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Save Alabama PACT Discussion Forum » Posts by tenrocdoc
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I'm with you DMG...nothing has changed about our contracts...not one thing...we continue to expect that all contracts will be honored!
All with all the wind that blows our way....it was not one person that made the mistakes...there are plenty to go around.
There is but one bottom line: All contracts honored!...and yes my politician friends...this year is an election year!
GET BEHIND SAVING PACT OR GET OUT OF OUR WAY!
Anyone done any research on the average time from a class action being recognized by the courts to pay out to the class?
Someone look it up and post the answer here for consideration.
Well stated of Artur Davis' comments, Kitty, and exactly as it is....it is definitely a pay now or really pay later...I still have faith backed by common sense to keep up the fight, that the legislature will do the right thing in the next legislative session.
Thanks for your post...tell us more as to why you believe your opinion is the correct one. You opinions are welcomed although most here probably don't agree with them.
No but any information you could come up with would be informative. Can you research it?
Thanks
Great going Kitty and all of you who participated! Very positive articles that came out of the meeting.
Richard Huckaby
Cofounder, SaveAlabamaPACT.com
Joe,
YES you are!...welcome aboard
tmom,
Thank you very much for the effort it took to get all of these responses!
And thanks for you posting. Keep in touch and keep us informed on the forum if you hear anything else.
Thanks Joe. We need everyone's help to keep our message going in Montgomery.
suzy,
I think the question regarding the change you have noted around 95, 96 really is left to a court of law. Sure, no one is denying the tiny verbiage changes in the Master PACT Contract Booklets around that time, but the part that is not so easily discovered is that the Treasurer's office continued to use the same advertising material, same language, same logos and same salesmanship throughout all the years. No warnings or cautions. Right up until they had a problem. (Their logo to this day says what?...."Make a pact, a college pact for life"
I believe there is considerable historical legal precedence in contract law, that if given the only option left, a court would find for PACT contract holders that if PACT has always walked like a duck, quacked like a duck and looked like a duck...its a duck....and its a guaranteed contract for ALL until proven otherwise...
I will stand my ground for PACT in a positive way, offering every and all opportunities for everyone on Capitol Hill to do the right thing...but don't tread on us...long live SaveAlabamaPACT.com
Richard Huckaby
Cofounder
41,
This is an open forum and we appreciate you participating. I hope you check back often and continue to provide input into your concerns.
Would you respond to a few questions to you?
1) For the 48,000 kids who are depending on their PACT payments to provide them an education, that was paid for by them, not by the state, would you please comment on you true knowledge regarding the word 'scam'?
2) Why should taxpayers be responsible, you ask? Not one of us as PACT contract holders want anything of the state more than what they contractually agreed to do...pay the payments and your kid gets a 4 year tuition paid education in the state. When the entity, the State of Alabama, can not uphold the contract, who do you think the state is....it is you and I...we all pay...we pay every day for things you and I never know were mistakes in the state...do you keep up with every dollar or every million dollars that the state doles out...you just picked one that made the headlines, because its a shame that our state offices allowed it to happen...on that we agree with you. Your comments?
3) Personal responsibility? Why do you think this website exists...because we are sitting around waiting on a handout? NOT IN THE LEAST...we are acting in the most positive way we can to influence a government to do the right thing and support a contract that was made with 48,000 kids in the State of Alabama...what more worthy, responsible cause do you want?
4) Accountability? We as SaveAlabamaPACT fought for SJR150 which is being fulfilled as we comment here...excerpt reads 'however, there should be a thorough review of the financial issues facing the PACT Program and to note any evidence of the failure of the proper administration of the program, including the short-term and long-term finances of the program;'
...So which part of accountability are we not addressing?
Why don't you join us in a positive way and actively seek the answers you would like to see addressed? Please post your replies to my questions for all to understand your thoughts and feelings.
And by the way, if you get slammed by a few on the forum, take it in good spirit...just as I did for you.
We sent out our first email Newsletter today. You should have received it by now if you are reading this post.
Be sure to check your spam filter if you did not.
We received quite a few failed email addresses, most were bounced back from @Charter.net email addresses.
If you did not receive a newsletter and your email address is in the JOIN US list please let us know, but check your spam folder, etc first.
Thanks
Donna and rem50...thanks for your spirit and questions. Both are quite valid and needed.
First, yes the FIA has been addressed by our supporters and a request has been officially made to the Treasurer's office. To date, no final answer.
We as SaveAlabamaPACT are working dilligently to find a solution to this problem that satisfies the concerns and needs of both sides of the problem.
