TIAA-CREF, one of the original players in the 529 college savings market, has lost another plan's business.
The company and the Independent 529 Plan agreed to end their contract five years early. The plan said it is contacting potential managers by phone rather than issuing a request for proposals.
A number of companies are interested, according to Nancy Farmer, the president and chief executive of the Independent 529 Plan, and it expects to pick a new manager by early June.
The Independent 529 Plan has about $100 million of assets. It is believed to be the first private, college-sponsored national prepaid 529 plan.
TIAA-CREF has almost $4 billion of assets in 529 plans in eight states, excluding the independent plan. In recent years it has lost a number of plans.