Products June 13, 2011
TIAA-CREF Selected as Manager of CA 529 Plan
June 13, 2011 (PLANSPONSOR.com) – California Treasurer Bill Lockyer announced that the ScholarShare Investment Board (SIB) has unanimously selected TIAA-CREF Tuition Financing (TFI) to manage California’s direct-sold 529 college savings plan.
Reported by Rebecca Moore
The announcement said TFI was selected as the result of a competitive bid request and will take over management of ScholarShare in November, 2011. ScholarShare’s current program manager contract expires on November 11, 2011.
The SIB directed staff to begin working with TFI about assuming management of the adviser-sold plan, which is part of the existing contract to expire in November.
ScholarShare currently has $4.4 billion in assets in more than 291,000 accounts.