Missouri State Treasurer visits Hannibal-LaGrange to promote MOST 529 program

HANNIBAL, Mo. — Missouri State Treasurer Vivek Malek recently visited Hannibal-LaGrange University to discuss the importance of financial planning for higher education through the MOST 529 program.

Malek, Missouri’s 48th treasurer and the first person of color to be elected to statewide office in Missouri history, emphasized his commitment to protecting taxpayer dollars, providing opportunities and promoting the promise of America.

During his visit, Malek shared his personal journey from arriving in the United States in 2001 with just $300 in his pocket to now serving as the highest-ranking Republican Indian American elected official in the country. His story resonated with the audience, illustrating the power of education, hard work and perseverance.

A major focus of the event was Missouri’s MOST 529 Education Plan, which has been in operation for more than 25 years and currently manages 197,000 accounts with more than $4.5 billion in assets. Malek highlighted the flexibility and benefits of the plan, which allows families to save for education-related expenses with tax advantages.

Key features of the MOST 529 plan are:

• Tax Benefits: Contributions to the plan are tax-deductible up to $16,000 per year for married couples and $8,000 for single filers.
• Flexible Use: Funds can be used for K-12 private school tuition, trade schools, apprenticeships, and even rolled over into a Roth IRA after 15 years (up to $35,000).
• No Residency Restrictions: Funds can be used at institutions in any state or even internationally.
• Transferability: If a beneficiary does not use the funds, they can be transferred to a sibling, parent or other family member.

The event concluded with a Q&A session where attendees received detailed insights into how they can maximize the benefits of the MOST 529 plan for their families.

In a press release, President Robert Matz said, “We were delighted to host our state treasurer today. 529 plans are a key element to help offset the cost of college. A degree from Hannibal-LaGrange University is transformative for all of life and is worth the investment.

“The question often arises, is higher education worth the cost? A recent study by Georgetown University indicates that the average person with abachelor’s degree will earn approximately $2.8 million in their lifetime. That is $1.2 million more than the average lifetime income for a high school graduate. And I would also add over $900,000 more for the average person with an associate’s degree or some college or technical school training. So it is very clear that it is worth the cost.”

For more information on Missouri’s MOST 529 Education Plan, visit missourimost.org or contact the treasurer’s office.