UPDATE: Missouri treasurer says state college savings plan gets cheaper

Tuesday, February 8, 2011 | 6:45 a.m. CST; updated 7:04 p.m. CST, Tuesday, February 8, 2011

KANSAS CITY — Missouri Treasurer Clint Zweifel says a new deal for administration of the state's 529 college savings plan will save investors $18.5 million over five years.

Zweifel says a 44 percent decrease in administrative costs is the biggest drop ever for the 12-year-old college savings plan. He says the plan has the fifth-lowest cost in the nation.

The five-year management deal with Upromise Investments also includes a $500,000 financial assistance package, though details of who will be eligible have not been worked out.

A spokesman for Zweifel says investors in the MOST 529 plan will save about $25 in administrative fees per year for every $10,000 they have in their account.

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