Treasurer Fitch: Prepaid tuition program won’t reopen until 2014
by Associated Press
Published: June 19,2013
JACKSON — Mississippi Treasurer Lynn Fitch says it now appears that sometime in 2014 will be the earliest that the Mississippi Prepaid Affordable College Tuition plan will reopen for additional enrollments.
Like most investors, the plan had an excellent first quarter in the stock market. That could cut its projected shortfall. But the board that runs the plan voted Wednesday to trim its assumption about how much money the fund will make on future investments. Under accounting rules, that will drive up the amount of the shortfall.
The board, at Fitch’s request, did not sell new contracts during last fall’s enrollment period. Under the plan, contracts cover future college costs, with money invested for when students enroll.
A year ago, the fund was more than $80 million short of future tuition needs.
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