tag:blogger.com,1999:blog-2447438783001404385.post8310771357757101026..comments2024-03-29T07:14:01.795-05:00Comments on Jackson Jambalaya: Fitch: MPACT-Legacy has $12.6 million shortfallKingfishhttp://www.blogger.com/profile/06184990110961727404noreply@blogger.comBlogger28125tag:blogger.com,1999:blog-2447438783001404385.post-53530909937849718352017-03-03T18:08:58.269-06:002017-03-03T18:08:58.269-06:006:53 - nobody is talking about not honoring your c...6:53 - nobody is talking about not honoring your contract. Take a pill and relax. Or if you are not into pills, down another drink. Whatever it is that makes you take off like this early in the morning. <br /><br />The conversation is whether the program should continue. With returns on investment being as small as they are, compared to what was anticipated, this ponzi scheme doesn't work. And the taxpayers should not continue the deal. Pay the contracts as they come due. Shut it down for any new entrants. <br /><br />Won't happen because then the legislature would have to step up and appropriate money NOW to honor the contracts, rather than depend on new entrants paying for the old ones. Same as the crap that the feds do with Social Security. Same as the state does with PERS. And they are all failing for the same reason. <br /><br />Pay off 6:53 so he can sober up and relax. Shut down the program; pay up for the past mistake, and move on.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-26300041218099188632017-03-03T13:45:41.049-06:002017-03-03T13:45:41.049-06:00@ 11:48am
Yep and that's when it was the Dem...@ 11:48am <br /><br />Yep and that's when it was the Democrat a.k.a Dixie-crat Party. Duh! Plain ol' Catfishnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-3620455404729552912017-03-03T13:14:49.448-06:002017-03-03T13:14:49.448-06:00@ 6:53, I'd like to see enrollment in the prog...@ 6:53, I'd like to see enrollment in the program ceased. However, MS made a contract with you and your children and should honor it. The shortfall isn't so dire as to require haircuts to contract holders. "Thankfully" we don't have enough kids planning for college to make it unberable. However, it is being underwritten by the taxpayers and the hole will continue to get deeper. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-39113832568604888382017-03-03T11:48:53.155-06:002017-03-03T11:48:53.155-06:00Same people who work overtime to draw attention to...Same people who work overtime to draw attention to Democrat party switching are the same people who reflexively deny that William Winter once ran for Governor as a full-blown segregationist.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-90105067571668662272017-03-03T11:36:00.198-06:002017-03-03T11:36:00.198-06:006:53.....The pension recipients in Detroit had a c...6:53.....The pension recipients in Detroit had a contract too and you see how that wentAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-23176142569044982232017-03-03T09:22:49.370-06:002017-03-03T09:22:49.370-06:00@ 8:25am
You knocked it out of the park when you...@ 8:25am <br /><br />You knocked it out of the park when you said, "My question is how many years does the GOP have to be in control before anything that goes wrong is there responsibility?" <br /><br />Its actually been more like "conservative" fiscal policy's for the last 40 years. Many of those Democrats (Dixie-crats) that ran the state legislature in 70's, 80's and 90's began switching over to the Republican party around the late 90's. With 2016 being the culmination of the migration to the Mississippi GOP. <br /><br />This upward corporate welfare is not gonna cut it in a state like Mississippi. <br /><br /><br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-70614502309737584332017-03-03T08:48:01.888-06:002017-03-03T08:48:01.888-06:008,000 a semester at state
8,000 a semester at ole ...8,000 a semester at state<br />8,000 a semester at ole miss<br />3000 a semester at hindsAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-61505737026492350612017-03-03T08:25:55.975-06:002017-03-03T08:25:55.975-06:00I agree Hood probably won't win 6:53am.
