Treasurer Lynn Fitch announced the suspension of new registrations in the MPACT (Prepaid College Savings Tuition) Program pending the completion of an actuarial audit. The press release is posted below.
Tuesday, September 18, 2012
MPACT Board suspends MPACT registrations
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Trollfest '09
Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.
Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).
Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.
Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".
In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.
In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.
Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.
Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!
This is definitely a Beaver production.
Note: Security provided by INS.
Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).
Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.
Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".
In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.
In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.
Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.
Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!
This is definitely a Beaver production.
Note: Security provided by INS.
Trollfest '07
Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.
There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.
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!!!
This is definitely a Beaver production.
Note: Security provided by INS.
There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.
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!!!
This is definitely a Beaver production.
Note: Security provided by INS.
33 comments:
this smells like Lynn Fitch being a political opportunist
the stock market and bond markets are at historical highs. WHAT HAVE THEY INVESTED IN????????????
But I thought Tate left the MPACT program in great shape??
I believe the question is, What was Tate and his precedessor investing in?
and the Tate haters in 3....2....1..
I was a little nervous buying these things and this is not really helping despite the noted reassurance.
While the people (read: Treasurers) with authority over the money managers certainly didn't put us in the best possible position, they were destined to fail. The problem with MPACT is the same problem with PERS - the state is offering a guaranty on something that is accelerating in cost at a much higher rate than even good returns can match and with an extra layer of cost (bureaucracy). Those in the system love the deal. The taxpayers are left holding the bag.
This is a perfect example of why she didn't need to get elected. Not ready for the big leagues. That's what the word at the Capitol is.
Only good thing about Tater-head is that he is a republican...at least he has that going for him
The word at the Capitol? Please. Lynn Fitch was elected to do a job and she's doing it. She has the courage to tackle what most politicians wouldn't touch with a ten foot pole and you guys think she's being an opportunist? If that's true then there's plenty of opportunity for every politician out there to get state spending under control. Conduct the audit, figure out a way to get MPACT back on solid financial footing without the taxpayers having to foot the bill. Bill Billingsley
3:58 hit the nail on the head. This probably should have been done years ago. You just can't cover 7% +/- tuition increases when your return is 1-2%. The stock market is up now but MPACT is the kind of thing that you want to keep mostly invested in bonds to avoid risk. Yields there are pitiful, but you don't put your principal to any great risk.
Amen Bill....
Bill, have you ever had a conversation with Lynn?
In the interest of full disclosure, my wife and I have been friends with Lynn since our kids became classmates eight years ago. I worked to get her elected against pretty much every establishment Republican in Mississippi. She had her first campaign fundraiser at my house. Yes, I've had a conversation or two with her. BB
Then I guess the answer to if you agree with conventional wisdom that she is in over her head would be...no.
Bill - I just got my mail and it includes a flyer from, of all people, Lynn Fitch encouraging me to invest in (wait for it) MPACT.
Usually we make snarky comments when different people work at cross purposes - "the left hand doesn't know what the right hand is doing", etc. In this case, maybe she's got Multiple Personality Disorder and can blame it on that :-)
5:02, no, I don't think she's in over her head and don't hold much with conventional wisdom, I guess. Conventional wisdom had her third in the primary and then had her losing to Yancey in the runoff. Do you not agree that this action needs to be taken? Frankly, letting MPACT continue toward insolvency would be more of an indicator that she's in over her head. Ten states have already killed similar programs, and the math doesn't work the way it's currently configured. I'm glad she's identified the problem.
5:06, I suspect your flyer was part of a bulk mailing that could have been dropped at the post office a month ago. Although I'm sure they've been discussing MPACT and the need for an audit for awhile now, the left hand/right hand comment is still applicable whenever you're dealing with any bureaucracy. The program is not dead, at least not yet, and her encouragement may still be valid after the audit and restructuring the program probably will get. BB
... figure out a way to get MPACT back on solid financial footing without the taxpayers having to foot the bill.
... [and] it really is very simple. Audit the model, adjust the assumptions and change the MPACT contract prices for alignment with the new financial realities.
Did Reeves drop the MPACT ball? You betcha. He ignored, er, avoided what was happening to MPACT because to make changes to MPACT would be to draw attention to the exponentially MASSIVE problems with the PERS (inclusive) model(s) in advance of his political plans to conquer the state.
Is MPACT a bad idea? Absolutely not. Never was and still isn't.
Why? Because it encourages parents, grandparents, guardians, families, estates, etc to SAVE MONEY IN ADVANCE for college educations where the students (thousands of whom every year will attend Mississippi institutions because of family tradition) will be able to matriculate with the least amount of debt (assuming the students do their part) as possible.
FURTHERMORE, the biggest MPACT bang for the buck is achieved at institutions WITHIN Mississippi. So for all those folks looking to keep our graduates here, in-state, this is one important program that points in the right direction.
The issues with MPACT has never been with the concept. No, they have ALWAYS been issues of political courage and execution.
