Giveaway meant to increase MOST 529 participation

As an incentive to get more people investing in Missouri's college savings plan, the state treasurer's office is awarding one family $5,290 in a MOST 529 account the first week of June.

Treasurer Clint Zweifel said $2.3 billion has been invested in MOST since around 1999, and the state has 145,000 accounts.

Even putting aside a small amount per month can "really help pull together the pieces necessary to make a college education attainable and affordable," Zweifel said.

It takes $25 to open a MOST account, or $15 if payroll direct deposit is chosen. Even if parents set aside $50 a month from the time a child is born, the account will grow to $17,000 by the time the child enters college. The savings plans are good for technical or vocational schools and two- or four-year colleges.

Most of the time, postsecondary education winds up being paid for with a combination of student loans, working part time, some help from parents and scholarships, Zweifel said.

"The idea is we don't know when our children are born what they're going to want to do when they grow up, or what jobs will be out there ... but we know higher education in some format is going to be important," Zweifel said. This might include certification, apprenticeship programs, a professional degree, or another designation, but it's "going to be an important pathway for success."

The average contribution to MOST 529 accounts hasn't changed much over the past five years, but more people are investing and the number of accounts has increased, said Meghan Lewis, director of communications for the treasurer's office.

The MOST 529 plan offers federal and state tax benefits, low costs and flexible ways to contribute, with 529 account money growing deferred from federal and state income taxes. For more information on that and plan contribution information, visit missourimost.org/content/choose_taxbenefits.html.

To enter to win the savings account, visit MissouriMost.org through May 31. The winner will be announced on or about June 9.

rcampbell@semissourian.com

388-3639