BALTIMORE — With hundreds of thousands of dollars on the line, Maryland parents are continuing the fight for money they believe is theirs.
The battle is over a six percent interest payment the Maryland 529 board implemented.
Accounts were credited with six percent since inception, the board then reversed course saying account balances were incorrect.
Now, the State Treasurer has been handed the plan and the board dissolved, but parents are waiting for the money as bills come due.
"There's some fear that by using your account you're giving up your right to the earnings, so we're going to have to come up with the money from somewhere else," said Lisa Getter, a 529 account holder.
Getter has been one of the parents at the front of this fight, she requested and received documents showing the board knew the interest would be installed from the beginning of the accounts.
"The November 2021 disclosure statement says that we would earn six percent on our accounts from the date we opened them. That is sort of at the heart of this whole dispute and this document and this document supports our contentions, it says it clearly," said Getter.
Ken Sacks has been holding out hope the interest payments come through before the school year begins.
His daughter is in a program for special needs children in private.
"$10,000 is still missing and we have no idea when the funds are going to be here. We need the funds now tuition is starting again in a month for the upcoming school year private school tuition for a special needs student is pretty expensive," said Sacks.
The treasurer told WMAR-2 News in the beginning of June he plans to have a resolution near the beginning of the semester but parents are running out of time.
"The beginning of the semester is meaningless because the tuition bills are due in august," said Getter.
Some parents have considered taking legal action if the treasurer doesn't return their accounts to the full interest balance.
