Aiming to fix Maryland 529 college savings plan errors, state senators discuss proposed work group

Months after parents first began agitating for legislative action, a Maryland State Senate committee is considering a work group to address ongoing problems with a state education financing agency and held a hearing to discuss related legislation, one day after the state treasurer said he would support efforts to bring the agency under the control of his office. Parents with accounts in the Maryland Prepaid College Trust have accused its parent agency, Maryland 529, of withholding access to interest earnings and reneging on a contract clause entitling them to a 6% compounded monthly interest rate for accounts opened before Nov. 1, 2021.