McRae reports full recovery and State College Savings Programs expansion
JACKSON, Miss. – Mississippi State Treasurer David McRae testified before the Senate Universities and Colleges Committee this week, announcing a major financial turnaround for the state’s education savings infrastructure.
During the hearing, McRae highlighted that the Mississippi College and Career Savings program has achieved full funding solvency while expanding usage options to include vocational paths, apprenticeships, and modern investment methods.
Restoring Financial Solvency
A primary focus of McRae’s testimony was the recovery of the MPACT Legacy plan. Upon McRae’s assumption of office, the prepaid tuition plan was significantly underfunded and projected to require a taxpayer bailout.
Through legislative cooperation and updated investment structures, the Treasury reports that funding for the MPACT Legacy plan has been restored to over 100 percent. Additionally, the newer MPACT Horizon plan is currently funded at 140 percent, signaling strong long-term stability for account holders.
“Mississippi’s College and Career Savings program is stronger than ever,” said Treasurer McRae. “We’ve rebuilt its financial footing, protected taxpayers, and expanded opportunities for students pursuing both traditional degrees and high-demand career paths. Our goal is simple: Help every Mississippi family invest with confidence in their child’s future.”
Modernizing for the Future Economy
Beyond stabilizing the financials, the Treasury has modernized how families can interact with these accounts. Recognizing the shift in the digital economy, the program now accepts contributions via Venmo and cryptocurrency.
Furthermore, the state has broadened the scope of the Mississippi Affordable College Savings (MACS) plan. These accounts are no longer strictly for four-year university degrees; funds can now be utilized for:
- Apprenticeships
- Professional certifications
- Classroom supplies
- Vocational training
Participation Growth
The restored confidence in the system has correlated with increased participation rates across the state. According to Treasury data, more than 35,000 Mississippi families now hold an MPACT plan, while over 23,000 are investing in a MACS plan.
Residents interested in opening an account or learning more about the investment options are encouraged to visit treasury.ms.gov/collegesavings.
