Trust, Trusts, and Accountability: The Role of States in College Saving Plans |
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| Authors: | Melanie G McCoskey Stephanie Bellar Lisa Blair Bennett |
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| Institution: | Melanie G. McCoskey is the Brice L. Holland Assistant Professor of Taxation in the College of Business Administration at the University of Tennessee at Chattanooga. She has published in Taxes, The Tax Magazine, The CPA Journal, The Tax Advisor, Practical Tax Strategies, and the Tennessee CPA Journal;. Stephanie Bellar is an Associate Professor in the Political Science Department at the University of Tennessee at Chattanooga. She teaches public budgeting and is currently doing research in the area of fiscal management and community building.; Lisa Blair Bennett is a graduate of the Master of Accountancy Program at the University of Tennessee at Chattanooga. She is currently working in the financial resources area at UnumProvident. |
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| Abstract: | With the adoption of Section 529 plans, states have played an increasing role in college savings. When parents prepay for their children's college education, states invest the proceeds with the expectation that the investment returns will cover tuition increases. In times of fiscal stress, states decrease funding for higher education, causing schools to increase tuition. Because current investment returns have not kept pace with tuition increases, state managers have an even greater burden to ensure that these funds are managed properly. Our research interest is the fiduciary role of state governments in managing these plans in a volatile investment market. |
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