Monday, December 13, 2010

Hearing tomorrow on MPACT program

Looks like we are going to have a little hearing tomorrow on the state prepaid-college tuition program. The Clarion-Ledger reported on a rather comical exchange between Cecil Brown, Johnny Stringer, Tate Reeves, and actuary Mike Brister over the issue of Mr. Brister appearing before the committee. The reporter got her facts right in the story although it would have been nice if she included a copy of the report.

The hearing will be tomorrow at 2:00 PM in the House Appropriations room on the Second Floor.

9 comments:

Anonymous said...

MPACT not Impact.

Kingfish said...

yup. thanks.

Anonymous said...

Bugs me that some are interpeting this as a political attack on Reeves. It's no different than the extra attention being paid to PERS, the only other such fund that assumes an 8% return on investment. No one interpreted the scrutiny on PERS as an attack on Reeves, even when he was the Chair of its Board of Trustees.

Questions ought to be asked -- MPACT and PERS are, essentially, government-managed Ponzi schemes. Thousands of people are paying into them for benefits they probably never will see.

Kingfish said...

MPACT has a board as well, as does PERS. As Mr. Reeves said, the fund has well over $200 million in assets and less than $20 million in liabilities. Even with all of the tuition increases over the last few years, the costs have pretty much remained within projections. I pointed this out a few weeks ago because I thought it's being 25% underfunded was worth reporting and wanted to see it talked about now and before the legislature met, not in the middle of a campaign and a bunch of sound bites.

Anonymous said...

Questions ought to be asked -- MPACT and PERS are, essentially, government-managed Ponzi schemes. Thousands of people are paying into them for benefits they probably never will see.

MPACT and PERS are two different programs in all regards. You are an ignoramus.

Anonymous said...

10:43,

I hate that it bugs you, and while this might not be an outright political attack, it does have political implications and those holding the meetings know that. Trust me: Dems and BH are enjoying the press that this is making.

Kingfish said...

What did bother me in the CL story was the headline saying the program was "in doubt". Its not in doubt. If no new payments were made by enrollees into the system it would stay afloat for another fifteen years. The question is what are the best options in dealing with a future liability so the program stays solvent in 15 years.

Anonymous said...

Cecil Brown was always a clown but lately is taking his act to new heights. Thigpen trashed, again, his "charter school" legislation on the radio this morning.

Anonymous said...

So it IS political.

Legislators questioned a $100,000 growth in advertising expenses for the 13-year-old program over three years. Reeves is a regular on local stations advertising MPACT.



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If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

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