Nevada College Savings Plan Board, Carson City, hired Putnam Investments as program manager of its $6 billion 529 College Savings Plan, effective Oct. 1, Nevada state Treasurer Kate Marshall announced Thursday.
Other 529 plans currently offered through the state are the Upromise College Fund 529 Plan, Vanguard 529 College Savings Plan and the USAA College Savings Plan.
Nevada residents who participate in the savings program will not pay annual fees, but those outside the state will, she said.
Details of the plan will not be released until it is officially launched on Oct. 1.
Putnam has offered a 529 plan through the state of Ohio for the last decade, Robert Reynolds, president and CEO of Putnam, said in a telephone interview. He said their contract with Ohio expires Sept. 30. “That led us to look at what’s out there,” he said.
He said he could not disclose details of the plan before Oct. 1, but said he believes there are significant differences between the Ohio and the Nevada plans.