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Capitol Briefs: Missouri’s 529 education plan among the best in the country, report finds 

  

Missouri’s MOST 529 Education Plan was ranked among the country’s best in a national report, Treasurer Scott Fitzpatrick said Thursday. 

The program was one of 11 plans given a silver medal rating by Illinois-based investment research company Morningstar. MOST’s “industrious approach to overseeing this 529 plan buffers investors from the sharpest gales of the 529 industry,” according to Morningstar’s review. 

The plan allows individuals to contribute up to $550,000 into education savings accounts. It is administered by Fitzpatrick, who worked with lawmakers on adjustments to the program during this year’s session. 

“I have worked to make MOST 529 a strong, versatile, and cost-effective education plan for Missourians. Today’s announcement is a continued reflection of that work,” Fitzpatrick said. “These improvements mean that the plan is better suited to serve the needs of Missourians and that participants will keep more of their investment earnings in their 529 accounts, making it a little bit easier to save for education.”

  • One of the changes signed into law this year as part of HB 297 opened eligibility for the program to up to $10,000 in student loan repayments and registered apprenticeships. 
  • The program crossed the $4 billion threshold earlier this year for the first time in its history. There are more than 183,000 active accounts, according to the Treasurer’s Office. 
  • Morningstar gave Missouri’s program the same rating last year. Only three plans received a gold rating for 2021.