Clarion Ledger runs Reeves’ response to Bill Minor

Columnist Bill Minor is entitled to his own opinion, but he is not entitled to his own set of facts. (“Reeves’ record will need examining in race for lt. gov.,” Feb. 12.

Please allow me to set the record straight on a few issues he raises.

FACT: The state’s guaranteed college tuition plan is not in trouble. MPACT currently has more than $250 million in investments and annual tuition payments of less than $18 million. That means that even if the markets stay flat, we have 15 or more years of money available to pay tuition. Despite the recent downturn in the markets, our funding status has increased from 72 percent in 2009 to 75 percent in 2010. We also anticipate that tuition is going to increase. That is factored into our actuarial assumptions as we carefully monitor the performance of this plan each year. As contract sales continue to be steady and the market recovers, the plan is in good shape. The plan is providing a savings vehicle for 25,000 Mississippi families.

Clarion Ledger
2/18/11