help move communities toward financial stability,? State Treasurer Rachael Eubanks said. ?Our team will ensure these grants are provided to our local communities as expeditiously as possible.?

For fiscal year 2024, the Michigan Legislature appropriated $2.5 million for the program, with a carryover of $264,000 from the previous fiscal year. The FDCVT Grant Program has a $2 million cap per municipality and grants are awarded based on applications submitted by the municipality.

A full list of grant awards is available on Treasury's website.

My Career at MI Treasury: JEFF GUILFOYLE

Chief Deputy Treasurer Jeff Guilfoyle?oversees three bureaus: the Office of Revenue Tax Analysis (ORTA), Tax Policy, and the Office of Legislative Affairs. His workday revolves around policymaking and policy review while examining legislation that?s been introduced and proposals in development. In addition to policy formation, Jeff meets with stakeholders and assists State Treasurer Eubanks with the various functions that keep the Department of Treasury running for the state of Michigan. A self-professed ?policy nerd?, Jeff relaxes by walking his Golden Retriever, Ruthie, playing competitive chess, and reading books?on policy!

Here?s how his Treasury career began?

Career Path

My first job out of college was computer programming for a company now known as Accenture (formerly Andersen Consulting). I had planned to jump right into graduate school after receiving my undergraduate degree in economics, but my senior honors thesis was a bit of a fiasco. I decided that I wasn?t quite ready for grad school and opted for some work experience, instead.

I was at Accenture for three years; my wife was in law school at the time and when she graduated, I returned to Michigan State University for a Ph.D. in economics. My goal was always the doctoral degree but from a project management standpoint, I needed the break in academics to make sure I could get a dissertation done! Grad school was a good experience ? MSU was local, it was close to state government, and it led to a job with the Office of Revenue Tax Analysis.

SAVE THE DATE: May Consensus Revenue Estimating Conference

The May Consensus Revenue Estimating Conference is scheduled to convene at 9 a.m. on Friday, May 17, 2024, in the House Appropriations Committee Room (Room 352) on the third floor of the Michigan State Capitol.?

The conference is held in accordance to state law to establish an official economic forecast of major variables of national and state economies and establish a forecast of anticipated state revenues. Economists from the House Fiscal Agency, State Fiscal Agency, and Michigan Department of Treasury will present the final Fiscal Year 2022-23 revenue and revised revenue estimates for Fiscal Year 2023-24 through Fiscal Year 2025-26.?

In addition, analysts will present estimates of K-12 pupil membership and annual percentage growth in the basic foundation allowance, Medicaid spending, as well as human services caseloads and expenditures.

The University of Michigan's Research Seminar in Quantitative Economics will provide a U.S. and state of Michigan economic outlook and exam state revenue estimates.?

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