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Union Bank wins contract to manage state's college savings plans

Union Bank wins contract to manage state's college savings plans

LINCOLN — Union Bank & Trust of Lincoln has been chosen as the new program manager for the state’s college savings plans, effective December 2020.

Omaha’s First National Bank had managed the program since 2010, but before that, Union Bank was the manager of the Nebraska Educational Savings Trust (NEST) 529 program.

The Nebraska Investment Council voted unanimously to accept Union Bank’s proposal, which was recommended by State Treasurer John Murante. He said the switch will reduce program management fees for the NEST Direct Plan by 68%.

The state offers four NEST 529 plans, which have $5.6 billion in assets and more than 275,000 accounts, including nearly 90,000 in Nebraska.

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Reporter - Regional/state issues

Paul covers state government and affiliated issues. He specializes in tax and transportation issues, following the governor and the state prison system. Follow him on Twitter @PaulHammelOWH. Phone: 402-473-9584.

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