A top executive of Maryland 529, the state’s college savings plan, remains in charge of the program despite controversy.
A top executive of Maryland 529, the state’s college savings plan, remains in charge of the program despite controversy. The executive’s continued leadership of the program comes after a program transfer from the state treasurer’s office to the Maryland Department of Commerce.
The executive, who has not been named publicly, has been accused of mismanaging the program and making questionable financial decisions. Despite these allegations, the executive has not been removed from his position and continues to oversee the program.
The transfer of the program from the state treasurer’s office to the Maryland Department of Commerce was intended to improve oversight and accountability of the program. However, some critics have raised concerns that the transfer could lead to further program mismanagement.
HAPPENING NOW: Parents voices will finally be heard after their state college funds were frozen last Spring. They’ll be speaking about the Maryland 529 interest calculation error in front of lawmakers.
— Rebecca Pryor (@RebeccaPryorTV) January 19, 2023
Because the situation has them seeing red, they showed up wearing red today. pic.twitter.com/VWgjA5F7Qb
The Maryland 529 program is designed to help families save for college by offering tax-advantaged savings accounts. The program has been a popular option for Maryland residents, with over 400,000 accounts and over $10 billion in assets.
The controversy surrounding the program has raised questions about the state’s ability to manage and protect the interests of Maryland families effectively. Some lawmakers have called for increased oversight and accountability of the program, while others have called for the executive to be removed from his position.
Despite these calls for action, the executive remains in charge of the program, and it is unclear what steps will be taken to address the allegations of mismanagement. The situation has left many Maryland families concerned about the future of the program and the safety of their college savings.
The Maryland Department of Commerce has stated that it is committed to managing the program effectively and efficiently. The department has also stated that it will improve the program’s transparency and accountability to restore public trust.
However, it remains to be seen whether these efforts will be enough to address the concerns of Maryland families and restore confidence in the program. The controversy surrounding the program will likely continue until decisive action is taken to address the allegations of mismanagement and improve oversight of the program.
