The heads of Maryland's Senate Budget Committee and House Appropriations Committee say they will hold hearings to get to the root of why Maryland Prepaid College Trust is barring accountholders from accessing all of their money.
Maryland lawmakers will soon hold hearings on account-calculation problems in the Maryland Prepaid College Trust that has left hundreds of familiesMeanwhile, state auditors plan to delve into the account freeze, as well as study whether Maryland 529 has addressed management problems identified in 2019 as part of a planned review.
Guzzone said he spoke with Anthony Savia, executive director of the Maryland Prepaid College Trust and the College Investment Plan, a few weeks ago about the calculation glitch and felt confident he is doing everything to resolve the matter. Guzzone said Savia explained that it took several hours to recalculate each account, a process that makes a quick resolution challenging.
“It is not a glitch per se, but is an issue with properly setting up the different earnings calculations to apply properly to different balances and different contributions,” she said. After the respective resignation and firing of the agency’s chief executive and chief financial officer in May 2015, the Maryland State Treasurer’s Office discovered unopened and undelivered mail in the former CFO’s office. Around the same time, personnel at Maryland 529 found 187 boxes of documents, some dating back a decade, that included unpaid invoices, undeposited checks and unprocessed refund requests.staff also found $4.
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