Illinois State Treasurer’s Office, Springfield, is searching for one or more program managers for the $2 billion Bright Start Advisor and $2 billion Bright Directions 529 plans, said a spokesman for the treasurer’s office, in an e-mail.
“For 10 years, the state of Illinois has offered two adviser-sold 529 plans. We are taking requests for information to gauge market conditions and determine how we can offer the best 529 plans for the residents of Illinois,” said Michael Frerichs, state treasurer, in a news release. “The 529 industry has been changing and I have charged my staff to look into structuring the plans that will allow for the best-in-class investment options.”
Union Bank & Trust and OppenheimerFunds currently serve as the program managers for the Bright Directions and Bright Start plans, respectively. Their contracts are set to expire on July 17, 2017, although Union Bank & Trust’s contract could be extended eight years. Both are invited to rebid.
The RFI is available on the treasurer’s website.
Responses are due by 2 p.m. CDT on July 8. A timeline for any follow-up RFP or hiring decision could not immediately be learned.