Management of Oklahoma’s 529 college savings plans has been opened for competition, State Treasurer Randy McDaniel said.

Started in April 2000, the Oklahoma 529 College Savings Plan currently contains more than $925 million in more than 56,000 accounts. The Oklahoma 529 College Savings Plan is a direct-sold plan, meaning parents and grandparents make their contributions directly to the program manager.

Also open for competition for management services is the advisor-sold OklahomaDream 529 Plan, a college savings plan started in 2009 that is sold through investment advisors and brokers. It contains approximately $166 million in almost 10,500 accounts.

“The 529 market is highly competitive,” McDaniel said. “We look forward to using this opportunity to ensure the Oklahoma College Savings Plans remains the best options available for Oklahoma families to save for college.”

Currently, TIAA manages the direct-sold plan through a contract with the Oklahoma College Savings Plan Board of Trustees, chaired by the state treasurer.

 Allianz Global Investors manages the advisor-sold plan through a subcontract with TIAA.

Both plans exclusively offer Oklahoma families a state income tax deduction of up to $20,000 per year.

The current contract was awarded in 2010 and was renewed for an additional five years in 2015.

The contract expires in June 2020.

Companies that wish to complete for the business can download the official Request for Proposals at the treasurer’s web site, www.treasurer.ok.gov. Responses are due by November 6.