New Jersey Higher Education Student Assistance Authority, Trenton, is searching for an investment manager for the state’s 529 college savings plan, New Jersey Better Educational Savings Trust, confirmed spokeswoman Linda Nasta.
Franklin Templeton Distributors has provided the services for the $3.7 billion plan since 2003 and can rebid. Its contract expires in March.
The selected firm will provide investment management for the investment options, record keeping, administration, custodial banking and education, among other responsibilities. Firms bidding on the RFP may use subcontractors to help provide the full range of services, according to the RFP.
The 529 plan has seven stand-alone investment options, five objective-based options and a series of growth, conservative and moderate age-based funds.
The RFP is available on the HESAA website. Proposals are due at 5 p.m. EST Dec. 30. A hiring date was not specified.
Ms. Nasta declined to provide additional information.