I get infrequent updates from the Maryland 529 Plan about Finn’s college fund, usually in the form of an email that contains a link to a “secure” PDF I have to download to read. I’m still puzzling over this farkakte security strategy; the school district does the same thing. It’s sort of like hitching a team of oxen up to your car to drive out to the store. Anyway, there has been a bunch of controversy over the earnings rate of Prepaid Trust accounts, which is what we set up for Finn. Somehow the administration of the accounts got all fucked up and they’re in the middle of sorting that mess out, and have predictably been doing an abysmal job of communicating about it, going so far as to re-hiring the guy who oversaw the train wreck to continue overseeing it. The message I got yesterday from the state treasurer was attached to a 40-page document outlining the beginnings of the program, a timeline of issues, decisions, and events that led up to the current situation, and a not-so-intuitive explanation of what they’re doing moving forward. I’m still processing all the information to try and make an informed decision as to what we’ll do with Finn’s account (keep it in the Prepaid plan, or roll it over into a standard 529 plan), and I requested a manual calculation of our current balance with  interest based on this new number.

Date posted: July 27, 2023 | Filed under finn, money | Leave a Comment »

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