Iowa state Treasurer Michael L. Fitzgerald issued an RFQ for a plan manager for the Iowa Advisor 529 Plan, confirmed Karen Austin, deputy treasurer.
The $113.9 million Iowa Advisor 529 Plan, Des Moines, is part of the Iowa Educational Savings Plan Trust, which also includes the College Savings Iowa 529 Plan. Upromise is the current record keeper for the college savings plan and “full-service plan manager” for the Iowa Advisor plan, according to the RFQ.
Upromise's contract for the Iowa Advisor plan expires in September, and the firm said it will not rebid, according to the RFQ. The plan manager is responsible for record-keeping and investment management services, said Ms. Austin in an e-mail.
The Iowa Advisor plan offers 16 investment options, including three asset allocation strategies and 13 individual fund strategies.
The RFQ is available online on the National Association of State Treasurers' website.
Proposals are due by 2 p.m. CDT May 11. The plan hopes to decide on a manager by June 30, Ms. Austin said.
