The Boston company said it wants to develop a "best of breed" solution similar to the one it created in New Mexico, where it has managed 529 plans since 2000. In January 2002 Schoolhouse began working with
Oregon offers 529 plans managed by
To comply with state and IRS rules, Schoolhouse will manage across all of the plans.
"Looking at the market, there is a need for diversification," said Sandy Forcier, Schoolhouse's director of marketing. "They look at Schoolhouse, and they believe that we can bring something different to the table, not only in terms of bringing in additional plans but the flexibility going forward to bring in other programs and consolidating."
If, for example, an investors cumulative investments in three of the plans exceed Oregon's $250,000 limit, it would be up to Schoolhouse to notify the plan administrators.
Forcier said Schoolhouse would not directly compete with MFS, Strong or Franklin Templeton because it will sell its Oregon 529 plans through advisers while the other providers products are sold directly to investors.
