Higher education notebook

Treasurer reduces college saving fee

Families with a college-savings program run by the state treasurer's office will pay less in administrative fees because the program has grown, the office said.

The Arkansas 529 College Savings Board reported earlier this year a 22.7 percent increase -- or an addition of $130 million -- in the savings accounts. Family members set up the college-savings accounts for beneficiaries who, after graduating from high school, can withdraw the money tax-free for college expenses.

The increase comes at a time when the cost to attend college is rising. Colleges and universities, receiving flat funding from the state for the past decade, have relied more on tuition and mandatory fee revenue. Many higher education institutions have increased tuition and mandatory fee rates for the coming 2017-18 academic year.

State Treasurer Dennis Milligan last week announced the reduction in administrative fees for the 529 Great Investment For Tomorrow Plan, which allows families to open accounts at www.arkansas529.org without going through a brokerage firm. The fee reduction does not apply to iShares 529 Plan accounts, which are adviser-sold, said office spokesman Stacy Peterson.

The reduction -- which began June 1 -- is by four basis points to 0.53 percent. As an example, if a parent puts $1,000 into an account, the parent will pay $5.30 in administrative fees, compared with the current $5.70.

UALR interim exec gets post full time

An interim administrator at the University of Arkansas at Little Rock is moving into the position full time.

Daryl Rice has been working as interim associate vice chancellor of academic affairs since Feb. 1, but now he will shed the "interim." In the role, he will earn $130,000 annually. The role includes student-related leadership initiatives and oversight of departments and programs, including academic advising, the military student-success center and intensive English language.

Rice is replacing Sherry Rankins-Robertson, who returned to a full-time faculty position in the Department of Rhetoric and Writing.

Rice has a doctorate from Purdue University and started working at UALR as an assistant professor of political theory. He has held several administrative positions at the university.

ASU, bank agree on visitors center

Arkansas State University has entered into a 25-year lease with Centennial Bank for a new campus welcome center.

The university's trustees approved the ground lease last week at a meeting at Arkansas State University-Newport. As part of the agreement, Centennial Bank will build -- and pay for -- a 3,833-square-foot welcome center on Aggie Road east of Aggie Circle in Jonesboro. About 300 square feet of the center will be for a bank branch, according to board documents.

The center will facilitate access for first-time visitors and prospective students and give them "a strong first impression," said ASU System President Chuck Welch.

The lease will last 25 years and include options for the bank to renew for two seven-year periods, according to board documents. If Centennial wanted to lease to a third party, the university will have the right to buy the bank's rights, the board documents state.

Under the agreement, the university will maintain the landscaping and the building, except for the bank's area. Each party will be responsible for its portion of utilities.

Metro on 06/16/2017

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