• From: Lanett, Alabama
  • Registered: 03-27-2009
  • Posts: 124

Topic: FIVE QUESTIONS FOR IVEY (PACT BOARD) MEETING May 20th

Kay Ivey has stated to us this week that the PACT Board meetings is open to the public but that no public question and answer session will occur.

If we could get 5 questions to her and convince her to answer...what would you want to know most about PACT right now?

(OK, I know: Is the PACT program going to be guaranteed? Please realize she "ain't gonna" answer any question to that effect...so please speak up but lets pick a few she could answer and we will try to get them to her before the meeting and see)

Einstein once said, 'The definition of insanity is doing the same thing over and over again and expecting different results.'

tenrocdoc's Website

  • From: Lanett, Alabama
  • Registered: 03-27-2009
  • Posts: 124

Re: FIVE QUESTIONS FOR IVEY (PACT BOARD) MEETING May 20th

Me first, me first...How much money will it take to fund the current/expected PACT contracts for the next year or there about? $68 million has been kicked around by Folsom...I would like to know what the Board says

Einstein once said, 'The definition of insanity is doing the same thing over and over again and expecting different results.'

tenrocdoc's Website

  • Registered: 04-17-2009
  • Posts: 16

Re: FIVE QUESTIONS FOR IVEY (PACT BOARD) MEETING May 20th

Is the board committed to honoring PACT payments through spring 2010?
What is happening with the fund right now?
Is the board committed to working with RSA to make the fund healthy again?

  • Registered: 03-28-2009
  • Posts: 31

Re: FIVE QUESTIONS FOR IVEY (PACT BOARD) MEETING May 20th

At the risk of being obtuse, I want to know why Kay believes that PACT Board has few options under the current law.  Her May 13, 2009 press release stated: “The PACT Board operates only within the current – though outdated – law that originated PACT in 1990 and the rules and regulations that govern 529 college savings plans.  Absent authorization by the legislature, the PACT Board will be extraordinarily limited in its options . . .”  In a later paragraph in that same press release, she stated:  “Absent legislation this session being passed or the absence of this empowerment to the Pact Board in the form of a strongly worded resolution, the PACT Board under current law has but few options.”  I assume that the options that she is referring to are the ones outlined on the PACT website – none of which are acceptable.  What language or section in the current law requires the PACT Board to pursue only those options?  I guess another way of asking the question is:  What is the rationale for believing that the law  - as currently written - requires only one of the options outlined on her website, as opposed to continuing to pay tuition for PACT participants while we develop a solution?   Maybe this question has been answered somewhere, but I’d like to see the rationale outlined clearly.  If it is based on the amount of money she has to retain in the fund should all contract holders withdraw participation, I’d like to see the numbers.   I may be the only one confused by this . . .

  • Registered: 04-02-2009
  • Posts: 26

Re: FIVE QUESTIONS FOR IVEY (PACT BOARD) MEETING May 20th

I requested the names and addresses of each of the PACT participants via the Freedom of Information ACT (FOIA). I have not received a received a response, although I know they have received my letter request.  That information should be public information and therefore obtainable.  You need to question Ms. Ivey.  The information is needed to organize.  I can't make the meeting, but my wife (Renee) will be there.

  • Registered: 05-18-2009
  • Posts: 1

Re: FIVE QUESTIONS FOR IVEY (PACT BOARD) MEETING May 20th

One question everyone here needs to think about.  If they keep PACT open long enough to get your child out of college would you still stand up to save the PACT? The reason I say this is sadly most I hear from only care about their family member getting through school on pact.  That's why I say it needs to be fixed as soon as the study is done. They can have a summer session to do that.  You have to be fair and equal to all whatever the outcome.

  • From: Lanett, Alabama
  • Registered: 03-27-2009
  • Posts: 124

Re: FIVE QUESTIONS FOR IVEY (PACT BOARD) MEETING May 20th

Jeepyj, although this topic is to come up with a list of questions to ask Kay Ivey...I certainly want to say again and again....WE DON"T QUIT UNTIL EVERYONE"S CONTRACT IS HONORED...that is what we stand for...no one left behind...we all bought contracts believing the same thing!

