Missouri State Treasurer Vivek Malek met with Osage County elected officials on Feb. 4 during a brief stop while traveling through the region. Malek, who said the visit had no formal agenda, described the stop as an opportunity to connect with local leaders and discuss priorities within the State Treasurer’s Office.

During the conversation, Malek outlined several legislative efforts, including a proposed constitutional change that would allow the state to expand how it invests public funds. Currently limited largely to U.S. Treasury bonds, repurchase agreements, and commercial paper under provisions dating back to 1945, Missouri’s approximately $16 billion portfolio earns less than 3%, he said, compared to pension funds that often generate 6-7% through broader, highly-rated investments such as municipal bonds, corporate notes, and certain mutual funds.

Malek also discussed a proposed foreign remittance measure that would require individuals sending money overseas to verify lawful status, similar to documentation required to obtain a Missouri driver’s license. He noted the proposal has drawn opposition from remittance companies, but characterized the process as straightforward for residents already holding state identification.

Another topic was the Missouri MOST 529 college savings program, which allows families to contribute funds for qualified educational expenses while receiving up to a $16,000 state tax deduction and federal tax-free growth. Malek said his office is working to close a loophole that currently allows taxpayers to claim the deduction even when investing in another state’s 529 plan, emphasizing that the benefit should apply only to Missouri’s program.

County officials asked about unclaimed property funds, prompting Malek to note the office has distributed more money than any previous administration, with $57 million returned last year compared to a prior high of $42 million. He encouraged local entities to search the state’s database, adding that some county departments may already have funds available to claim.