Tennessee has kicked off an RFP search for an agency as it plans to launch a new tax-free college savings plan for citizens in the second quarter of 2012.
The state’s Treasury Dept. closed its own BEST Savings Plan in 2008 and encouraged users to roll over their funds to Georgia’s Path2College 529 Plan. The plans are known as 529s, based on the tax code which creates them.
In creating a new plan for Tennessee, the state wants marketing and PR help to tout the new tax-free plan. Key to the outreach are two audiences. First, the state wants to reach prospective savers in the state, including family and extended family, as well as those currently using the Georgia plan. And second, PR will target Chambers of Commerce, employers, parent groups and organizations, government leaders and financial institutions, among others.
Tennessee has a goal to enroll $15M by the end of 2012 and $950M by the end of 2019.
The RFP, released March 1, sets a March 29 deadline for proposals, but also a March 7 deadline for intent to pitch.