TIAA-CREF Selected as Manager of Calif. 529 Plan

California's ScholarShare Investment Board (SIB) unanimously selected TIAA-CREF Tuition Financing (TFI) to manage California’s direct-sold 529 college savings plan.

TFI was selected after 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.  

SIB directed its 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, said California Treasurer Bill Lockyer in the announcement.

ScholarShare currently has $4.4 billion in assets in more than 291,000 accounts.