Thousands miss out on Ill. college savings offer

June 9, 2011

The Associated Press

(AP photo)
Illinois Treasurer Dan Rutherford speaks to supporters after being sworn in.

The Illinois treasurer has bad news for thousands of people who put money into college savings accounts last week: They're not getting a matching donation they had expected.

Participants in the Bright Start savings program were told that deposits of up to $250 would be matched dollar for dollar. The offer was limited to the first  2,500 people.

But the Bright Start website didn't display up-to-date information. It showed the matching money was still available even after all 2,500 slots had been filled.

Thousands of people contributed after the limit was reached and won't be getting the extra money. 

A spokeswoman for Treasurer Dan Rutherford says they're not sure how many people were affected. The office is working with Oppenheimer Funds to  figure out what went wrong.
      
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