Texas and OppenheimerFunds ready new 529 plans

Texas Comptroller Susan Combs and OppenheimerFunds have set November 19, 2007 as the launch date for the direct-sold Texas College Savings Plan and the adviser-sold LoneStar 529 Plan. The new program manager is OppenheimerFunds subsidiary OFI Private Investments Inc. (OFIPI).

OFIPI will take over $200 million and 20,000 account holders from the existing Texas 529 plan. The investment firm also manages 529 plans in New Mexico, Oregon, and Illinois.

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