Wednesday, August 6, 2014

MPACT reopening October 1

Treasurer Lynn Fitch issued the following press release:


Today, the Board of Directors for College Savings Mississippi unanimously voted to reopen the Mississippi Prepaid Affordable College Tuition (MPACT) program to new enrollment on

October 1. The new plan will be offered with certain program adjustments aimed at preventing future funding shortfalls for new contracts.

Enrollment in the program was deferred by the Board in 2012 amid concerns that it could not be sustained long term. An independent actuarial audit of MPACT was ordered for the first time. It was aimed at evaluating whether the program was sustainable based on existing pricing, contract terms, and investment and expense assumptions. The pricing structure for new contracts has been analyzed by MPACT’s actuaries and was approved at today’s meeting.

“The Board considered program pricing, plan and payment recommendations very carefully before approving the new structure. The process has taken nearly two years, but it is time well spent,” said Treasurer Lynn Fitch. “MPACT is still a solid college savings tool for families yet these program changes will ensure that the program is cost-neutral for taxpayers.”

The new pricing takes into account future tuition increases, expected rates of return and program risk assumptions. The Board also streamlined certain plans and payment options to simplify the program.

“We know that families have been anxious to take advantage of the opportunity to lock in college tuition with MPACT,” Board member Len Blanton stated. “Now, we can give them that opportunity, and know that we did the right thing by taking these fiscally responsible steps.”

Posted by Kingfish at 4:09 PM

11 comments:

Anonymous said...

Is this only for students to attend schools in Mississippi?

August 6, 2014 at 6:42 PM
Anonymous said...

6:42 no fitch can get your kid into Harvard if you pre pay. Yes it's only for Mississippi schools

August 6, 2014 at 8:43 PM
Anonymous said...

Actually, if your child chooses an out of state school, you will receive payments every semester based on an average of tuition costs of the Mississippi schools. So you do receive money for a student to attend an out of state school.

August 6, 2014 at 9:58 PM
Anonymous said...

Yes, it works out of state. Mine used hers to attend in Arkansas.

August 7, 2014 at 5:20 AM
Anonymous said...

Yes it's only for Mississippi schools

Thanks for putting your ignorance on display.

August 7, 2014 at 7:57 AM
Matt said...

It will be more than double in expense...I wonder if folks will participate? I hope they have a sign up special.

August 7, 2014 at 8:02 AM
Anonymous said...

If you get in when you children are young it is still a deal @ double. If your children will likely attend a Mississippi school even more so.

August 7, 2014 at 8:53 AM
Anonymous said...

It is only a good deal if your children grow up in MS and attend a MS college or university. If the child must move away to another state (due to a divorce, for instance) then want to come back to MS for higher education, they are told they must pay out-of-state tuition. Read the fine print.

August 7, 2014 at 3:54 PM
Anonymous said...

It is only a good deal if your children grow up in MS and attend a MS college or university. If the child must move away to another state (due to a divorce, for instance) then want to come back to MS for higher education, they are told they must pay out-of-state tuition. Read the fine print.

The .005% exception. LAME.

August 7, 2014 at 6:48 PM
Anonymous said...

This is good for ANYONE who has someone that might go to college ANYWHERE. You will get return on the money no matter what you do with the payout.

August 8, 2014 at 12:09 PM
Anonymous said...

The Legislature needs to clip Fitch's wings bigtime - if she wants to keep the new money from being co-mingled with the old money, she is CRAZY. It is all the same program's trust fund money. What if the "new money" started losing investment earnings, does she want the Legislature to fund the deficit? Sounds like some of the same language her candidate for the Senate Chris McDaniel would use - She is the only state-wide official NOT TO ENDORSE Thad for Senate! Looney! Looney! Looney! She took McLooney to home county of Marshall to address the Republican Party! McLooney carried Marshall County by the way! Ask Thad is she endorsed him! Better yet - ask Thad's staff if she helped them! Even her own sister voted for Lee Yancey! Ask Lee and he will tell you!

August 8, 2014 at 9:22 PM

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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.

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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.

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This is definitely a Beaver production.

Note: Security provided by INS.

Trollfest '07

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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!!!

This is definitely a Beaver production.

Note: Security provided by INS.