Competitive Procurement Secures Lower Fees and New Enhancements for Edvest 529 and Tomorrow’s Scholar While Providing Continuity for Wisconsin Savers
MADISON, Wis. – The Wisconsin Department of Financial Institutions (DFI) today announced the award of a new contract for program management services to TIAA-CREF Tuition Financing, Inc. (TIAA) for the Wisconsin 529 College Savings Program and its Edvest 529 and Tomorrow’s Scholar college savings plans.
The award follows a competitive procurement process initiated in January 2026 to evaluate the marketplace, build upon the strengths of Wisconsin’s existing 529 program, and secure additional value and enhancements for current and future education savers.
Under the new contract, which takes effect today, TIAA will continue serving as program manager for Edvest 529, Wisconsin’s direct-sold college savings plan. TIAA will also continue its relationship with Voya Investment Management (Voya IM) for program management services for Tomorrow’s Scholar, the state’s advisor-sold college savings plan. TIAA has managed 529 plans for almost three decades and is the fastest growing program manager in the 529 industry.
“Wisconsin families deserve college savings plans that deliver exceptional value, strong investment options, and high-quality service while continuing to evolve with the higher education landscape,” said DFI Secretary Wendy K. Baumann. “This competitive process gave DFI an opportunity to closely examine the marketplace, challenge providers to bring forward their best ideas, and secure meaningful improvements for Wisconsin savers. The resulting agreement builds on the progress we have made as partners while setting an even higher standard for the years ahead.”
Among the most significant changes secured through the procurement is a 50% reduction in Edvest 529’s program management fee, from 0.04% to 0.02%, effective with the start of the new contract today. The reduction is expected to save Edvest 529 participants approximately $1.8 million annually. The new agreement also creates an additional opportunity to lower this fee further as the plan grows.
“It has been our privilege to work in partnership with the DFI to make a difference in the lives of so many Wisconsin families,” said Chris Lynch, President of TIAA-CREF Tuition Financing, Inc. “We are excited to deploy impactful program enhancements to make Edvest 529 an even greater success going forward.”
Tomorrow’s Scholar will also undergo a series of enhancements designed to make the plan more intuitive, flexible, and cost-effective for investors and their financial professionals. Savers will benefit from substantial cost reductions beginning January 25, 2027, when the plan’s current age-based portfolios transition to enrollment-year portfolios. In addition to lowering fees, this modernization will allow families to select an investment portfolio based on the anticipated year a beneficiary will begin using the funds for education. Current plan participants invested in an age-based portfolio with the Tomorrow’s Scholar plan will automatically be transitioned to the appropriate enrollment-year portfolio with no action required or cost assessed. Additional information will be sent directly to plan participants and advisors as the transition date approaches.
“We believe college savings is a fundamental building block of a secure financial future,” said Paula Smith, Senior Vice President, Head of DC and College Savings Product and Strategy at Voya Investment Management. “We’re proud to extend our partnership with the DFI, continuing to help financial advisors empower families to plan for their children’s futures and achieve their long-term financial goals.”
The DFI has contracted with TIAA and Voya IM for program and investment management services to Wisconsin’s 529 plans since 2012. Since then, the DFI has worked with each plan manager to implement a range of enhancements intended to keep Wisconsin’s plans competitive and responsive to the needs of participants. The DFI used the competitive request for proposal process to assess the evolving needs of education savers, examine industry capabilities and best practices, and establish expectations for the next contract period. The new agreement preserves the progress achieved under the existing contract while securing additional commitments, resources, and improvements.
“Our responsibility is not simply to maintain strong plans, it is to continually look for opportunities to make them better,” said DFI Office of Financial Capability Director Jessica Wetzel, who leads the Wisconsin 529 College Savings Program. “Competition helped us test what we have against the broader marketplace and identify opportunities to deliver additional value. We believe these improvements will help ensure Edvest 529 and Tomorrow’s Scholar continue to meet the needs of Wisconsin families for years to come.”
For additional information, review the Wisconsin 529 College Savings Program webpage or email CollegeSavingsProgram@dfi.
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DFI News Release Link: https://dfi.wi.gov/Pages/
DFI Media Contact: Jess Noelck Email: DFICommunications@dfi.
TIAA Media Contact: Anita Fox Email: Media@tiaa.org