I hope to meet all of you that can attend in Montgomery on Wed, May 20th

Einstein once said, 'The definition of insanity is doing the same thing over and over again and expecting different results.'

tenrocdoc's Website

  • Registered: 03-28-2009
  • Posts: 31

Re: FIVE QUESTIONS FOR IVEY (PACT BOARD) MEETING May 20th

If the stock market had not bottomed out last year, would we be where we are now . . . that is, did the Treasurer's Office know they had a PACT crisis without the stock market issues?  If so, when did they figure that out?

  • Registered: 05-19-2009
  • Posts: 4

Re: FIVE QUESTIONS FOR IVEY (PACT BOARD) MEETING May 20th

I would like a full accounting of Who is managing the funds now.

What changes have they made to get the funds invested properly for now and future, in terms of getting best return and limiting loss. 

I would want to know this regardless of decisions about whose contracts get funded in future or not.  (I am with you though on staying on this until all are honored.)

Sure hope the "jacklegs" that were managing the money are not now.

  • Registered: 05-19-2009
  • Posts: 4

Re: FIVE QUESTIONS FOR IVEY (PACT BOARD) MEETING May 20th

Dave Wilcox wrote:

I requested the names and addresses of each of the PACT participants via the Freedom of Information ACT (FOIA). I have not received a received a response, although I know they have received my letter request.  That information should be public information and therefore obtainable.  You need to question Ms. Ivey.  The information is needed to organize.  I can't make the meeting, but my wife (Renee) will be there.

I'm with Dave.  We should push hard for this info.  We need to contact as many of these people as possible.  If we can get it, do you think they will give us email addresses?  Ha!  I have access to a mass email communication program that we could use to communicate with all, if we can get that contact info.  It would definitely help with organizing......

  • Registered: 05-20-2009
  • Posts: 3

Re: FIVE QUESTIONS FOR IVEY (PACT BOARD) MEETING May 20th

I know this is late and probably won't be seen before the meeting, but what I need to know is what is being done NOW. 

RSA doing a study is great, and I've heard different plans bounced around requiring votes in 2010 and such.  All of that is great for long term, and is great for my younger children. 

But my oldest just finished her first year at UA.  We've paid a deposit on an apartment for next year in Tuscaloosa.  I need to know that PACT is going to cover her tuition NEXT YEAR, otherwise she has to move home.

I understand that the plan didn't get in this mess overnight, and it may take a while to sort it all out, especially as slow as the wheels of government turn.   But for those of us out there with kids currently in college, we need a short term solution as well.

I've called several times, and all they tell me is that they *anticipate* being able to pay next school year.  Well, I can anticipate going on a diet and losing 50 lbs but that doesn't mean it's going to happen.

Anyone out there received better answers?

  • Registered: 05-19-2009
  • Posts: 1

Re: FIVE QUESTIONS FOR IVEY (PACT BOARD) MEETING May 20th

It is time to wake up Alabama members of PACT parents, grandparents, educators, anybody who cares about the future of our children.  The future of our state is in the hands of our children. We trusted you with our money becase the PACT plan was presented as a state program.  I say an investigation is in order.  Find the money to save the program and save face Alabama.

  • Registered: 04-02-2009
  • Posts: 26

Re: FIVE QUESTIONS FOR IVEY (PACT BOARD) MEETING May 20th

sugarcat and bebobear be sure to add your names to the "location" topic.

  • Registered: 05-20-2009
  • Posts: 3

Re: FIVE QUESTIONS FOR IVEY (PACT BOARD) MEETING May 20th

Dave Wilcox wrote:

sugarcat and bebobear be sure to add your names to the "location" topic.

Not sure what you mean?

  • Registered: 04-17-2009
  • Posts: 16

Re: FIVE QUESTIONS FOR IVEY (PACT BOARD) MEETING May 20th

Hi, sugarcat and bebobear! He means for you to go to the thread that's called "PACT Participant location" and leave a post there because they're trying to organize people by where they live. Thanks!