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Treasurer: Tuition plan nearly 100 percent funded

October 22, 2012
The Inter-Mountain

State Treasurer John Perdue said the West Virginia Prepaid Tuition Plan is positioned to honor all college tuition contracts it maintains with those who have invested in their children's education.

The Prepaid Tuition Plan, the forerunner of the SMART529 college savings plan, is 98.8 percent funded, according to latest actuarial figures. That figure includes a yearly infusion from an unclaimed property escrow account. A total of 6,063 prepaid tuition plans are active.

This means that its assets of $95.4 million would cover nearly all required future tuition and fees expected to be paid for active accounts. All figures are as of June 30.

The state Legislature gave Treasurer Perdue permission to use unclaimed property funds to help fill any funding gaps. The money does not jeopardize unclaimed property liabilities. Some accounts will likely never be returned due to the difficulty of finding owners and how long the accounts have been on the books.

"Parents who invested in our prepaid tuition plan received a good deal," Treasurer Perdue said. "And we continue to make sure they get a good deal by monitoring the plan and its purpose."

 
 

 

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