Tuition Plan Inc., Greenville, S.C., the first nationwide tuition prepayment program for private colleges and universities, hired TIAA-CREF as its sole money manager.
Details are pending and the program is in contract negotiations. Plan officials are hopeful that the prepayment program will be rolled out in June 1999, subject to Internal Revenue Service and/or congressional approval.
Craig McCoy, vice chairman of the board, said he wasn't sure what asset classes will be included in the fledgling fund, but expects a separate account structure will be adopted. He predicts the fund will reach $5 billion in assets over the next five years.
Under the program, parents wishing to send their children to participating schools will be able to pre-pay the tuition costs at current rates.
Separately, TPI is searching for a CEO to replace interim and founding CEO/President Richard Libby, who is retiring.