Insiders got early notice of college savings deal

June 29, 2011

The Associated Press

(Flickr, weareillinois)
Treasurer Dan Rutherford said a mistake was made in college savings program.

People with connections to the Illinois treasurer's office got early notice of a limited offer that added cash to college savings accounts, giving them an edge over thousands of people who were shut out of the deal. 

Treasurer Dan Rutherford tells the Chicago Tribune that early word was sent out solely as a promotion because officials weren't sure the new offer would be popular. Rutherford says it was a mistake that won't happen again. 

The offer was for the Bright Start savings program. People could deposit up to $250 and have that money matched by the firm running the program.

It was limited to 2,500 slots, which were filled before many people even learned of the offer.