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Mississippi State Treasurer David McRae Mississippi State Treasurer David McRae


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Treasurer Fitch to Discuss College Savings Plans, ABLE Act, Financial Literacy with MS Delegation

Mississippi State Treasurer Lynn Fitch is meeting with the state’s Congressional leaders in Washington, D.C. this week to discuss pending federal legislation that bears on Mississippi’s 529 college savings plans MACS and MPACT, as well as the Achieving a Better Life Experience Act, or ABLE Act, and financial literacy. Among other appointments in Washington, Treasurer Fitch has meetings scheduled with the offices of Senators Thad Cochran and Roger Wicker.

“Following President Obama’s failed attempt to tax the middle class through 529 college savings plans, I look forward to speaking with our Senators about H.R.529 and the companion bill introduced in the Senate,” Treasurer Fitch said. This legislation was introduced in the House of Representatives by Congresswoman Lynn Jenkins (R-KS) and Congressman Ron Kind (D-WI) and in the Senate by Senators Chuck Grassley (R-IA), Bob Casey (D-PA), Richard Burr (R-NC), Mark Warner (D-VA), Pat Roberts (R-KS), and Ben Cardin (D-MD) and is aimed at making 529 plans more flexible.  H.R. 529 aims to remove some of the obstacles families face while saving for college. “Families need to be able to ensure their children have the tools they need to succeed. This legislation makes computers an eligible expense with 529 funds, updates outdated accounting rules, and allows the redeposit of funds without negative tax implications in certain extenuating circumstances.”

“I am also anxious to discuss how the newly-passed ABLE Act will impact Mississippi families,” stated Treasurer Fitch. The ABLE Act is modeled after 529 college savings plans and gives families with children with disabilities the option to save and prepare for their child’s future without losing support from the government. “This is a step in the right direction to assist families with disabled children and my office looks forward to learning how we can implement the ABLE Act in Mississippi.”

Treasurer Fitch also plans to discuss her work to improve financial literacy through her Treasurer’s Education About Money, or TEAM initiative. Treasurer Fitch noted, “Mississippi has been named the least financially capable state in the country. This is simply unacceptable. I will work with our Congressional delegation on ways to improve the financial culture in Mississippi.”