Columbia Management, which has partnered with the state since 2001, will continue to be the investment manager and distributor of the state’s adviser-sold and direct-sold college savings plans. The contract expires in 2017.
“It is very important for families to have a simple and efficient way to save for their children and grandchildren’s college education,” said South Carolina Treasurer Curtis M. Loftis Jr. “There is nothing more important than a quality education, and the Future Scholar 529 Plan helps make college more accessible to the citizens of South Carolina.”
The Future Scholar 529 College Savings Plan offers three investment options: age-based–corresponds with the child’s age and the parents’ risk tolerance over time; target-allocation–six target allocation portfolios ranging from conservative to aggressive; and single-fund–variety of mutual funds ranging from domestic and international equity funds to more conservative fixed-income funds.
The direct-sold Future Scholar program is available only to South Carolina residents. The adviser-sold program is available nationally. South Carolina’s 529 program has $1.5 billion in assets and 93,000 accounts as of June 30. For more information, click here.