TIAA-CREF [see profile] is putting the weight of its wallet behind a big win. Yesterday California reportedly tapped the 403(b)-giant to run its $4.2-billion, 280,000-account 529 plan. Bloomberg and the LA Times both covered the news.

Fidelity, which previously ran the plan, did not submit a bid for the business this time. Bloomberg reports that TIAA-CREF will now spend $10 million a year to market the plan. 

Edited by: Neil Anderson, Managing Editor


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