Questions & Answers

General Questions

  • What are the investment objectives of Michigan CLASS?

    1. Safety: minimizing risk by managing portfolio investments so as to preserve principal and maintain a stable net asset value and to maintain the highest rating for the pool from a nationally recognized statistical rating organization for so long as such rating is required by Michigan law.
    2. Liquidity: managing portfolio investments to ensure that cash will be available as required to finance Participants’ operations.
    3. Yield: maximizing current income to the degree consistent with legality, safety, and liquidity.
  • Who oversees Michigan CLASS?

  • The Michigan CLASS Board of Trustees (the Board) oversees the investments made on behalf of the Participants. The Board consists of thirteen active members of the pool who are elected by the Participants for staggered terms. The Board approves the program’s investment parameters which must additionally fall within the investment stipulations mandated under Michigan statute for the investment of surplus funds of the Participants. Currently, the Board retains the services of Public Trust Advisors, LLC (Public Trust) located in Denver, CO. Public Trust serves as the Administrator and Investment Advisor.

  • Who is eligible to use Michigan CLASS?

  • Participation in Michigan CLASS is available to any county, city, village, township, school district, authority, the state of Michigan, or any other political subdivision organized under the laws of the state of Michigan. To join, such public agencies need to execute an authorizing resolution joining the Participation Agreement and provide a certified copy of such resolution to the Administrator.  Pursuant to applicable state law, Public Trust Advisors, LLC will review each entity’s investment policy and return the appropriate acknowledgment.

  • How can you participate in Michigan CLASS?

  • Enrolling in Michigan CLASS is simple. Any of the entity types listed in the answer above may join Michigan CLASS as a Participant and take advantage of the investment program.

    To join Michigan CLASS, please take the following steps:

    1. Submit your investment policy to the Program Administrator for review.
    2. Adopt the Michigan CLASS Participation Agreement by passing a board resolution authorizing participation in Michigan CLASS.
    3. Complete the Trust Registration Form.
    4. Submit the above documents via fax to (855) 381-0496 or email to clientservices@michiganclass.org.
  • What types of securities does Michigan CLASS invest in?

  • Michigan CLASS invests solely in securities that are both permitted by Michigan law and adhere to the Michigan CLASS Investment Policy.

    Pursuant to direction by the Board and in conformance with applicable Michigan laws governing investment options for Participants, funds of the Participants are invested in high quality, short-term, fixed-income instruments selected to provide for program safety, liquidity, and competitive rates of return. A complete list of eligible investments is available in the Michigan CLASS Investment Policy located in the Document Center.

  • What is the minimum requirement for investing in Michigan CLASS?

  • There is no minimum investment amount for Michigan CLASS.

  • What are the business hours at Michigan CLASS?

  • The Michigan CLASS offices are open Monday through Friday from 8:00 a.m. until 5:00 p.m. ET. Please consult the Client Services Page for Michigan CLASS office closures.

  • How can Participants obtain a copy of the Michigan CLASS investment holdings report?

  • The Michigan CLASS investment holdings report is available to Participants online via the Michigan CLASS Transaction Portal.

  • What transaction fees does Michigan CLASS charge?

  • Michigan CLASS does not charge any transaction fees to its Participants. However, your receiving bank may have wiring fees and/or incoming ACH fees, therefore we recommend checking with a representative at your bank to discuss the potential costs.

  • Is Michigan CLASS rated?

  • Michigan CLASS is rated ‘AAAm’ by S&P Global Ratings Services, the highest rating assigned to principal stability government investment pools. This rating reflects the conservative nature of the pool’s investments as well as the excellent credit quality of the program. S&P Global Ratings monitors the pool on a weekly basis.

    A ‘AAAm’ rating by S&P Global Ratings is obtained after S&P evaluates a number of factors including credit quality, market price exposure, and management. Ratings are subject to change and do not remove credit risk.

Managing My Account

  • What are the daily cut-off times for transactions?

  • Transactions (withdrawals, contributions, transfers) conducted via the portal, telephone, or fax must be submitted by 3:00 p.m. ET for same-day processing.

  • What are the deposit instructions for Michigan CLASS?

  • Please visit the FAQs in the Help Section of the Michigan CLASS Online Transaction Portal to view the deposit instructions to send funds into your Michigan CLASS account. Please note, you will need to send the fund from your bank.

  • How do I update my contact information and notification preferences?

  • Participants can update their contact information and notification preferences by selecting My Account in the upper right-hand corner of the portal. From there, changes can be made under the Contacts section at the bottom of the page.

  • When are wires sent from my account when I request a withdrawal?

