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MACS Continues to Inspire

When we talk about helping Mississippi families get ahead, it starts with giving them the right tools. That’s exactly what we’ve done with Mississippi College and Career Savings.

What began as a simple idea – helping families save for job training and education – has grown into one of the country’s top education savings programs. In fact, Forbes has recognized the Mississippi Affordable College Savings (MACS) plan as one of the nation’s top six college savings plans.

Now, that success is sparking momentum.

Recently, Governor Tate Reeves signed into law a bill that points directly to Mississippi College and Career Savings as proof that a public-private approach can work. The legislation, championed by Senator Walter Michel and Rep. Jody Steverson, allows the state to establish a Mississippi Work and Save program. Over the next year or so, the idea is to create a public private partnership that would allow gig workers, small businesses, and self-employed Mississippians to begin participating in a robust retirement savings plan, just like how families can already contribute to a Mississippi Affordable College Savings plan. Also, the legislation could help Mississippians qualify for the federal Saver’s Credit, which allows people to get a tax credit of up to $1,000 for individuals and $2,000 for couples when they put money away for the future.

Here’s why it’s needed: Too many Mississippians don’t have access to a retirement plan through their job, leaving about 38 percent without any savings at all. That’s not just a statistic; it’s a challenge we need to confront.

Other states have put in place similar programs. Now, Mississippi has stepped up with a comparable practical solution. Because the truth is, if we want Mississippi’s economy to keep growing, we have to make sure our workforce has a path to long-term financial stability.

This grows on the programs President Trump and Republicans established in the Working Families Tax Cuts as well. Under a new tax law, every child under 18 is eligible to open a new Trump Account. Savings in these accounts can transform lives. According to the U.S. Treasury, if a parent accepts the $1,000 seed contribution for their newborn, that money will grow into more than a quarter-million dollars by the time the child turns 55. If we can get every worker in Mississippi consistently contributing to a plan, imagine the wealth that could be built!

I’m proud that Mississippi College and Career Savings has shown what’s possible. It proves that when we combine smart policy with disciplined management, we can deliver results that compete with – and even outperform – the private sector alone.