We are attempting to work with the Treasurer's office to add our support message at our expense to a needed informational letter that the Treasurer's office (that would be Kay Ivey) needs to send out to all contract holders also.
Secondly, I would tell everyone to please get on the forum and communicate with supporters in your area, such as Donna Peacher is organizing in Madison County. We are soliciting supporter locations via this forum. To try to keep it simple, the JOIN US email list on the front page only collects your name and your email address at this time. Everyone communicate via this forum or directly with your team leaders in your area and let them know how to reach you.
Thirdly, as the master list grows we can request additional information. We honestly want email addresses at this time over anything so we can contact all supporters.
Keep posting and if anyone would like a CATEGORY on the forum for their group area, just let us know and we can do that immediately.
Thanks guys
Richard H
They has only been one attempt (that failed) to differentiate between the older contracts and the newer ones. Last session of the legislature, HB747 was amended in the House (Alvin Holmes) to only pay for contracts before 1995 that included the word "guarantee". This was totally defeated in the Senate and the whole bill died anyway.
Answer is, no one is coming out in public saying that only certain contracts be honored...everyone we talk to in Montgomery at least says that the State has a moral obligation to honor all contracts.
We have to hold them to it and they have to find resources to make it happen...
Stick with us and keep fighting.
Welcome yolandas...this is what we are fighting for, for every PACT student! Keep in touch on the forum
Interesting how Florida founded their PACT program...
Excerpts from Chapter 1009, Part IV - PREPAID COLLEGE BOARD PROGRAMS, Florida Statutes (2007)
(7) OBLIGATIONS OF BOARD.--The state shall agree to meet the obligations of the board to qualified beneficiaries if moneys in the fund fail to offset the obligations of the board. The Legislature shall appropriate to the Florida Prepaid College Trust Fund the amount necessary to meet the obligations of the board to qualified beneficiaries.
(8) PROGRAM TERMINATION.--In the event that the state determines the prepaid program to be financially infeasible, the state may discontinue the provision of the program. Any qualified beneficiary who has been accepted by and is enrolled or is within 5 years of enrollment in an eligible independent college or university or state postsecondary institution shall be entitled to exercise the complete benefits for which he or she has contracted. All other contract holders shall receive a refund of the amount paid in and an additional amount in the nature of interest at a rate that corresponds, at a minimum, to the prevailing interest rates for savings accounts provided by banks and savings and loan associations
In light of the uncoming study by RSA (Dr. Bronner), this older article like older suits and dresses, may become fashionable again....
2 tout annuity plan to rescue PACT
Thursday, April 09, 2009
By BOB LOWRY
Times Staff Writer bob.lowry@htimes.com
Beason, Bentley push bill to protect 48,000 enrolled
MONTGOMERY - Two legislators said Wednesday they plan to sponsor a bill to save the state's prepaid college tuition program through an annuity plan.
Sen. Scott Beason, R-Gardendale, and Rep. Robert Bentley, R-Tuscaloosa, said they are having legislation drafted that would protect the 48,000 who are enrolled in the program now but phase it out within 20 years.
Their plan calls for what Bentley called "an annuity-like" program that would be administered by the state treasurer's office.
"We don't see any support out there for a bailout," said Bentley.
Gov. Bob Riley and leaders of the PACT program are discussing having the Legislature set aside money each year to help the program, freezing tuition increases for participants for the next three years, and limiting the amount that tuition can rise after three years.
Under the Beason-Bentley plan, the fund's assets, currently at roughly $435 million, would be invested as an annuity with the treasurer being the annuitant.
"We would want to get 4 percent a year or about $33 million a year for the program," Bentley said, with the money being invested in fixed assets.
Since that wouldn't be enough to fulfill the annual obligations, Bentley said the legislation would also generate an estimated $26 million a year by eliminating in-state tuition for students who enroll at some Alabama colleges within a 50-mile radius of the state border.
That would affect many Alabama universities but not Auburn University or the University of Alabama - the two major PACT participants.
"Actuarially, we've looked at it," said Bentley.
"There will be a decrease in participants every year until it's phased out."
Bentley said he and Beason had already talked with several large insurance companies that have assured them their plan would work.
Beason said people are looking for a solution that does not take money from the education trust fund or depend on the Alabama Retirement System.
Seems a small part of solving the problem is extrapolating and speculating when students will need the money as they have up to ten years to use the PACT funds. A small yet another variable in the big equation Bronner is trying to solve.
Everyone should be familar with what legislative act started the Alabama PACT Trust Fund as we fight our way to secure PACT for all of us...