  • Wires are sent every hour with the final distribution taking place shortly after the close of the fund at 3:00 p.m. ET; distribution times are subject to change as needed by the Michigan CLASS Administrator.

  • For a next-day ACH, what is the cut-off time?

  • Next-day ACH requests must be received by 3:00 p.m. ET (24 hours in advance).

  • What is the difference between a wire and an ACH?

  • Wires are funds transferred via the Federal Reserve Wire System and can be processed and received by your beneficiary bank on the same day if the transaction is requested prior to the 3:00 p.m. ET cut-off. ACHs (Automated Clearing House) are processed overnight and are generally available to the beneficiary bank one business day after the transaction request has been made.

  • What are the fees associated with wires/ACHs?

  • Michigan CLASS does not charge any banking fees to its Participants. However, your receiving bank may have wiring fees and/or incoming ACH fees, therefore we recommend always checking with a representative at your bank to discuss the potential costs.

  • Are the banking instructions different for a wire or an ACH?

  • Many banking institutions have separate ABA/Routing Numbers depending on whether the transactions are being processed via Wire or ACH. Please contact your local banking representative to ensure that you are providing Michigan CLASS Client Services with the appropriate account information. The instructions to send money into Michigan CLASS can be found in the Michigan CLASS Transaction Portal.

  • What are the limits on the number of transactions?

  • Michigan CLASS does not limit the number of transactions Participants can do.

  • Does Michigan CLASS limit the number of subaccounts a Participant can have?

  • Michigan CLASS does not limit the number of subaccounts Participants can have.

  • How are the Michigan CLASS monthly statements delivered?

  • To download your Michigan CLASS statements, please go to the Accounts Menu in the portal. From there, please navigate to the Documents Section. Statements are not emailed for the security of the Michigan CLASS Participants’ account information.

  • How do I update individuals who have access to my Michigan CLASS account?

  • Please visit the FAQs in the Help Section of the Michigan CLASS Online Transaction Portal to download and fill out the Signatory Amendment Form. For more information on the levels of access for individuals on your account, please refer to the chart below.

  • How do I amend those individuals who receive account correspondence such as monthly statements or transaction confirmations?

  • These changes can be made in writing to clientservices@michiganclass.org.

  • How do I add or remove bank instructions on my Michigan CLASS account?

  • Please visit the FAQs in the Help Section of the Michigan CLASS Online Transaction Portal to download and fill out the Bank Amendment Form. Many banking institutions have separate ABA/routing numbers depending on whether the transactions are being processed via wire or ACH. Please contact your local banking representative to ensure that you are providing Michigan CLASS Client Services with the appropriate account information.

Michigan CLASS Online Transaction Portal

  • What is the Michigan CLASS Online Transaction Portal?

  • The Michigan CLASS Online Transaction Portal is a secure, Internet-based transaction system that allows registered Michigan CLASS Participants to self-manage their Michigan CLASS investments. The portal is available 24/7, 365 days a year

  • What functions can the Michigan CLASS Online Transaction Portal perform?

  • The Michigan CLASS Online Transaction Portal allows Participants to make contributions, withdrawals, and transfers between subaccounts as well as to other approved Michigan CLASS Participants. Users can pre-date important transactions, ensuring that they are handled reliably and avoiding unfortunate timing issues or cash access emergencies. The portal also allows for dual approval of transactions.

  • What about reporting features?

  • Reporting features available in the Michigan CLASS Online Transaction Portal include access to monthly statements, transaction confirmations, and details highlighting past, present, and future dated transactions

  • How does a new Michigan CLASS Participant receive login credentials?

  • All Participants will receive login credentials upon the establishment of their account via email. If you do not currently have your online credentials, please reach out to Client Services at (855) 382-0496 or email clientservices@michiganclass.org.

  • How quickly can I expect to receive login credentials?

  • In most cases, login credentials will be distributed on the same day as the request; otherwise, credentials will be available on the following business day.

  • How does an existing Michigan CLASS Participant change or update their login credentials?

  • Participants can change their passwords by visiting the Michigan CLASS Transaction Portal and following the instructions for resetting your password. Once logged in, Participants can also update their password by selecting My Account in the upper right-hand corner. Usernames cannot be changed. Should you run into difficulties, the Client Service team is happy to assist.

  • How do I update the phone number used for two-factor authentication via text message?

  • Once logged in, Participants can update their phone number by selecting My Account in the upper right-hand corner of the portal.

  • Can I share my online account with another person at my entity?

  • No; for your security, everyone will be required to have their own online user account that is tied to a unique email address. We do not allow multiple contacts to use the same email address.