Texas Prepaid Higher Education Tuition Board, Austin, is searching for transition managers for its Texas Guaranteed Tuition Plan, confirmed spokesman R.J. DeSilva.
Northern Trust currently serves as transition manager. The plan is looking for at least one additional “backup” manager to Northern Trust, Mr. DeSilva said in an e-mail.
The $1.4 billion 529 plan was started in 1996 and closed to new enrollment in 2003. It has an unfunded liability of about $613 million, and plan assets are expected to be depleted by 2019, according to the RFP.
Investment consultant Hewitt EnnisKnupp is assisting.
The RFP is available on the state’s procurement website. Proposals are due at 2 p.m. CST Jan. 17. A hiring decision is expected on Feb. 28.
