The Vermont Student Assistance Corporation has issued a Request for Proposal (RFP) to investment firms interested in managing the state's $92 million 529 savings plan, the Vermont Higher Education Investment Plan (VHEIP). The current five-year management contract with TIAA-CREF Tuition Financing Inc. expires December 1, 2009. The new contract will also be for five years, with an option for VSAC to extend for two additional years.
In addition to bidding out management of the existing direct-sold plan, VSAC will also accept proposals for a new adviser-sold plan. Bids are due by November 25, 2008.