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T. Rowe Price gets program manager contract for Maryland College investment Plan.

BANKING AND CREDIT NEWS-January 30, 2017-T. Rowe Price gets program manager contract for Maryland College investment Plan


Maryland 529, formerly College Savings Plans of Maryland, said that T. Rowe Price will continue, through 2024, as the program manager for the Maryland College Investment Plan (MCIP), one of two college savings plans that the State of Maryland offers.

Maryland 529 conducted a competitive procurement to explore all available program manager options and chose T. Rowe Price as the company that will best meet the needs of the MCIP Account Holders.

As part of its proposal, T. Rowe Price proposed a number of significant enhancements to the Plan that are expected to take effect with the new contract beginning on July 1, 2017.

Maryland 529 offers two affordable and flexible 529 plans to help families save for the future cost of college. The Maryland College Investment Plan allows families to save as little as USD 25 per month and is managed by T. Rowe Price. The Maryland Prepaid College Trust allows families to save for tomorrow's tuition at today's prices for as little as a semester of college. Enrollment in the Prepaid College Trust is open from December 1, 2016 through April 24, 2017. The College Investment Plan is open for enrollment year round.

Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. is a global investment management organization with USD 812.9bn in assets under management as of September 30, 2016. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries.

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Publication:M2 Banking & Credit News (BCN)
Geographic Code:1U5MD
Date:Jan 30, 2017
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