Texas seeks to rope in provider for 3 tuition plans
By Kevin Olsen | September 20, 2012 4:04 pm
Texas Prepaid Higher Education Tuition Board, Austin, is searching for a service provider for three 529 tuition plans, according to an RFP posted on the state's procurement website.
Services include “overall plan management, including investment management, distribution, transition, administration, record keeping, customer service, development and maintenance of (a) full-service website, reporting, development and implementation of marketing plans,” according to the RFP.
The board is looking for one firm for all three plans — the $334 million Texas Tuition Promise Fund, $212 million Texas College Savings Plan and $135 million LoneStar 529 Plan.
OFI Private Investments is the current plan manager for the three plans; it could not be learned by press time whether the firm is invited to rebid.
Hewitt EnnisKnupp is consultant to the board.
The board is looking for proposals that offer a diverse mix of investment options, which can be index funds, passive and active strategies, money market funds, inflation-protected securities, guaranteed funds and other investment options, according to the RFP.
The RFP is available on the state's electronic procurement website at http://esbd.cpa.state.tx.us/bid_show.cfm?bidid=102344.
Proposals are due at 2 p.m. CDT Nov. 2. Presentations to the board will take place Feb. 12, with a contract expected to be in place by April 1.
Jennifer W. Sloan, assistant general counsel, contracts, in the Texas Comptroller of Public Accounts office, referred questions to spokesman R.J. DeSilva, who did not return a telephone call by press time.