Description
The State of Missouri is seeking a firm to manage the Missouri 529 College Savings Program, providing program management, including investment management, services. The selected firm will be responsible for administering the program, including recordkeeping, customer service, marketing, and outreach. The firm must have at least five years of experience managing 529 programs or similarly structured and sized investment programs, and demonstrate 529 conversion experience. The contract period is from the effective date of the contract through June 30, 2032. Key components of the proposed plan include low-cost age-based and/or target date glidepath options, excellent customer service, and commitment to supporting local organizations and agencies interested in using the Plan to support scholarship or Child Development Account initiatives. Some of the key requirements for the contractor include: providing account administration services, investment management services, and customer service; accommodating expansions and enhancements to qualified expenses; and providing weekly, monthly, and quarterly data reports as requested by the state agency.
• The contractor must have at least five years of experience managing 529 programs or similarly structured and sized investment programs.
• The contractor must demonstrate 529 conversion experience.
• The contractor must have at least five years of investment management experience with at least $10 billion in assets under advisement in 529 programs or similarly structured products.
• The contractor must have sufficient capital to assume responsibility for and provide ongoing services for the program.
• The contractor must have a minimum of one year experience administering scholarship and/or Child Development Accounts.
• The contractor must have the ability to offer a Capital Preservation option(s) utilizing a Missouri-based financial institution(s).
• The contractor must have the ability to provide an open architecture investment platform.