ALEXANDER CITY – Jeremy Sherer, Democratic candidate for Alabama State Treasurer, spoke to approximately 75 PACT owners, students and concerned citizens at the Thursday night meeting of Save Alabama PACT that was held at the Alexander City Sportplex.

Sherer told PACT attendees, “Alabama’s next Treasurer can directly affect the future of PACT in two ways, reducing administrative costs and making better investment allocations. I will seek to increase the return on PACT investments and to reduce the annual administrative costs of PACT, which presently equal more than ten percent of PACT’s annual expenditures. Moreover, I assure you that I will actively manage PACT with the due diligence and forthrightness you expected when you first entrusted the Treasury with your children’s and grandchildren’s college savings.”

Sherer advocated utilizing some of the approximate $400 million that resides in the Unclaimed Property Fund, which is managed by the Treasurer, as bridge funds to stabilize PACT investments until a long term financial solution can be enacted by the Legislature.

Sherer also suggested that Alabama explore new revenue options to sure up PACT.

“Alabama’s budgets are in a state of proration, resources are limited, but your cause is just. In today’s environment of proration, I believe tapping funds from the Unclaimed Property Fund is the most politically efficient and financially sound means for saving PACT”.

“Due to the loss of federal stimulus funding in the upcoming year, Alabama’s finances will get worse before they get better.”

“I believe PACT families and all Alabamians need to seriously consider passing legislation similar to the recently proposed Sweet Home Alabama bill or an education lottery to realize a more expedient solution to our state’s multiple funding crises.”

Sherer continued, “PACT contract holders play an integral role in holding elected leaders accountable for solving PACT. I know none of you thought you would be in this room and predicament when you first signed on with PACT, but your grass roots activism is why each of us is here tonight”.

Please contact Jeremy Faulkner at (205) 446-1342 with any questions.