Office of the State Treasurer

Eric Schmitt,
State Treasurer

Capitol Building, Room 229
P.O. Box 210
Jefferson City, Missouri 65102
573/751-2411
treasurer.mo.gov

The 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 $3.5 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.

Banking Services

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.

Investments

The State Treasurer has an average of $3.5 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.

Unclaimed Property

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 $600 million 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.

MOST – Missouri’s 529 College Savings Plan

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, sponsored 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 college or university, vocational, technical or professional school in the country.

Member of the Board

The State Treasurer serves on the governing boards of four 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; and the Missouri Higher Education Savings Program Board, which oversees MOST – Missouri’s 529 College Savings Plan. The State Treasurer also serves on the Missouri Cultural Trust Board.