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State treasurer warns of possible insolvency for older contracts under MPACT

MGN Online

State Treasurer Lynn Fitch says older contracts under Mississippi's prepaid college tuition program will be insolvent by 2026 unless the Legislature puts more money into the program.

Posted: Mar. 5, 2018 7:32 PM

JACKSON, Miss. (WTVA) - State Treasurer Lynn Fitch says older contracts under Mississippi's prepaid college tuition program will be insolvent by 2026 unless the Legislature puts more money into the program.

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Fitch is referring to the Legacy Program, which covers those enrolled in MPACT, Mississippi's Prepaid Affordable College Tuition program, no later than 2012.

According to Fitch, the Legacy Program is only funded at 69.4 percent with a $135.4 million liability.

She says the MPACT board has made a fifth request for an infusion of cash to prop up the program, but no money has been provided.

In this latest request, more than $13.5 million is being sought.

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