Montgomery, AL – An independent study of Alabama's prepaid college tuition program shows that the most viable option for the troubled program is for the state to finance it over 18 years.
Buck Consultants didn't recommend a specific plan or source of the funding. But it would presumably require the Legislature to appropriate more than $52 million in fiscal year 2011 and possibly more later.
All this would come as schools across the state struggle with mandated budget cuts.
Gov. Bob Riley and members of the Legislature received the actuarial report for the Retirement Systems of Alabama on Friday.
Riley spokesman Jeff Emerson said Monday the governor is still studying the report.
The consultants offered four options to sustain the program, but all are expensive.
(Copyright 2009 by The Associated Press. All Rights Reserved.)