MOST plan begins move to new management

Missourians Saving for Tuition, the state’s 529 college savings plan, will be managed by Upromise Investments Inc. beginning June 6.

The new program will offer two ways to save money: one for participants who invest directly into the MOST program and another for participants who place investments through financial advisers.

The new plan offers investment through a variety of investment companies, including Vanguard and Missouri-based American Century Investments.

The changes to the plan mark the first major overhaul of the state’s college-savings plan since it was formed in 1999. Account assets and records will transfer automatically to the new program manager.

“With three children of my own, I know how challenging it can be for families to save for college,” said State Treasurer Sarah Steelman in a news release. “Missouri’s MOST Plan will now have every possible advantage to help families save and invest – and will enable parents to invest in a more convenient way and at a lower cost than ever before.”

The direct savings plan will offer three age-based investment options and 15 individual portfolios. The previous program offered only one age-based investment option and two portfolios from one fund family. The new program offers two fund families in indexed – as well as actively managed – investment portfolios.

Program participants also are eligible for tax deductions – $8,000 for individuals and $16,000 for married couples filing jointly – for contributions to their MOST account.

The state also has set up a transition Web site, www.missouri529.org, to help answer questions and provide information. [[In-content Ad]]