Connecticut issues RFP for 529 plan manager

The Connecticut Treasurer's office has issued a request for proposals (RFP) to firms interested in bidding to become program manager for the state's 529 savings plan. The direct-sold plan, named "CHET," is currently managed by TIAA CREF and has approximately 85,000 accounts with total assets of $1 billion.

Bidders can propose on the direct-sold 529 plan or on both the direct-sold plan and a new adviser-sold plan. The management contract is for a five-year term beginning in January 2010. Bids are due by July 15, 2009.
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