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California seeking bids for 529 program manager
(March 24, 2011) - California's ScholarShare Investment Board (SIB) has issued a request for proposals (RFP) to firms interested in becoming program manager for one or both of California's two 529 savings programs.
Fidelity Investments is currently the program manager for both the ScholarShare direct 529 ($4 bil.) and ScholarShare Advisor ($280 mil.). Its management contract expires in November 2011.
The RFP makes it clear that SIB is interested in having a program manager incorporate non-proprietary funds--aka open architecture--into its 529 investment lineup. Currently, both plans use Fidelity funds. The RFP also describes a state administrative fee of 10 basis points on actively-managed fund options and 5 basis points on index-fund options.
The deadline for submitting proposals is May 2, 2011 and the conversion, if necessary, will take place in November 2011.