State Treasurer David McRae highlighted his role in returning historic amounts of money to Mississippians, maximizing the state’s investment returns, and dedication to locking in affordable tuition rates for college students.
In the past five years, McRae’s office has delivered a record-breaking $100 million in unclaimed money, the lawmaker announced at the Neshoba County Fair on Thursday. The recently re-elected treasurer has made it his mission in office to give these funds, which he does not want to sit in the government’s coffers, back to the rightful owners.
“That is a record. That has never been done in the history of Mississippi,” McRae said of the feat. “We should be proud of that. That gives money back to the people while we have a rising cost of gas, the rising cost of groceries. This is a little money in their pocket that will get them through to the next day.”
In addition to money being allocated to the people, the state saw a hefty return on its investments. According to McRae, who is tasked with managing the state’s cash flow, Mississippi collected $375 million in interest during the last fiscal year. With a bulk of the money anticipated to go into Mississippi’s general fund, the earnings are expected to ease potential financial burdens on taxpayers.
“We are fueling Mississippi’s economy for the future,” McRae continued. “That will make sure we don’t have to borrow money. That will ensure our economy flourishes for years to come.”
McRae further noted that the Mississippi Prepaid Affordable College Tuition (MPACT) Legacy Plan, or contracts purchased before 2014, is now 99.7% funded. When McRae took office in 2019, the program covering public in-state undergraduate tuition rates and some fees, was only 72% funded, leaving contract holders concerned as to whether or not they would see any of the program’s benefits.
As for the Horizon Plan, or MPACT contracts purchased since 2014, the program is fully funded at 145%. McRae celebrated the feat as a successful effort by his office to make the Magnolia State a unique place to live and a hospitable environment for families to thrive.
“These are funds that affect Mississippi, that affect education, and we want people to stay here, have a great life, and these are great funds to do that,” McRae said. “They are safe and secure moving forward.”
Mississippians looking to collect unclaimed money or enroll in one of the treasury’s college saving plans can click here.