KUDOS to Lynn Fitch for addressing the problem.
3:53 is right; although Bill that doesn't make you wrong. Back when this program was begun (Marshall Bennett) and since, it has the same problems as PERS. You promise much more than is possible, and the taxpayers have to foot the bill. None of the Treasurers were involved in the development of the program other than Bennett. He, with the legislature, designed it and it was something more for the state to "give" to some taxpayers. Benefits guaranteed, rate of return anticipated over-estimated; result - eventually it will run out of money.
Today isn't its worse, that was in 2002. But with the bond rates at less than 1% and a need to make 8% to be sound there is no reason to think that it shouldn't have problems.
Lynn over her head? Surely you jest. This is just a little MPACT fund. Today on Ramsey she declared herself the "Chief Financial Officer" of the State. Another self-promotion! That title, I believe, belongs to the ED of DFA. Maybe somebody better tell Ms. Fitch what her job does entail. All during the campaign she thought she was in charge of bonds - another function that is in the Governor's office (at DFA).
And just a few days ago, our Treasurer was in Hancock County promising the good folks on the coast that "we are going to make sure that we get rid of all the dead stinking rats" down here. Actually, she wasn't talking about the local politicians, and more accurately she was promising that the state would get rid of the dead nutria. Not sure how that fits under the auspecies of the Treasurer, but I guess she is just like Dilbert and thinks that since she won a statewide office, she has all the responsibilities of all offices!
Why do we even have a Treasurers office? We are paying her to run for another office.
6:02 - don't know what position you hold there in the Treasurer's office, but.......
Your ending comment matches with all the rest of your post. "Kudos to Lynn for "Fixing" the problem?" I don't see where she has fixed anything yet. She has put a "hold" on new enrollments - maybe a good beginning to shut it down. But you don't think it should be shut down. So, what do you suggest she has done to "fix" it? Has she added a few hundred million to the pot to shore it up? That's what Alabama just did: $500 million to fix the shortfall in their fund. Found a way to get the returns up to 8%? If so, she should go into financial advising. Lowered tuition at the colleges? Damn, how can she do this while removing the dead rats on the coast at the same time.
But obviously, you are on the train of trying to gut Reeves while promoting Lynn - trying to tie the PERS problems on Reeves. Sorry to tell you, but Reeves had been on the team calling for reforms in PERS for several years. But that, like MPACT, is a legislative creation and is too generous to the beneficiaries and too costly to the taxpayers.
Stopping the MPACT temporarily is a good start. Let's see if she has the guts to do what should be done - shut it down for good. You want people to save - fine; let them do it. Plenty of opportunities to do so including the MAC program (also sponsored and subsidized by the state.)
But I am glad you posted - you point out what this is all about. A political move by Fitch as her opening round to run for LG next time. Would suggest she read that old tome, The Peter Principle, before she really jumps in.
She is trying to be relevant and the majority of people have no idea who she is.
We are going to need more sand to balance the physical budget.
I'm not a Lynn Fitch fan, but I'll give her credit on this one.
I'm still wondering why Daddy Fitch didn't pick up the tab for her new desk and credenza @ the MSPB .
Political ? You better believe it. A Fitch vs.Tater showdown for Lt. Guv ? That would be funny.
A 37 year old "man-child" sporting a shorter Ceara Sturgis/Justin Bieber hair-do up against a cute , blonde & rich, Ole Miss sorority alum from
Holly Springs ? .... Priceless .
Tate Reeves is an Obama-level fraud. This JJ discussion proves it.
Ask any staffer in the T office. She doesn't have a clue what she is doing.
I hope Fitch runs against Reeves. Hewes (and Phil's friends) spent $3 million against Reeves and won 4 counties. Yep...$750,000 per county.
Fitch can spend $5 million of Daddy's money and win 7 counties. Great investment.
Can't any of y'all dispute with facts whether or not the MPACT shortfall is meritorious?
@Notherthirdhusband
Interesting that you broght dead sea rats to politicians comparison into the thread. You know simone else who thinks that's a funny analogy? That coast crook Wes Teel. Check his Facebook.
9:28pm, you're right about losing to tater now even with daddy's money but are you saying tater is anything?? come on man, you gotta be kidding. right, you're kidding???
Is there a limit on the number of times Billy Hewes can post anonymously?
Stepping away from the I love/hate Tate/Lynn stuff, there were two comments that made a lot of sense to me— the state is offering a guaranty on something that is accelerating in cost at a much higher rate than even good returns can match and with an extra layer of cost (bureaucracy). You just can't cover 7% +/- tuition increases when your return is 1-2%. The stock market is up now but MPACT is the kind of thing that you want to keep mostly invested in bonds to avoid risk. Yields there are pitiful, but you don't put your principal to any great risk
These are good points. Honestly, how could this be fixed, if it can be fixed. You can’t drop the principal in a high risk category but the system can’t support a low return and be viable.
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