TIAA-CREF will have to fight to keep its mandate from Missouri's 529-college savings plan. The Missouri Higher Education Savings Board put the Missouri Savings for Tuition (MO$T) Program plan out for bid on September 1. TIAA-CREF has administered the plan since it was created in 1999 and its current contract expires in May of next year.
The bid comes as California is also preparing an RFP for a plan that is now administered by New York City-based TIAA-CREF.
According to the St. Louis Business Journal
, the request-for-proposal would cover a five year contract for the $750 million in assets that has 80,000 accounts. The deadline for responses in October 31 and a winner will be announced by December 31.
Sarah Steelman, Missouri's Treasurer, told the publication that the bid calls for an increase in the number of investment options offered through the 529 plan, including the addition of multiple fund families to the lineup.
The plan currently offers both a lineup for direct sold investments and advisor-sold investments, which are both administered by TIAA-CREF.
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