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Wisconsin issues RFP for 529 program manager
(February 22, 2012) - The Wisconsin Department of Administration has issued a request for proposals (RFP) for program and investment management services to the Wisconsin College Savings Program Trust for the state's 529 college savings programs. The bidding deadline is April 10, 2012.
Wells Fargo is current program manager pursuant to a contract that expires on October 31, 2012. Wells Fargo has announced that it does not intend to bid.
The management contract is for services to Wisconsin's two direct-sold 529 plans, EdVest and the Tuition Unit Option, and its two advisor-sold 529 plans, EdVest Advisor and tomorrow's scholar. The Tuition Unit Option is a resident-only plan that has been closed to new contributions. EdVest includes a Bank CD option which the program manager is responsible for administering, including transmission of funds to financial services organizations. Total combined assets are over $2.5 billion.