As we previously discussed in this post, the Illinois State Treasurer, Alexi Giannoulias is taking Oppenheimer to task for it’s sins with regard to the BrightStart 529 plan, an Illinois-based college savings plan. This is in regard to Oppenheimer’s use of inappropriately risky investments in a supposedly safe, bond-oriented, allocation for the plan.
Just recently, on June 8, reports from Giannoulias’ office indicate that families who lost portions of the estimated $85 million in these funds are likely to recover up to $77 million of the losses. This is due to an agreement under way between Oppenheimer and Illinois. Specific details are unknown at this point, but I thought it was important to keep you all updated.
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I can learn from you, you can learn from me - please leave your comments and links!Jim Blankenship, CFP®, EA, is an expert in personal retirement, IRAs, and tax issues, with more than 20 years of experience in the industry. . Read more from this author
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[...] Illinois’ BrightStart Plan Woes Apr 21st, 2009 by jblankenship. Hello there! If you are new here, you might want to subscribe to the RSS feed for updates on this topic.Powered by WP Greet BoxNote: an update to this story can be found here. [...]
[...] Tip to Jim Blankenship, CFP ®, author of the Getting Your Financial Ducks In A Row Blog, for the Illinois [...]