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State chooses new college savings plan investment manager
by Tribune Staff
Feb 16, 2012 | 542 views | 0 0 comments | 3 3 recommendations | email to a friend | print
CARSON CITY — State Treasurer Kate Marshall and the board of trustees of the College Savings Plans of Nevada announced this week a new investment management agreement with State Street Global Advisors (SSgA) and Upromise Investments Inc. that will reduce costs to customers while providing exciting new investment options. Customer asset-weighted fees will be lowered by 8 basis points, from 57 to 49.

The SSgA Upromise 529 Plan will officially launch on April 16, with an extensive outreach and marketing campaign planned for the spring and summer. SSgA, the second largest institutional asset manager in the world, will take over as investment manager for Nevada’s current Upromise College Fund 529 plan, with Upromise Investments Inc. remaining as the program manager. The SSgA Upromise 529 Plan will offer an all SPDR exchange-traded funds (ETFs) lineup and simplified age-based investment choices, including college date portfolios, risk-based portfolios and static portfolio options.

A 529 plan is an education savings plan operated by a state or educational institution designed to help families set aside funds for future college costs. It is named after Section 529 of the Internal Revenue Code, which created these types of savings plans in 1996.

All assets in the existing plan, totaling $940 million as of Jan. 30, will be transferred to the new investment options in the SSgA Upromise 529 Plan, with the exception of the savings portfolio, which will continue to be managed by Sallie Mae Bank.

For more information, visit nevadatreasurer.gov or call 684-5666 or 888-477-2667.
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