JEFFERSON CITY, Mo. — Missouri State Treasurer Scott Fitzpatrick today announced that MOST, Missouri’s 529 Education Plan, has reached more than $4 billion in assets under management, a major milestone for the state’s 529 plan.
“As Treasurer, one of my most important jobs is helping Missourians prepare for their financial future,” Treasurer Fitzpatrick said. “Reaching $4 billion in education savings is a significant milestone for the MOST 529 plan and is a testament to the work of Missourians to save for the educational needs of their children. I’m proud of this achievement and look forward to continuing to promote the importance of saving and planning for the future.”
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.
The plan currently has $4,025,257,418.59 in assets under management, an increase of over one billion dollars since Treasurer Fitzpatrick took office in January 2019. More than 180,000 Missourians are saving for education in the MOST plan, with over 30,000 accounts opened since 2019.
Treasurer Fitzpatrick is committed to making MOST as cost effective and accessible as possible. Earlier this year, the Treasurer announced the launch of READYSAVE 529, an education savings mobile application for MOST 529 account owners. READYSAVE 529 users can view their account balance, transaction history, and investment allocations. Additional features include the option to make a one-time contribution or set up recurring transactions, as well as the option to see how savings stack up versus peers in the same plan. The app is available for download in the Apple and Google Play app stores.
In 2020, Treasurer Fitzpatrick announced changes to the MOST 529 Plan that save Missourians millions of dollars in program management fees. MOST received a Silver rating from Morningstar, an investment research company, making it one of the highest ranking plans in the country. Each year, Morningstar assigns ratings to education savings plans based on cost, performance, tax benefits, and oversight.
More information about MOST 529 can be found at MissouriMost.org.