Rutherford expects most to keep money in Bright Start despite glitch

State Treasurer Dan Rutherford says he understands why people are upset about not getting matching funds through the Bright Start program. (WJBC File Photo)

State Treasurer Dan Rutherford says he expects most of the 7,300 people who were told they won’t be getting matching funds though the state’s Bright Start program as promised, will still keep their money in the college savings fund.

The treasurer’s office is offering to refund without taxes or penalties to anyone who wants to get their $250 contribution back.

Rutherford says he understands why people are upset to find out they didn’t qualify for matching funds, even though they were told they did qualify.

“I don’t like the fact that it happened, but it did, now I’m going to manage it the best way possible and the fairest way possible,” Rutherford said.

Rutherford says there are two main reasons for the glitch: letters to prospective families were mailed out late, leaving families too little time before the deadline. Rutherford adds that the program manager, Oppenheimer, failed to cut off online applications after the limit of 2,500 contributors had been reached.

As for requests that the state should match all contributions, he says the fund simply doesn’t have the money to support that. It would be more than $1.8 million.

Office to display first treasurer’s money box

Rutherford says his office has preliminary plans to unveil the office’s first money box and have it on display at the treasurer’s office at the Illinois Capitol for one week after July 4th.

Rutherford says the money box which dates back to 1818 was discovered by his staff and includes scales which were used to weigh gold. It is usually housed at the Illinois State Museum in Springfield.

Click here to listen to R.C and Colleen’s interview with Rutherford.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.