MO college savings plan receives accolades

For the second consecutive quarter, Missouri’s 529 college savings plan, aka MOST, managed by State Treasurer Clint Zweifel’s office, has ranked No. 1 in performance among other savings plans nationwide.

Savingforcollege.com, a nationally known independent resource on 529 college savings plans, listed the Missouri plan at the top of a list of 33 for one-year performance, and 15th out of 27 for three-year performance, according to a news release from Zweifel's office.

Zweifel spokesman Jon Galloway said the ranking success was brought about by a move to DWS Investments, the U.S. retail brand of Deutsche Bank’s global asset management division. The MOST 529 adviser plan is distributed by DWS Investments, and Upromise Investments serves as program manager.

“Last year, the plan was taken over by DWS, and that’s helped tremendously,” Galloway said. “Costs were kept reasonable."

Galloway noted the lower expenses were a result of zero increases to the basis points charge of the fund.

The state-sponsored plan provides tax advantages allowing parents and guardians to save for their children’s college tuition expenses. So far, there are nearly 14,500 accounts with about $157 million saved in the Missouri 529 Plan, according to a news release.

A 529 savings plan, named for section 529 in the Internal Revenue Code, is a special investment account designed to help families save for higher education at eligible two- and four-year colleges, post graduate programs or secondary education programs.

On March 1, Zweifel enacted a matching grant program allowing the program to a match of up to $500 per year and $2,500 per lifetime for participants.

"The MOST (plan) is working hard for Missourians by getting the results we want for our account owners,” Zweifel said in the release. “I am dedicated to helping Missourians save for college and that means continuing to ensure our plans rank among the top in the nation.”[[In-content Ad]]