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Parent to college savings plan board: ‘This is not a technical error’

January 31, 2023

An unofficial spokesman for account holders of Maryland 529, the state’s troubled college tuition payment fund, told the agency board Monday that its recent explanation about problems with the program to the Maryland General Assembly fell short of being completely accurate. Brian Savoie, one of more than 30,000 account holders in the Maryland Prepaid College Trust, told the board that errors in their account balances were not merely an “earnings calculation issue,” as described to lawmakers, but the result of a board-approved policy change in June 2021 to pay additional “earnings” to accounts and then a subsequent reversal.

Article Source: Maryland Matters

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