MS wil...I agree Hood probably won't win 6:53am.<br />MS will be pretty much in total GOP control at the State, Federal and Judicial level.<br />My question is how many years does the GOP have to be in control before anything that goes wrong is there responsibility? 8 years obviously isn't enough at the Federal or State levels to get credit if things improve or blame if they went sour, so what is the time frame that will cause people to give up party propaganda?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-85472471166611335532017-03-03T06:53:19.517-06:002017-03-03T06:53:19.517-06:00I say make up the shortfall. My kids have paid up ...I say make up the shortfall. My kids have paid up MPACT contracts and are just moving on through school on a college prep path. It was a good investment on my part 11 years ago. At the time, I did my part... paid the obligated monies (I'm not an economist or actuary or anything of the sort) as was spelled out in the CONTRACT I signed. In the future I will expect the program to do its part by paying out the obligated monies as spelled out in the CONTRACT they signed. You can't go back and abandon or alter something like that down the road. Did I mention I have a CONTRACT?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-29011180842354581822017-03-02T21:30:09.894-06:002017-03-02T21:30:09.894-06:00Jim Hood will not win.Jim Hood will not win.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-52132362662786329712017-03-02T21:00:05.777-06:002017-03-02T21:00:05.777-06:00Tate did about as much for MPACT as he did for the...Tate did about as much for MPACT as he did for the bank when he was a teller prior to running for state office.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-8339685974196749672017-03-02T18:35:28.018-06:002017-03-02T18:35:28.018-06:00Can we see how much people REALLY pay to attend Ol...Can we see how much people REALLY pay to attend Ole Miss, State,Hinds??? One gets a scholarship for playing in the marching band at all of these places (and all the other state universities and community colleges), and at Hinds its equal to a full ride<br /><br />the schools have to see that they can't scholarship to death and just keep increasing enrollment to have more cash flow. it used to be an honor to receive a scholarship. now students feel entitled to have one<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-72982063483803876892017-03-02T17:18:54.709-06:002017-03-02T17:18:54.709-06:00Legislature - Please shut this ponzi scheme down a...Legislature - Please shut this ponzi scheme down and preserve what little dignity we have left. Please, we beg you. Sincerely, Mississippi citizen.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-43665081930902353142017-03-02T14:52:28.653-06:002017-03-02T14:52:28.653-06:00@ 11:33, that would be the case if Ms. Fitch had a...@ 11:33, that would be the case if Ms. Fitch had advocated closing out the program and ending the hole digging. But she didn't have the courage to do that. Instead, she had it re-priced. She is claiming that her re-priced model is exceeding assumptions. That's fantastic. Over one of the best Bull Markets of the past century, she has managed to exceed assumptions. The Bear Market is when we will know if her plan is priced in a revenue-neutral way or if she merely made the hole in the boat smaller. <br />Marshall Bennett started this and Tate Reeves was complicit in it's perpetuation. Ms. Fitch is continuing the grand legacy of her predecessors. The tax payers are the ones that will be on the hook. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-47352602368171955212017-03-02T14:34:02.079-06:002017-03-02T14:34:02.079-06:00100% @1:43!100% @1:43!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-67307118136910781012017-03-02T14:32:13.407-06:002017-03-02T14:32:13.407-06:00Just a quick clarification, Mississippi is one of ...Just a quick clarification, Mississippi is one of four that are backed by the full faith and credit of the state. There are a bunch of plans. I have two fully paid MPACT plans, one about to be used. My daughter's plan is going to come due just about the time for projected insolvency. Good times!Mr. 2-Bitshttps://www.blogger.com/profile/04270831847610408625noreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-44078076610376661572017-03-02T14:22:50.142-06:002017-03-02T14:22:50.142-06:00The legacy MPACT program was hurt by the same unre...The legacy MPACT program was hurt by the same unrealistic (bordering on irrational) assumptions for annual returns that still plagues PERS today. Fitch rightfully fixed MPACT. Reeves, for all his financial acumen, did NOTHING to right the ship for 8 long years while at the very same time using MPACT/MACS/CollegeSavingsMS as a state paid advertising slush fund to augur his name recognition in advance of his running for LtGov.<br /><br />Reeves deserves kudos for playing hardball with the state budget as LtGov but he doesn't get a pass for watching MPACT flounder while Treasurer. That is why he should be leading the charge to fix PERS NOW.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-88843315110233667762017-03-02T14:05:09.302-06:002017-03-02T14:05:09.302-06:001:43. Questions:
Who created the MPACT program?
