It looks as if the Prepaid Affordable College Tuition (PACT) program administered by the Alabama State Treasurer's office is short of funds. The PACT website provides a chart of the program assets which reflect a considerable decline in the value of the plan assets. A letter was sent out to the 48,000 current PACT participants on March 13, 2009 which indicated that additional proposals are being reviewed to continue providing the plan to participants. Some of these families have been contributing funds to this PACT program for over 10 years. This is a terrible series of events that should be corrected by the State of Alabama. The State of Alabama actively promoted the PACT program and encouraged institutions like North Alabama Educators Credit Union to market the PACT program to our membership. They provided free brochures and statement inserts to promote the program. Now the State of Alabama says that the PACT program may not be able to provide the program benefits? Certainly our elected officials can do better.
Here is the PACT website address; http://www.treasury.alabama.gov/pact/ .