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Deals & People June 13, 2011
TIAA-CREF Selected as Manager of Calif. 529 Plan
California's ScholarShare
Investment Board (SIB) unanimously selected TIAA-CREF Tuition
Financing (TFI) to manage California’s direct-sold 529 college savings
plan.
Reported by PLANADVISER staff
TFI was selected after a competitive bid request and will take over management of ScholarShare in November, 2011. ScholarShare’s current program manager contract expires on November 11, 2011.
SIB directed its staff to begin working with TFI about assuming management of the adviser-sold plan, which is part of the existing contract to expire in November, said California Treasurer Bill Lockyer in the announcement.
ScholarShare currently has $4.4 billion in assets in more than 291,000 accounts.