Peter Tsirigotis' resignation comes a day after lawmakers grilled him after parents said they have been unable to access all of the money in their Maryland Prepaid College Trust accounts since August.
In a statement, Michelle Winner, a spokeswoman for Maryland 529, thanked Tsirigotis “for his dedication and service as the Maryland 529 Board Chair.” She said Vice Chairman Geoffrey Newman will serve as the interim chair until a new chair is elected at the Feb. 23 board meeting.Hundreds of people with prepaid accounts have been affected by a calculation error that led Maryland 529, the agency charged with managing the state’s college savings plans, to suspend interest payments in August.
Once the change was applied, some accounts that were ineligible for the increase were shown as receiving it, officials said. After discovering the error, Maryland 529 suspended interest payments until they could be corrected. It hired third-party accountants to verify the calculations and the coding of software.
Brian Savoie, a Silver Spring parent, testified about his ordeal covering his son’s tuition at Purdue University this year, saying he received only a portion of the $9,000 he was expecting from the trust for the semester.“While there is certainly plenty of fault and blame to go around, the vacancy of the chair position at this critical juncture is concerning to say the least,” Savoie said Friday. “Yesterday, Peter Tsirigotis and I agreed to begin discussions.
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