PRESS RELEASE
Treasurer Fitzpatrick Announces MOST 529 Education Plan Rated Among Top Plans in the Country
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Jefferson
City, MO –Missouri State Treasurer
Scott Fitzpatrick today announced that MOST, Missouri’s 529 Education Plan,
has received a Silver rating from Morningstar, an investment research
company. Each year, Morningstar assigns ratings to education savings plans
based on cost, performance, tax benefits, and oversight. Nationally, only 11
plans received a Silver rating, while three achieved Gold. “Over the past two years I
have worked to make the MOST 529 Education Plan more cost effective and
beneficial for Missourians. Today’s announcement is a reflection of that work,”
Treasurer Fitzpatrick said. “When I came into office, Missourians had not
received a fee reduction in five years. In June, I announced a contract
extension with our program manager that reduces fees three times over the next
five years, resulting in over $8 million in savings for program participants.
This new agreement means that plan participants will keep more of their
investment earnings in their 529 account, making it a little bit easier for
Missourians to save for education.” "The state’s industrious
approach to overseeing this 529 plan earns it a High Parent Pillar rating,”
Morningstar wrote in its plan review. “The treasurer’s office has consistently
lobbied for improvements and implemented best practices on behalf of plan
participants.” In June, Treasurer Fitzpatrick announced that at
the MOST 529 Board Meeting, members voted to approve a contract amendment with
program manager Ascensus. The contract amendment extended the contract period
while guaranteeing program management fee reductions—taking the fees from the
current level of 19 Basis Points (bp) to 16bp immediately, and 14bp over five
years, a reduction of over 26%. This reduction means over $8 million in savings
for plan participants. The contract amendment went into effect July 1. The
prior contract was signed in 2015 by former Treasurer Clint Zweifel. MOST,
Missouri’s 529 Education Plan, is a tax-advantaged savings plan for education
expenses. Money in MOST accounts can be used to pay for K-12 tuition, and
trade, college, and graduate school tuition and expenses. Contributions are
eligible for state tax deductions, which can save families up to $864 a year,
and assets in MOST 529 accounts grow tax free. There are currently more than
162,000 active accounts with over $3.5 billion assets under management. More information about MOST
529 can be found at MissouriMost.org. ### Follow
the Treasurer’s Office on Twitter, Facebook, and Instagram @motreasurer.