MONTGOMERY-Alabama State Treasurer Kay Ivey was recently re-elected to the Executive Board of the College Savings Plans Network (CSPN), an affiliate organization of the National Association of State Treasurers. CSPN was formed in 1991 to give State Treasurers and college savings plan administrators an opportunity to share best-practices and innovations in the college savings industry.
The Alabama Treasury administers two college savings programs - the Prepaid Affordable College Tuition (PACT) Program and the Alabama Higher Education 529 Fund. Treasurer Ivey has been an advocate for providing Alabamians with tax incentives to save for college. In 2006, she led the effort to have the Alabama Legislature exempt state income taxes on qualified withdrawals from the Alabama Higher Education 529 Fund. That legislation was the first bill signed by the Governor during the 2006 legislative session. Ivey has also pushed Congress for federal reforms to make saving for college more affordable.
"I have a real passion for college savings, and I am honored that other state treasurers around the country want me to continue representing them on the CSPN Board," Ivey stated. "CSPN is a great source of information-sharing, and I'm glad Alabama has a seat at the table."
For more information about the PACT Program and the Alabama Higher Education 529 Fund, visit www.treasury.alabama.gov or call 1-800-252-7228.