Washington state issues RFP for new 529 savings plan

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.
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