KTVN Channel 2 - Reno Tahoe News Weather, Video - Nevada's Upromise College Fund to Debut Soon

From Nevada State Treasurer:

State Treasurer Kate Marshall and the Board of Trustees of the College Savings Plans of Nevada proudly announce a new landmark investment management agreement between State Street Global Advisors (SSgA), Upromise Investments Inc., and the State of Nevada that will reduce costs to customers while at the same time 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, 2012, with an extensive outreach and marketing campaign planned for the spring and summer of 2012.  SSgA, the 2^nd 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.

"We are very excited to welcome State Street Global Advisors to our Nevada family of national college savings plans," Marshall said.  "The SSgA Upromise 529 Plan will provide families saving for college across America with an innovative product design aimed at providing exceptional service at significantly lower costs."

Upromise Investments President Jeff Howkins said, "We are pleased to work with the state of Nevada and SSgA to launch this new innovative program.  We look forward to continuing to build on our successful partnership as Nevada's 529 direct program manager, and to helping families save money for the important investment in their educational future." 

All assets in the existing plan, totaling $940 million as of January 30, 2012, 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 about how to "Save for College, One Step at a Time," go to nevadatreasurer.gov or call 775-684-5666 or 1-888-477-2667 (toll free).