Tuscaloosa to get update on PACT problems

TUSCALOOSA, AL (WBRC) - People in Tuscaloosa will soon get an update on Alabama's struggling pre-paid college tuition program. A group that has been organizing shareholders will hold a meeting tonight.

About 48-thousand Alabama residents currently hold PACT contracts. The program ran into trouble last year, when many investments made by the plan lost half their value.

A study by the Retirement Systems of Alabama finds the program needs a one-time cash infusion of 641 million-dollars to make it whole.

Monday's meeting takes place at seven at the Tuscaloosa County Courthouse Annex auditorium.