NU Online News Service, Aug. 1, 2003, 1:55 p.m. EDT – The New York State Higher Education Services Corp. has picked a group led by Upromise Investments Inc., Needham, Mass., to replace the Teachers Insurance and Annuity Association, New York, as the manager of the state’s New York College Savings Program.
Upromise runs a system that awards parents college savings points for buying goods and services from participating companies. The Upromise team that would be running the New York savings program includes the Vanguard Group, Valley Forge, Pa., according to New York officials.
New York state awarded TIAA a five-year contract to run the college savings program, which now controls $1.8 billion in assets, in 1998. The contract expired July 30, but New York has extended the contract until Nov. 14, officials say.