529 Education Savings Plans
If you have children, you might be asking yourself how will you save enough money for their education? 529 savings accounts can help
If you have children, you might be asking yourself how will you save enough money for their education? 529 savings accounts can help. A 529 account is an investment account designed to help families save for education. Most states sponsor their own type of 529 plan, often with special benefits for state residents. This means that to learn how a 529 plan can best help you, you’ll want to check with either your professional tax preparer or someone who works within your state program. Since the majority of LSS staff live or work in either Missouri or Illinois, this section of the LSS Benefits Website contains information only on these two states. Continue reading below to learn a little bit about each state’s program and access links to educational materials and ways to contact their office to learn more and enroll.
Once you’ve enrolled in a state program and opened your account, you can then have money from your LSS paychecks deposited directly into your 529 savings account! For help setting up direct deposit to make contributions to your 529 savings account, please review the Workday job aide here: Pay - Add an Account to Your Direct Deposit.pdf.
For information on Missouri’s plan and Illinois’ plan, please continue reading below.
Missouri’s 529 Plan
Phone Number: 888-414-6678
Missouri’s state-sponsored plan is called “MOST”. Their website is https://www.missourimost.org/ and you can call their office at 888-414-MOST (888-414-6678). The 529 benefits offered through Missouri are robust and you can leverage these accounts to save for tuition at the following types of educational institutions: 2- or 4-year colleges and universities, trade and vocational schools, K-12 public, private, and religious schools, graduate schools, continuing education courses, and registered apprenticeships. In addition, you can even save for these additional expenses: books and supplies, room and board, fees, computers, internet access, and student loan repayment.
For more information, please review the overview handout here as well as watch this video here: MOST 529 - You give them the MOST you can - YouTube. To enroll and set up your account, visit https://www.missourimost.org/ or call 888-414-6678 today.
Illinois’ 529 Plan
Phone Number: 877-732-7444
Illinois’ state-sponsored plan is called “Bright Start”. Their website is https://www.brightstart.com/ and contains information to help you get started. The 529 benefits offered through Illinois can be leveraged to save for tuition at the following types of educational institutions: public and private universities, community colleges, trade and vocational schools, and graduate school programs. In addition, you can even save for these additional expenses: books and supplies, room and board, fees, computers and required software, and student loan repayment.
For more information, please review the overview handout here. To enroll and set up your account, visit https://www.brightstart.com/ or call 877-732-7444 today.