Treasurer Fitch: Prepaid tuition program won’t reopen until 2014
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.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Deal for Jackson-Orlando flights in works with Allegiant
- Baseball stadium for Farish Street? It’s possible
- Explosion at Coast fish plant leaves one dead, three injured
- State GOP chairman calls on McDaniel to hurry with challenge
- Guns OK inside Mississippi polling places, attorney general says
- McCarthy hired as CFO of Mississippi Development Authority
- Former Gov. Musgrove pushing lawsuit to school districts
- White House hotel making comeback in Biloxi
- 'Get on Up' movie opens in Madison with Chadwick Boseman and Tate Taylor walking the red carpet
- Former state lawmaker Green dies at home at age 62