State treasurer announces change to college savings program

9 months 4 weeks 1 day ago February 10, 2016 Feb 10, 2016 Wednesday, February 10 2016 Wednesday, February 10, 2016 1:12:00 PM CST in News
By: Luisangel Rodriguez, KOMU 8 Digital Producer

JEFFERSON CITY - State Treasurer Clint Zweifel announced a new investment plan for families saving money for a child's college education.

It is designed to save costs for investments with MOST, Missouri's 529 College Savings Program.

The new five-year management agreement is with Ascensus College Savings.

Zweifel said it could save investors an estimated $9 million over five years.

Investments in the plan can be used towards 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.

"This is the second contract I have negotiated for MOST 529 as State Treasurer, and I am proud to have reduced fees for account owners by more than 60 percent since 2009," Zweifel said. "Beginning today, MOST investors will see immediate savings, and will soon have new investment options designed to suit their savings goals. MOST continues to be a national leader in helping families save for college."

Under the new contract, funds through the investment firm Dimensional Funds Advisors will be available through MOST 529. Zweifel said that's notable because DFA funds are generally only available to investors through financial advisors or institutional channels.

The MOST 529 Advisor Plan will be rolled into the MOST 529 Direct Plan. Zweifel said 15,300 account owners who have invested more than $227 million through their financial advisor will automatically see their investments transitioned in early May. Plan investors and advisors will receive additional information about this process in the coming weeks.

"The roll-up of the MOST 529 Advisor Plan puts college savers first," Zweifel said. "The MOST 529 Direct Plan is a national leader, and these changes will save families thousands and better serve those who invest for themselves or work with financial advisors. We are proud of these new options and look forward to the continued growth of MOST 529."

 

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