AllianceBernstein has kept its role as the program manager for Rhode Island's 529 plan, which had $7.4 billion of assets as of end-April. The New York-based firm has served as program manager since 2000.

AlliancebBernstein will continue to provide program management and investment management services to the 529 savings plan, dubbed CollegeBoundfund, for another five years. The contract also includes a provision that allows for an extenstion of an additional five years.

The company is reducing operating expenses for target date funds offered in Rhode Island's 529 plan to 20 basis points, an AllianceBernstein spokesperson confirmed. Before, expenses were in the 72 to 94 bps range.

The reduction to 20 bps is only for the Rhode Island version of the program, not the version that is offered nationally through financial advisors.  

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