McRae: MPACT’s Financial Comeback Continues
By Treasurer David McRae
Earlier this month, Ohio gubernatorial candidate Vivek Ramaswamy tweeted: “In 2013, Mississippi scored 49th out of 50 states in 4th grade reading scores. After a decade of reforms … they’re now in the top 10 nationally…. Soon it’ll be our turn to lead the way in Ohio.”
Growing up in Mississippi, it was rare to see our state in the headlines for positive achievements—especially in education. But those days are behind us. Guided by conservative principles, Mississippi has turned the page and become a model for growth across America.
I’ve known Vivek for years—long before he joined President Trump on the campaign trail and helped spearhead efforts to cut government waste. Together, we worked to combat ESG, a “woke” investment scheme that was jeopardizing financial security for many families who were just trying to save for the future. From that experience, I can tell you he has a gift in spotting good ideas. That’s why it means so much to see him highlighting Mississippi’s education reforms as a blueprint for Ohio.
And our success doesn’t stop there. At the State Treasury, my team manages Mississippi’s education savings accounts. When I took office, the Mississippi Prepaid Affordable College Tuition (MPACT) program was in dire straits. The Legacy Plan was only 72 percent funded, leaving taxpayers exposed to a potential $125 million bailout.
As a fiscal conservative, I refused to let that happen. Working with the state legislature, we overhauled the program’s investment strategy. The results speak for themselves: In FY2025, MPACT earned an astounding 9 percent return, bringing the Legacy Plan to 100.1 percent funding – without a taxpayer bailout. Meanwhile, the newer Horizon Plan is thriving at 135 percent funding.
These are just part of the broader financial wins we’ve delivered. Since I took office, our investment strategies have generated a record-breaking $1 billion in interest income for Mississippi, easing the burden on taxpayers while strengthening our schools and infrastructure.
A lot has changed in Mississippi during my lifetime. We’ve gone from the bottom of many lists to the top. We’ve become an example for the nation and a state that reflects the hopes we’ve always carried for our children. Today and every day, I am proud to call Mississippi home.
Mississippi Treasurer David McRae is the 55th Treasurer for the State of Mississippi. In this role, he helps manage the state’s cash flow, oversees College and Career Savings Mississippi, and has returned more than $140 million in unclaimed money to Mississippians. For more information, visit Treasury.MS.gov.
