Colorado solicits manager bids for direct 529

CollegeInvest, the administrator of Colorado's 529 plans, has issued a Request for Proposals (RFP) to firms interested in submitting bids to become plan manager of the CollegeInvest Direct Portfolio College Savings Plan.

The plan is currently managed by Upromise Investments Inc and The Vanguard Group under a contract that expires on December 31, 2009. At December 31, 2008 the plan had approximately 79,000 accounts and $736 million in assets.

CollegeInvest has two other 529 savings plans that are not part of this RFP. Scholars Choice is an adviser-sold plan managed by Legg Mason, and Stable Value, which offers a stable value investment, is managed by MetLife.

Bids are due April 28, 2009.
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