Illinois has selected OppenheimerFunds 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.

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.

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