P.O. Box 210
Jefferson City, Missouri 65102
TThe State Treasurer is the state’s chief financial officer. The State Treasurer manages Missouri’s $20 billion in annual state revenues, directs its banking services and oversees its $6.5 billion investment portfolio. The State Treasurer safeguards Unclaimed Property that has been turned over by banks, businesses, insurance companies and government agencies, and aggressively tries to locate the owners. The State Treasurer also serves on the management boards of a number of public entities. The State Treasurer is one of six statewide elected officials, and serves a term of four years. A person may only serve as State Treasurer for two terms.
As Missouri’s CFO, the State Treasurer authorizes all payments and balances all accounts. While the State Treasurer’s office is not a bank itself, to protect taxpayers’ money, the State Treasurer maintains a separate accounting system to provide a check and balance on the state accounting system and distribute investment earnings to the proper funds. The State Treasurer contracts with Missouri banks to process the state’s receipts and disbursements, handle money and security transfers, report on the state’s accounts, balances and payment activities and provide related banking services. Bidding for banking services contracts is open to all Missouri banks.
The State Treasurer has an average of $6.5 billion invested daily, earning millions of dollars in interest income each year for Missouri taxpayers. The State Treasurer determines the amount of state funds not needed for current operating expenses, and invests those funds in interest-bearing time deposits in Missouri banks, U.S. Treasury and federal agency securities, repurchase agreements, banker’s acceptances and top-rated commercial paper. Safety is the State Treasurer’s number one priority in the investment of the public’s funds.
The State Treasurer is responsible for Unclaimed Property – Missouri’s Largest Lost and Found. State law requires financial institutions, insurance companies, public agencies and other business entities to turn over assets that belong to a customer, client, employee or other owner if there have been no documented transactions or contact with the owner for five or more years. The State Treasurer currently holds more than $1 billion in unclaimed property and funds for more than 3.5 million account owners. All Unclaimed Property is held in trust forever and can be claimed at any time. To recover Unclaimed Property, claimants must be either the original owner of the property or a legal heir.
The State Treasurer works to increase access to college for Missouri families by chairing the Missouri Higher Education Savings Program Board, which oversees MOST 529. Developed in 1999, MOST 529, administered by the State Treasurer, encourages Missouri families to save for higher education, while taking advantage of significant federal and state tax benefits. Accounts can be opened with as little as $25 or through a $15 payroll deduction. Contributions of up to $8,000 ($16,000 for married couples) annually can be deducted from Missouri income taxes and all earnings are free of federal and state income taxes. Funds from MOST 529 can be used to pay for eligible educational expenses at virtually any two-year or four-year colleges or universities, vocational, technical or professional schools ascross the country as well as K-12 tuition. To open a MOST 529 account, call toll free: (888) 414-MOST or visit www.missourimost.org.
MO ABLE – Tax-Free Savings Plan for Missourians with Disabilities
The State Treasurer administers MO ABLE, a savings plan that empowers Missourians living with disabilities and their families to save and invest through tax-free savings accounts. This savings plan is designed to give individuals with special needs more independence and financial security by providing a flexible, secure, and accessible way to save for their long-term needs. Launched in 2017, MO ABLE allows families to set aside money to use on qualified expenses such as education, healthcare, housing, transportation and more. The funds in MO ABLE Accounts do not affect eligibility for federal programs like Medicaid and Supplemental Security Income (SSI).
MO ABLE functions similarly to Missouri’s MOST 529 Education Plan. Missourians who contribute to MO ABLE Accounts will be eligible for a tax deduction of up to $8,000 or $16,000 if married and filing jointly. Earnings in MO ABLE Accounts are not subject to federal income tax, as long as funds are spent on qualified disability expenses. Account set up and enrollment can be accomplished online free of charge. An initial contribution of at least $50 is required in order to set up an account. Eligible individuals can learn more and sign up for an account at www.moable.com.
Member of the Board
The State Treasurer serves on the governing boards of five large public entities: the Missouri Housing Development Commission, which uses resources to provide quality affordable housing for Missourians; the Missouri State Employees’ Retirement System, which manages retirement funds for more than 56,000 state employees and retirees; the Board of Fund Commissioners, which issues, redeems and cancels state general obligation bonds and other debt; the Missouri Higher Education Savings Program Board, which oversees MOST – Missouri’s 529 College Savings Plan; and the Missouri Achieving a Better Life Experience Program Board, which oversees MO ABLE. The State Treasurer also serves on the Missouri Cultural Trust Board and the State Historical Society of Missouri.