Two weeks after employee complaints touched off an audit into Utahs 529 college savings plan, the plans director has been dismissed for sharing the plans money pool with that of his own, The Wall Street Journal reports.
Dale Hatch, director of the
Utah runs one of the nations top five 529 plans according to
Mark Spencer, executive director of the plan, will take over Hatchs duty on an interim basis. Since the investors do not seem to be at risk of losing money, a higher education official said the plan will probably stay afloat.
"We don't think anything is seriously broken here," said Dave Buhler, associate commissioner with the Utah System of Higher Education. "We don't know if we have anything structurally we need to fix control-wise, but if we do, we will." He would not comment on how much money was involved in the Hatch snatch.
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