Chamber connects with Missouri Treasurer Vivek Malek

Photo courtesy of Missouri State Treasurer Office

The Springfield Area Chamber of Commerce recently welcomed Missouri Treasurer Vivek Malek for a roundtable discussion with Chamber leadership and volunteer leaders, providing an opportunity to learn more about state programs that support Missouri businesses, employees and families. 

Creating opportunities for direct engagement with elected officials is an important part of the Chamber's advocacy efforts. These conversations help business leaders build relationships with state decision-makers, share perspectives on issues affecting employers and better understand the resources available to support business growth and economic opportunity. 

During the discussion, Malek highlighted several programs administered through his office that offer valuable resources for Missouri employers and their employees:

• MOST 529 Education Savings Plan: A tax-advantaged savings program that helps families prepare for future education expenses, including college, technical training and apprenticeships. Employers can share this resource with employees as part of their financial wellness efforts and help support long-term workforce development. 

• MO ABLE: A savings and investment program that allows eligible individuals with disabilities to save for qualified expenses without jeopardizing certain public benefits. Employers can help connect employees and their families with this resource, supporting financial independence and workplace inclusion. 

• MO BUCK$: A linked-deposit program that helps eligible Missouri small businesses, farmers and other qualifying borrowers access reduced-interest loans through participating lenders. By lowering borrowing costs, the program can help businesses invest in equipment, expand operations and create jobs. 
  
  • Program Update – Malek shared that participating lenders should anticipate participating in a new training program, rolled out by the Treasurer’s office, as a prerequisite to any submitted applications. Those applying should also no longer be able to submit uncompleted applications.  

• Unclaimed Property: The treasurer's office works to reunite individuals and businesses with unclaimed financial assets, including uncashed checks, dormant accounts and other funds. Employers can search for unclaimed property belonging to their businesses and encourage employees to do the same through ShowMeMoney.com. 

Looking Ahead: Show-Me My Retirement Savings Plan 

Malek also discussed the Show-Me My Retirement Savings Plan, a program established by the Missouri General Assembly in 2023 to expand access to retirement savings opportunities for employees of small businesses. 

The program, which is currently being developed, would allow eligible Missouri businesses with 50 or fewer employees, as well as certain self-employed individuals, to participate voluntarily in a pooled, multiple-employer retirement plan.  

By allowing employers to participate in a shared retirement savings structure, the program is intended to reduce administrative burdens and costs that can make traditional retirement benefits difficult for smaller businesses to offer. Employers would also have the option to contribute to employees' accounts. 

Once available, the program could provide another tool for small businesses seeking to strengthen employee benefits, attract and retain talent and support their workforce's long-term financial security. The Chamber will share more information on how to access this opportunity once program details are finalized.  

The Chamber appreciates Malek's engagement with southwest Missouri’s business community and sharing resources that can benefit employers across the region. Continuing to foster these relationships helps ensure the voice of business is heard in Jefferson City while connecting Chamber members with opportunities to grow and succeed.