Mo. State Treasurer Fitzpatrick Recognizes 529 Day

JEFFERSON CITY, Missouri, May 30 -- Missouri State Treasurer Scott Fitzpatrick issued the following news release:

Missouri State Treasurer Scott Fitzpatrick recognized National 529 Day, commonly celebrated on May 29 (5/29). The day is used to raise awareness about 529 plans and the importance of saving for education.

"The Federal Reserve reports that 60% of young people pursuing Bachelor's Degrees will take out debt to pay for it--that's double the rate 30 years ago. These numbers are alarming," Treasurer Fitzpatrick said. "Here in Missouri, the MOST 529 Education Plan is a versatile, tax advantaged, savings and investment tool for education. The tax advantages mean a dollar saved in a MOST 529 account can be worth far more when it is used for qualified expenses--whether you save for years or months."

In February, Treasurer Fitzpatrick launched the MO Money Sweepstakes which is giving away $100,000 in MOST 529 contributions. 50 scholarships will be awarded--including 15 $5,029 scholarships. The final drawing will be on June 4.

Missourians can enter online at mostsweeps.com. No purchase is necessary. Participants must be at least 18 years and a Missouri resident to enter and win the sweepstakes.

MOST, Missouri's 529 Education Plan, is a tax-advantaged savings plan for education expenses. Money in MOST accounts can be used to pay for K-12 tuition and trade, college, and graduate school tuition and expenses. Contributions are eligible for state tax deductions, which can save families up to $864 a year, and assets in MOST 529 accounts grow tax free.