Columbus, OH (Vocus/PRWEB) April 01, 2011
Ohio Tuition Trust Authority selects consulting firm for system and operating enhancements for Ohio’s 529 plan.
The Ohio Tuition Trust Authority (Tuition Trust) has hired a leading national consulting firm to review, evaluate and enhance the record keeping system and operating processes for Ohio’s CollegeAdvantage 529 Savings Plan. The consulting firm is taking a multi-phase approach to their account review with the ultimate goal of implementing leading industry practices for 529 plans. The preliminary review is complete. Additional phases are pending awaiting final state of Ohio Controlling Board contract approval on April 11, 2011.
“The Tuition Trust proactively initiated this account review process to ensure we are providing the highest standards in record keeping and operational accounting practices,” said Richard M. Norman, interim executive director for the Tuition Trust. “Ohio’s plan is nationally recognized as one of the best 529 plans in the country for low fees and quality investment options. We also want to be recognized as the leading 529 plan for record keeping standards and for maintaining the highest levels of compliance, controls and governance.”
During the initial review, some record keeping issues were discovered. The Tuition Trust is in the process of making necessary account adjustments which are currently scheduled to be completed on or before June 30, 2011.
“At the conclusion of all phases of this review, we will have implemented a series of leading practices based on industry standards for both the 529 and the broader mutual fund industry,” said Mr. Norman. “This rigorous agency-initiated review will provide further confidence that the Tuition Trust is effectively fulfilling our fiduciary duties to all current and future CollegeAdvantage account owners.”
Ohio’s CollegeAdvantage 529 plan offers a diverse choice of investment options through leading financial institutions. The Ohio plan is offered to families directly through the Tuition Trust with the CollegeAdvantage Direct Plan and is also offered by financial professionals through the BlackRock CollegeAdvantage Advisor Plan. The system and operating review is solely for the CollegeAdvantage direct plan which is administered by the Tuition Trust.
About the Ohio Tuition Trust Authority
The Ohio Tuition Trust Authority is a state agency within the office of the Chancellor of the Ohio Board of Regents and was created by the Ohio General Assembly in 1989. The Tuition Trust offers the CollegeAdvantage 529 Savings Plan to provide families with a tax-advantaged way to save for college. The CollegeAdvantage program currently has over $6.3 billion in assets under management as of December 31, 2011. For more information about the Tuition Trust visit http://www.collegeadvantage.com.