American Century wins bid to stay as Kansas program manager

Kansas State Treasurer Lynn Jenkins announced today that American Century Investments will retain its position as program manager of the state's 529 savings plans. American Century's current contract expires on December 31, 2006.

Expenses will be lowered and investment options expanded in the Kansas 529 plans. The program manager fee in Learning Quest and the Schwab 529 College Savings Plan will be reduced from 0.39% to 0.20%. In addition, the addition of index funds into the Learning Quest investment mix will bring down the total expense ratio in many of the options.

The Learning Quest Advisor program will include the same program management fee along with a new multi-manager approach, including funds from The Hartford, OppenheimerFunds, Principal Financial, and Riversource.
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