Texas prepaid education board in hunt for 529 plan provider

Texas Prepaid Higher Education Tuition Board, Austin, is searching for at least one service provider for three 529 tuition plans, according to an RFP posted on the state's procurement website.

The responsibilities include investment management, administration, record keeping, and fund accounting and reporting. Firms can submit proposals for one or more of the services for one or more of the plans, according to the RFP.

OFI Private Investments now provides the services for the three plans — the $413 million Texas Tuition Promise Fund, $252 million Texas College Savings Plan and $154 million LoneStar 529 Plan. It subcontracts record keeping to InTuition for the Promise Fund, according to the RFP.

Hewitt EnnisKnupp is consultant to the board.

The RFP is available on the state procurement website. Proposals are due at 2 p.m. CDT July 12. A hiring decision is expected on Aug. 31.

A spokesman from the Texas Comptroller of Public Accounts did not return a telephone call seeking further information by press time.