The West Virginia State Treasurers Office has preliminarily selected The Hartford Financial Services Group to sponsor its 529 college savings plan, said Charles Bockway, deputy treasurer of the Treasurers Office.
The Treasurers Office chose The Hartfords proposal last Friday. The details of the proposal were not available. The Hartford was chosen from a fairly long list of investment firms that submitted proposals, Bockway said.
Although Bockway is confident that the state will come to an agreement with The Hartford, nothing has been signed. Both parties are working together on a contract, which must eventually be approved by a public board. That process could take at least a month, Bockway said. Only once an agreement is signed will a formal announcement about the program be made. The West Virginia State Treasurers Office expects to launch the plan sometime in the first quarter of 2002.