MONTGOMERY, Ala. (AP) — The new board that oversees Alabama’s prepaid college tuition plan is reviewing proposals from investment companies that want to handle the plan’s money.
A board committee met Tuesday to study proposals from investment companies. The full board of the Prepaid Affordable College Tuition plan will meet Aug. 26 to pick investment companies.
The Legislature created the new board in April when it agreed to appropriate $548 million to shore up the financially troubled PACT plan. The plan ran into problems when investments lost value during the recession and tuition rose faster than anticipated.