The Maryland 529 plan seems to still be in turmoil; apparently they did some miscalculating and are claiming that some people have too much money in their accounts.
Maryland 529 told families two years ago they would earn 6 percent on balances held before Oct. 31, 2021, because of excess earnings from the trust. But the agency said it erroneously applied the formula in a way that inflated the values of accounts between November 2021 and April 2022.
There isn’t a whole lot of information coming from the Plan, which has made some lawmakers very upset.
A spokesperson for the AG’s office said it was “currently advising the 529 plan in addressing the challenges they are facing.” State auditors were already set to examine whether the agency had addressed management problems raised in a 2019 report, and said the latest calculation issue would also be part of the review.