The state of California is planning to issue a request for proposals (RFP) for a 529 plan to be distributed through advisors. The RFP is expected to land in the next sometime in September, according to an industry source.

The plan to add a program for advisor distribution mirrors that of numerous other states that had also originally relied on direct-sold programs. The RFP may also issue a challenge to TIAA-CREF that runs the existing California 529. That contract is safe through 2006.

The new plan is likely to lure bidders hoping to administer it as California has the largest population in the nation. It will also be one of the open RFPs on the market.  

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