Thu, Nov 26 2009
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College-savings plan receives high marks Dee Kanakis said she chose the MOST plan for its state tax benefits.
“For Missouri taxpayers, it’s a nice tax deduction,” she said. “It’s a way to do something for our granddaughter and have a tax benefit on our end.” Russ Alcorn, a financial adviser for Edward Jones, agrees with Money’s assessment. He has directed several of his clients to the MOST program. “If parents want the money to be used for a college education, then a 529 is the best,” Alcorn said. “All of them have tax-deferred growth ... but Missouri’s program can get taxpayers that extra deduction.” The high rankings come after the Missouri program was revamped last year to offer more choices and better-performing funds. The program is managed by Upromise Investments, which is affiliated with Vanguard and American Century Investments. Since the changes, Steelman said, participation has increased about 15 percent. More than 80,000 accounts, with more than $1 billion in assets, have been started by parents. Though Money gave MOST high marks, it also expressed concerns because of fees that are assessed when a fund is started through an adviser or broker. Steelman said reductions in brokers’ fees are coming. The program will have lower fees next quarter. She also said MOST is not using any of its funds to market itself. Legacy Missouri Treasurer Sarah Steelman said the Missouri General Assembly could do more to help parents save for college. The Legacy Initiative, sponsored by Sen. Gary Nodler, R-Joplin, would have established a fund so parents with lower incomes could receive $500 to start a MOST account. That bill died the last day of the session. “I would love for the Legislature to pass that initiative next year,” Steelman said. “It would encourage more lower-income parents to start saving for their children. It would help kids find a way to college that might not otherwise have the chance.” 
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