Welcome aboard Bryan and Kim
As soon as Dr. Bronner's group finishes the study on possible solutions to the PACT problem, we will be ready to push legislation through...we will first need to convince our legislators that they must support PACT funding...then Riley can call a special session...he won't do it until after the study out in about 30-45 days
Read SJR150 posted in DOCS and get ready to fight for PACT...
Any questions just post on forum or email huck@savealabamapact.com
Everyone above, to this date has been added to our master email list
We are all looking around wondering were the money in Alabama is going and why the Education system in Alabama sometimes seems to not support PACT solutions 100%...here is an article I ran into from last year before PACT was even on the radar screen...education is Alabama is in a deficit state already...read on
Alabama educators may start 2009 in deficit
By Whitney McHugh
Published: September 15, 2008
MONTGOMERY, Ala. - It’s an equation even the smallest of students would understand: More expenses plus less money equals big trouble.
That’s the problem Alabama education officials are facing. They say the state’s school systems will likely enter the 2009 fiscal year — that begins in two weeks — in the red.
“This school year doesn’t start until Oct. 1, but we know based on where we are today that we’re not growing at the rate we need to make the ‘09 budget be whole without some help,“ state Superintendent Joe Morton said recently.
“If we have 7 percent proration, you can’t cut salaries, so there’s not much to cut other than bus fuel, cut the heater back and everybody’s cold in the winter and don’t buy textbooks and not clean the building, but none of those are good options,“ he said. “It’s a real critical point.“
State legislators passed a reduced budget in May, cutting it to $6.36 billion in Fiscal Year 2009, down from the current $6.73 billion. The cuts have been blamed on the economic slowdown that’s being felt nationwide.
Losing $370 million means a 3 percent cut for K-12 schools, an 8 percent cut for two-year colleges, and an 11 percent cut for universities.
“We stopped short of raising class size and we stopped short of cutting any programs that are changing Alabama: the reading initiative” and math, science and distance learning programs, Morton said.
He said he was not upset that pre-kindergarten funding was raised by $10 million because it saves money in the long run.
“We’re not in this shape because of $10 million for pre-K. We’re talking hundreds of millions of dollars,“ he said.
Officials in both the K-12 and community college systems are bracing for the proration possibility, which Gov. Bob Riley could declare and allow across-the-board cuts to reign in spending.
Riley said Friday he was not ready to concede that the 2009 budget would end up in proration, but didn’t rule it out, saying the state would “adapt one way or the other.“
“A lot of that depends on what the economy does over the next year,“ he said.
Riley said state collections of sales and income taxes, which are the main sources of revenue for the education budget, had remained “fairly stable” in recent months.
But the returns have been much lower than the 4 percent rate of increase the 2009 budget was based upon, assistant finance superintendent Craig Pouncey said.
As of Friday, the rate was 1.29 percent, he said.
Riley has already emptied a $440 million proration prevention account to complete FY 2008 and officials are now looking to voters to approve a constitutional amendment Nov. 4 that would allow them to draw more money from another Rainy Day fund.
“We used that $440 million to kind of keep our head above water,“ Pouncey said. “Beginning Oct. 1, the legislature has made commitments of $6.3 billion to be funded. So if we take the same rate of growth and project it over 12 months, we’re going to have a $357 million shortfall.“
Two-year chancellor Bradley Byrne told school board members last week there were increases in the system’s revenue — but it’s not big enough to pay for what’s been spent.
“It’s like a freight train without a brake on it,“ he said.
Officials had anticipated carrying $64 million into the new fiscal year, but that money was spent along with the $440 million reserve fund.
“We’re beginning this year very much in the hole,“ said Gene Murphy, who heads the two-year system’s financial services. “We anticipated not having to dip into the rainy day fund and we had anticipated a growth rate that’s just not going to be there. The economy is not recovering as rapidly or as anticipated by a lot of people.“
“It will be a tough year,“ he said.
However, Murphy said a bright spot is that colleges made their budgets not anticipating enrollment increases but many of the schools did see growth in that area. Also, he said, administrators forewarned about lean times have been putting aside extra reserves.
An excerpt from Kay Ivey's Board Meetings minutes on May 20, 2009
• Program account statistics were provided as of April 30, 2009:
o Active accounts: 48,856
o Students eligible to use benefits: 20,155
o Total tuition and fee benefits paid since inception: $426,757,359
o Tuition and fee benefits paid in fiscal year 2008: $58,582,000
o Number of accounts cancelled in March and April: 1,170
o Amount refunded in March and April: $14,653,064
They went 1170 supporters who did not join SaveAlabamaPACT.com.
I honestly wonder, sadly, where that money will now be invested for their children's education?
New members...welcome...we see you...keep posting and supporting!
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Save Alabama PACT Discussion Forum » Posts by tenrocdoc