Your Bright Start 529 College Savings Plan is about to become even better.
Bright Start 529 continually works to implement program enhancements to make it easier for families to save for higher education.
Effective September 27, 2024, Bright Start 529’s Program Management services will move from Union Bank and Trust Company to TIAA-CREF Tuition Financing, Inc. (TFI), a wholly owned subsidiary of financial services firm TIAA.
Account information and investment portfolios will seamlessly transition to the new account management system.
Be sure to keep an eye out for additional details provided each month regarding the transfer of your account(s) and required actions. For easy reference, we will post all transition communications here at BrightStartEnhancements.com.
Plan Enhancements for Your Family
Lower Fees
Bright Start 529, already among the lowest-cost college savings plans in the country, will continue to save families more.1 Families saving with Bright Start 529 will see a greater percentage of their contributions invested for future education expenses as the plan reduces total average asset weighted fees.
Investment Menu Enhancements
We remain committed to offering account owners a diverse range of investments to ensure Bright Start 529 meets the needs of the widest set of investors. This transition will maintain Bright Start's high-quality investments while further increasing the quality of investment portfolios at a lower price.
New Account Management System
Bright Start 529 account owners will realize an enhanced user experience and easier account management through a modern platform designed specifically for 529 college savings plans.
Bright Start 529 Enhancements
What Do You Need to Do?
Automatic Transition to New Account Management System
Your account information, investment portfolio(s) and account preferences will automatically transition to the new account management system.
Read the Transition Guide
Be sure to carefully read the additional details summarizing program updates and enhancements in the Transition Guide mailed to account owners in August. The Transition Guide outlines important differences between the pre- and post-transition plan, important dates, common questions, the mapping of your existing investment portfolios and required actions.
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Who is TIAA-CREF Tuition Financing, Inc. (TFI)?
A Leader in the 529 Space
TIAA is a Fortune 500 financial services organization founded in 1918 and one of the first program managers to enter the 529 college savings plan market.
Serving over a million families
TIAA-CREF Tuition Financing, Inc. (TFI) serves more than 1.6 million accounts, helping families save more than $45 billion for college (as of 3/31/2024).
Offers a wide array of 529 investment options
Committed to providing portfolios to fit families' preferences—aligning with your risk tolerance, preferred level of involvement and desired results.
Experience, Knowledge and Leadership
Since 1998, TFI has been established as one of the largest and widely recognized program managers of 529 college savings plans, currently managing college savings for more than 1.65 million students nationwide.
Frequently Asked Questions Regarding the
Program Manager Change
On July 26, 2023, the Office of the Illinois Treasurer issued a Request for Proposals for the program management services of the Bright Start College Savings Plan as the management agreement with the current program manager, Union Bank and Trust Company, was expiring. After a competitive bidding process, TIAA-CREF Tuition Financing, Inc. (TFI) was selected. TFI is one of the largest and longest-term program managers for qualified tuition programs and is a wholly owned subsidiary of TIAA, a Fortune 100 financial services organization.
The transition is scheduled to be completed by Monday, September 30, 2024. Additional details regarding the transition will be provided in the coming weeks. Account information and investments portfolios will automatically transition to the new account management system. Please visit BrightStartEnhancements.com for more information.
Your account(s), investment portfolio(s) and your account information will automatically transfer. If you make contributions by payroll direct deposit, you will need to update banking information to the new program manager. A letter with complete details on how to update banking information with your employer, will be sent to you in August if you participate in payroll contributions. We do recommend that you download your most recent statement and tax forms, if applicable, prior to the transition.
Your investment portfolio(s) will automatically transition to the new Bright Start 529 investment portfolio(s) intended to match your current investment(s). Although the goals and objectives of the new portfolios may be similar to your current investment lineup, the portfolios will not be exactly the same. Be sure to read the Transition Guide and Plan Description that will be mailed to all account owners in August for complete details.
No. There is no cost to you for the transition.
Over the next two months, expect a series of communications by mail and email (if you have an email address on file). In August, the Transition Guide and the new Plan Description will be mailed and emailed providing detailed information about the upcoming transition and timeline, exciting plan enhancements, common questions, investment information and much more. To ensure timely receipt of these communications, check to make sure your mailing address and email address are current. You will also be able to view all transition communications as they are released on this page, BrightStartEnhancements.com.