Specifications include, but are not limited to: The goals for the operation of the Plan are: 1) To meet Internal Revenue Code Section 529 and MS 136G requirements to maintain a compliant qualified tuition program. 2) To maintain the Plan’s philosophy to offer investment options covering the entire risk spectrum while limiting the number of investment options to avoid overwhelming current and prospective account owners (choice paralysis). 3) To provide investment options with competitive returns while maintaining the lowest relative fee structure. 4) To offer current and prospective account owners customer-focused Plan administration including multiple avenues to enroll in and manage their Plan accounts. This includes offering a state-of-the-art, user-friendly, and ADA accessible website and materials along with mobile applications. 5) To act as an educational tool as part of the Office’s overall strategy to provide comprehensive and readily understandable information about planning for the pursuit of higher education. 6) To implement a strategic and robust marketing plan to reach all socioeconomic groups including special outreach efforts to Minnesota’s changing and diverse populations. Minnesota is home to some of the largest populations in the United States of Hmong and Somali people. Some Twin Cities high schools have student populations that collectively speak over 100 different languages. 7) To maintain or raise Morningstar’s silver rating of the Plan during the term of the contract.
