OppenheimerFunds to manage Illinois Bright Start 529
Current plan participants will see their accounts automatically moved into new portfolios consisting of OppenheimerFunds actively-managed funds. Three additional options investing in Vanguard index funds will also become available. The expenses of the portfolios will range between 0.53% and 0.64% for the actively-managed portfolios, and between 0.19% and 0.21 percent for the index-fund portfolios.
OppenheimerFunds has also committed to making $500,000 in scholarships available for each of the seven years in its management contract with Illinois.