July 13, 2016
The College Savings Plans of Maryland is an independent State Agency responsible for administering two IRC Section 529 College Savings Plans – the Maryland Prepaid College Trust and the Maryland College Investment Plan. The Maryland Prepaid College Trust (MPCT) is a “defined benefit” type plan and the Maryland College Investment Plan (MCIP) is a “defined contribution” type plan, both of which are designed to provide ways for families to save for future college expenses and reduce reliance on future student loan debt. In addition, the agency will be taking on the role of administering the State’s 529A program through the ABLE Act designed for Americans living with disabilities. The agency is overseen by an 11 member Board of Directors and the Executive Director, to whom the Chief Investment Officer reports. This position is responsible for investment oversight and management of plan portfolios to ensure the Board of Directors’ investment decisions and investment policies are put into effect, which will ultimately assure the financial integrity of the plans in meeting fiduciary obligations.