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South Carolina seeking bidders to manage 529 programs
(November 23, 2011) - The Office of the South Carolina State Treasurer has issued a Request for Proposals (RFP) seeking bidders interested in managing all of the state's 529 plans. These plans include the direct-sold Future Scholar 529 College Savings Plan, the advisor-sold Future Scholar plan, and the South Carolina Tuition Prepayment Program (SCTPP).
SCTPP is the state's prepaid tuition program that has been closed to new enrollments and is expected to wind down over a number of years.
The current program manager for Future Scholar is Columbia Management. The direct and advisor plans held more than $1.2 billion in assets at September 30, 2011.
Bids must be delivered by January 6, 2012. The new program manager contract is expected to commence on or about May 1, 2012.