...1:43. Questions:<br /><br />Who created the MPACT program?<br /><br />Who championed it to the legislature (leadership was who?)?<br /><br />Who established the guidelines - what has to be paid in, what they get in return?<br /><br />I understand that once a program is established by the legislature and the act signed by the governor, the head of an agency or the elected official in who's office it is placed is to try to run the program to the best of their ability unless and until the legislature puts a stop to it. The legislature created this in the boom times of the 90's - you remember, the dot.com bubble. Everything was great, we're all making money but nobody paid attention to the fact that it was Monopoly money. <br /><br />I don't remember praising Lt. Governor Reeves or Ms. Fitch. But I do note that just as with PERS the legislature is not willing to acknowledge that 7% ROI is not possible in today's market, so they keep sticking their heads in the sand and pretending like Jimmy Carter's 13% inflation will come back and save their hides. Never mind that it would kill the rest of the economy, its their only salvation in these ponzi schemes.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-28335938222344949192017-03-02T13:49:40.513-06:002017-03-02T13:49:40.513-06:00Here's where the rubber meets the road -- In N...Here's where the rubber meets the road -- In November 2012 Ms Fitch told the Senate Finance committee the treasury "wasn't aware MPACT needed to maintain a return on its investments of 7.8% but only yielded 0.6% last year (2011)". The average return for 15 years, she said, has been about 4.3%." This was reported in the Clarion-Ledger. She also said the cost of college education was rising and adding pressure to the fund. She also noted Mississippi has only one of four prepaid tuition programs in the nation and that one, Alabama, has closed enrollment and is tied up in a lawsuit. This looming disaster has lone roots backed by the full faith and credit of the state, for whatever that is worth. Like 12:58 said -- it was oversold and this dog ain't gonna hunt. But regardless my grandchildren are gonna go to college with it, thank you taxpayers! <br />Happy MPACT ownernoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-17825386317198353052017-03-02T13:43:46.125-06:002017-03-02T13:43:46.125-06:0012:58 - that's a golden oldie to blame Marshal...12:58 - that's a golden oldie to blame Marshall Bennett - our current Lt. Governor championed and personally advertised this poorly planned program while he was state treasurer, then defended it when Lynn Fitch told us it was underfunded, insolvent, after he ascended to his latest position - this deficit should be laid directly at the Lt. Governor's feet.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-25974736999844355732017-03-02T12:58:07.739-06:002017-03-02T12:58:07.739-06:00This is Marshal Bennet's fault - he sold this ...This is Marshal Bennet's fault - he sold this bill of goods to the legislature in the late 90's. Tater and Ms Fitch, or whichever name she is using now as a last moniker inherited a dog that aint gonna hunt. Legislature liked it because it gave something else away, sounded good to those that controlled the legislature back then. But just like the PERS issues, it was oversold and underfunded and the legislature isn't willing to deal with the problem. Not then, not now.<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-10333294755916673822017-03-02T11:33:10.458-06:002017-03-02T11:33:10.458-06:00Don't know Lynn, didn't vote for Lynn but ...Don't know Lynn, didn't vote for Lynn but looks to me all she is doing or has done is saying "this dog ain't gonna hunt" as structured. Looks like the folks that set it up miscalcuted a bit. Kinda like the folks that bought a house with a big ballon payment that. Would be covered by appreciation only it went down not up.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-56235129964914493252017-03-02T11:32:49.247-06:002017-03-02T11:32:49.247-06:00There appears to be a shortfall in every part of s...<br /><br />There appears to be a shortfall in every part of state government---maybe we need to punt and start over. <br /><br />Ms. Fitch is spending to much promoting Lynn Fitch--television, magazines, news papers, etc.---who is paying for that ?????????<br /><br />I'm afraid the State is going to end up just like Jackson---BROKE.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-62475104738300453902017-03-02T11:15:22.524-06:002017-03-02T11:15:22.524-06:00Right....The person we need to resurrect and put i...Right....The person we need to resurrect and put in charge of these programs is Jere Nash. He knew his way around. Andy Taggart will vouch for him. Harken A Name Of Old..noreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-75442700802308888212017-03-02T11:10:09.863-06:002017-03-02T11:10:09.863-06:00Tate Reeves dropped the ball on MPACT big time.Tate Reeves dropped the ball on MPACT big time.Anonymousnoreply@blogger.com