529 agency chair quits as criticism continues

Legislators lambaste lack of communication, urgency in fixing issues with trust fund

The chair of the Maryland 529 board resigned Friday, a day after state lawmakers criticized him and agency leaders for what they called a lack of communication or urgency to fix problems with the Maryland Prepaid College Trust as families scrambled to find ways to pay tuition bills.

The agency posted a notice on its website that Board Chair Peter Tsirigotis had stepped down.

“The Maryland 529 Board and staff would like to thank Peter for his dedication and service as the Maryland 529 Board Chair and wish him well in his future endeavors,” it read.

It also said Vice Chair Geoffrey Newman will act as interim chair until the board elects a new leader at a Feb. 23 meeting. Newman represents the Maryland Higher Education Commission on the board and is that agency’s assistant secretary for finance and administration.

Asked for comment, a Maryland 529 spokesperson referred The Baltimore Sun to the notice on the website. Tsirigotis did not immediately respond Friday evening to a request for comment about why he resigned.

He had appeared at Thursday afternoon’s hearing before the House of Delegates Appropriations Committee in Annapolis, along with Maryland 529 Executive Director Anthony Savia, to address problems dating to April that affected almost 500 account holders.