Texas is dumping Enterprise Capital Management
as its 529 manager. The Dallas Morning News
reports that the Lone Star State is searching for a new manager to replace Enterprise once the contract expires on August 31. A spokesperson for Texas Comptroller Susan Combs told the paper that the state wants a "low-cost plan," and the article lists the plan's current annual non-fund management expenses as totaling 0.45 percent of assets (plus $30 per account for non-Texans). However, the Morning News also points to the Texas 529 plan's underperformance as a possible factor in the state's decision (according to Savingforcollege.com
, Texas came in dead last in three year performance among the 50 states, as of December 31).
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