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Maryland treasurer asks for patience, staffing and budget, in fixing beleaguered college savings plan

March 25th, 2023 by WCBC Radio

Maryland Treasurer Dereck Davis told a House Committee he is committed to revamping the state’s troubled college savings plan. The fix, which includes ending the prepaid college fund, likely will require additional manpower and technology upgrades. The state’s prepaid college trust program will ultimately be revamped. Two bills — Senate Bill 959 and House Bill 1290 — would transfer responsibility for the Maryland 529 college tuition program to the State Treasurer’s office. The bills would end a prepaid college plan. The legislation also end the board that oversees the plan and move oversight into the Office of the State Treasurer. The bill also sets up a panel to investigate how the program ultimately failed.