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Recent State News

Alabama to launch Enable Savings Plan for residents living with disabilities

(December 1, 2016) - The state of Alabama has partnered with the Nebraska Treasurer's office to make the Enable Savings Plan available to its residents. The plan, scheduled to launch in 2017, is a tax-advantages savings program designed to encourage individuals with disabilities and their families to save private funds in order to maintain health, independence, and quality of life.

For more information, click here.

Illinois issues RFP for new advisor-sold 529 program manager

(November 21, 2016) - The Illinois State Treasurer has a request for proposal for future program management services of the new Bright Directions advisor-sold 529 plan. The Treasurer has decided to merge the state's two existing advisor-sold plans, the Bright Start Advisor and Bright Directions college savings programs. The new program manager will facilitate successful consolidation of these two plans. The proposal deadline is December 9, 2016, 2:00pm Central time.

The current program manager contract for the Bright Directions 529 plan will expire on July 19, 2017.

For more information, click here.

Washington state issues RFP for new 529 savings plan

(October 4, 2016) - The Washington Student Achievement Council (WSAC) has issued a request for proposal (RFP) for a program manager to the Washington College Savings Program. Deadline for proposals is Wednesday, November 30, 2016.

Washington currently offers the Guaranteed Education Tuition Program, a prepaid 529 plan. The plan is closed to new investors, though new legislation passed during the 2016 Legislative Session calls for the program to reopen by July 1, 2017.

This RFP is for a completely new, direct-sold 529 savings plan. The WSAC plans to award the contract and have the plan launched by June 30, 2017. The term of the new contract would run through June 29, 2027.

The RFP requires that the new program manager meet certain minimum requirements. There is a cap on proposed annual fees charged to account owners of 50bps for any investment option, the minimum contribution can be no higher than $25, and the plan must work seamlessly between the existing prepaid plan to allow rollovers in and out in an expedited fashion.

For more information, click here.

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