State Treasurer Clint Zweifel announces more than 500 Missouri families have received MOST 529 Matching Grant Program funding for 2014 Program Year
MOST 529 Matching Grant Program has awarded more than 1,100 matches since 2012
JEFFERSON CITY – State Treasurer Clint Zweifel (ZWY-ful) announced today nearly $240,000 has been awarded to 532 MOST–Missouri’s 529 College Savings Plan accounts in the plan’s third and final year of the MOST 529 Matching Grant Program. Since 2012, more than 1,100 MOST 529 Matching Grants have been funded.
“The MOST 529 Matching Grant Program was created to inspire Missourians to save for higher education and it has done that and more,” Treasurer Zweifel said. “Higher education is the greatest gift we can give our children and every dollar saved today is one that a family will not have to borrow in the future. While the MOST 529 Matching Grant Program is complete, the commitment of Missouri families to the future remains as strong as ever, and MOST will continue to help families prepare with an easy-to-use, low-cost 529 plan.”
The MOST 529 Matching Grant Program provided a dollar-for-dollar match on contributions up to $500 per year to the MOST 529 accounts of qualifying applicants on a first-come, first-served basis. A total of $500,000 in matching funds was available to help Missourians save for higher education, including tuition at two- and four-year colleges, postsecondary trade and vocational schools, and postgraduate programs.
Treasurer Zweifel launched the MOST 529 Matching Grant Program in 2012 with the idea that added incentives to save would dramatically increase a student’s decision to seek higher education. The great success of the program has also resulted in multiple non-profit, community and business entities working with Treasurer Zweifel to pursue similar efforts. There are currently four established programs running at this time through Beyond Housing, KIPP St. Louis, Wells Fargo and the United Way, and the St. Louis Scholarship Foundation.
The MOST 529 Matching Grant Program was privately funded and no state funds were utilized. Account owners were required to reapply each year for the program.
The 2014 Matching Grant Program application period ran from June 1 through June 30. Matching Grant Program funds awarded in 2014 were distributed into MOST 529 accounts on January 31, 2015.
To learn more about the MOST 529, or to open a MOST 529 account, visit missourimost.org.
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About MOST 529
State Treasurer Clint Zweifel sponsors MOST 529, a tax-advantaged program that enables families to save for a child’s higher education. MOST 529 is an affordable, low-cost, tax-deferred way to save for higher education expenses. Investments in the plan can be used towards many qualified higher education expenses, including tuition, certain room and board expenses, books and mandatory fees at most four-year colleges and universities, many two-year institutions and vocational schools, and some schools abroad. In addition, savings in MOST 529 can be used towards associate’s, bachelor’s, and advanced degrees. Account owners may deduct up to $8,000 in contributions each year in computing their Missouri state income tax and married couples filing jointly may deduct up to $16,000 annually. Contributions to the Plan in a tax year are deductible from Missouri state income tax up to certain limits, but may be subject to recapture in subsequent years if you make a nonqualified withdrawal.
Investment returns are not guaranteed, and you could lose money by investing in the Plan.
Earnings on nonqualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.
For more information about MOST—Missouri’s 529 College Savings Plan, call 888-414-MOST or visit most529savings.com to obtain a Program Description, Privacy Policy, and Participation Agreement.
Investment objectives, risks, charges, expenses, and other important information are included in this document; read and consider it carefully before investing. Vanguard Marketing Corporation, Distributor and Underwriter.
If you are not a Missouri taxpayer, consider before investing whether your or the designated beneficiary’s home state offers any state tax or other benefits that are only available for investments in such state’s qualified tuition program.
The Missouri Higher Education Savings Program (the “Program Trust”) is a trust created by the State of Missouri. When you invest in MOST—Missouri’s 529 College Savings Plan (the “Plan”), you are purchasing portfolio units issued by the Program Trust. Portfolio units are municipal securities. The Plan has been implemented and is administered by the Missouri Higher Education Savings Program Board (the “Board”). Ascensus Broker Dealer Services, Inc., and Ascensus Investment Advisors, LLC, serve as the Program Manager and Recordkeeping and Servicing Agent, respectively, with overall responsibility for the day-to-day operations. The Vanguard Group, Inc., serves as Investment Manager for the Plan. Vanguard Marketing Corporation, an affiliate of The Vanguard Group, Inc., markets and distributes the Plan. The Plan’s portfolios, although they invest in mutual funds, are not mutual funds.
Meghan Lewis
Office of State Treasurer Clint Zweifel
Director of Communications
Missouri State Capitol, Room 229
P.O. Box 210
Jefferson City, Missouri 65102
