General Organization

PURPOSE: This regulation provides the public with a description of the Missouri Higher Education Savings Program Board’s operations and the methods and procedures where the public may obtain information. This rule is adopted to fulfill the statutory requirement of section 536.023(3), RSMo. (1) House Bill No. 959, 2nd Regular Session, 92nd General Assembly (2004), as amended by Senate Bill No. 882, 2nd Regular Session, 99th General Assembly (2018), as amended by House Bill No. 297, 1st Regular Session, 101st General Assembly (effective August 28, 2021), codified at sections 166.400 through 166.456, RSMo, creates the Missouri Education Program (the program), to be administered by the Missouri Education Program Board (the board). The board consists of the state treasurer (who serves as chairman), the commissioner of the state Department of Higher Education, the commissioner of education, the commissioner of the state Office of Administration, the director of the state Department of Economic Development, two (2) persons having demonstrable experience and knowledge in the areas of finance or the investment and management of public funds, one (1) of whom will be selected by the president pro tem of the state Senate and the other selected by the speaker of the state House of Representatives, and one (1) person having demonstrable experience and knowledge in the area of banking or deposit rate determination and placement of certificates of deposit or other deposit investments, to be appointed by the governor with the advice and consent of the senate. The board’s primary purpose is to administer the program and the board possesses all powers necessary to carry out and effectuate the purposes, objectives, and provisions of the statute. (2) The program is designed to promote access to education by providing individuals with a convenient method to fund the increasingly expensive cost of education. By allowing participants to make current contributions for designated beneficiaries and by investing these contributions with the goal of achieving a rate of return that reflects increases in educational costs, the program is intended to provide designated beneficiaries with funds needed for the costs of their education. Within limits set by state and federal law, contributions to a savings account pursuant to the program are deductible from the contributor’s state income tax, and income earned or received from the program by a contributor or beneficiary are not subject to state income tax. (3) Pursuant to the statute, the board has selected and approved a program manager to administer the program. The program manager manages the day-to-day operation of the program. (4) The public may obtain information or make submissions or requests to the State Treasurer’s Office, P.O. Box 210, Jefferson City, MO 65102, (573) 751-2411. AUTHORITY: section 166.415, RSMo Supp. 2021, and section 536.023, RSMo 2016.* Original rule filed Aug. 30, 1999, effective Feb. 29, 2000. Amended: Filed June 13, 2019, effective Nov. 30, 2019. Amended: Filed Oct. 4, 2021, effective March 30, 2022. *Original authority: 166.415, RSMo 1998, amended 1999, 2002, 2004, 2012, 2018, 2021, and 536.023, RSMo 1975, amended 1976, 1997, 2004.