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.”

11 comments:

Anonymous said...

Is this only for students to attend schools in Mississippi?

Anonymous said...

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

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.

Anonymous said...

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

Anonymous said...

Yes it's only for Mississippi schools

Thanks for putting your ignorance on display.

Matt said...

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

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.

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.

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.

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.

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!



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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.

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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.


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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.

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