The District of Columbia has selected Calvert as the program manager for its 529 plan. Besides offering investments in the plan, Calvert will also administer and market it.

Anthony Calhoun, treasurer for the District of Columbia, said the district had reviewed a number of investment firms before selecting Calvert. "Calvert provides broad distribution capabilities through its nationwide network of wholesalers and financial professionals," Calhoun said. "Forming this partnership with Calvert will allow the district to reach and serve Americans all over the country."

The District of Columbia's plan will allow parents to save for college on a tax-deferred basis through individual fund options as well as five age-based portfolios. Calvert expects to make the plan available in the fall.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.