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.
We will be making this as easy as possible for you. Your account information, investment portfolio(s), and account preferences will seamlessly transition to the new account management system.
In August, a Transition Guide and Plan Description were mailed to all account owners. Please be sure to read this material as it contains critical details about the transition, important dates, investment information and mapping, plan enhancements and required action.
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 by 13%, saving account owners a combined total of approximately $2.4 million annually.
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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This page will be updated with more information. Add a bookmark for BrightStartEnhancements.com and check back here for more updates!
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 Direct-Sold College Savings Program 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 mailed to all account owners in August for complete details.
No. There is no cost to you for the transition.
In August, the Transition Guide and the new Plan Description were mailed and emailed providing detailed information about the upcoming transition and timeline, exciting plan enhancements, common questions, investment information and much more. You will also be able to view all transition communications as they are released on this page, BrightStartEnhancements.com.