Illinois has selected OppenheimerFunds to act as program manager for its 529 college savings plan, the Illinois Bright Start College Savings Program. As such, OppenheimerFunds will act as investment manager, administrator and distributor of the $2 billion program.

“OppenheimerFunds’ ability to provide 529 investors with solid performance, a broad range of investment options and a low fee structure set them apart from competitors,” said Judy Barr Topinka, Illinois state treasurer.

“The company has the right choice for the Bright Start College Savings Program, which is already well-known as a high-quality and cost-friendly 529 option for investors.”

OppenheimerFunds proposed a multi-manager lineup of funds with average fees nearly 40% less than currently offered, which will save participants $8 million in fees each year, Topinka said.

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