Sound Off: Head on MPACT - MSNewsNow.com - Jackson, MS

Sound Off: Head on MPACT

JACKSON, MS (Mississippi News Now) -

Lynn Fitch, State Treasurer for Mississippi, is freezing enrollment in MPACT, the state's college savings program. 

People who enroll and deposit their savings in an MPACT account get two advantages; they don't pay taxes on the savings and they can lock in the cost of up to five years of college tuition. 

The problem with the MPACT College Savings Plan it is based on a 7.8% annual rate of return and didn't take into account the dramatic increases in college tuitions. 

7.8% was almost a sure rate of return fifteen years ago, but in the last ten years the MPACT investments have not come near a 7.8% rate of return. 

The MPACT program is $94 million dollars in the hole that the state has guaranteed to the thousands who are currently enrolled. 

Lynn Fitch made the right and courageous decision to look at how to restructure the program not just to kick the can down the road and let it be someone else's problem. More of our leaders need to follow her lead.

Copyright 2012 WLBT. All rights reserved.

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