Ahead of board meeting, Maryland 529 director details accounting issues in memo to lawmakers

The director of Maryland 529, which runs the state’s troubled college tuition savings program, offered new details late last week about the agency’s flawed new recordkeeping system in the wake of angry account holders descending on Annapolis to complain of the trust and its administrators. Executive Director Anthony P. Savia also offered a seven-page memo in response to questions members of the House Appropriations and Ways and Means Committees volleyed his way at a Jan. 19 hearing. The memo includes a timeline and history detailing the problems plaguing the Maryland Prepaid College Trust, one of Maryland 529’s two college tuition plans.