Selection promises continued strong support of Maine’s Section 529 plan

AUGUSTA — At its monthly meeting held on May 18, 2023, the board of directors of the Finance Authority of Maine (FAME) approved the selection of the following program management service providers to help manage the NextGen 529 plan going forward: Vestwell State Savings, LLC as Program Manager; BlackRock Advisors, LLC as Investment Manager; BlackRock Investments, LLC as Primary Distributor of the Client Select Series; and Bank of New York Mellon as Custodian. 

The selections were made in response to a Request for Responses issued by FAME for NextGen 529 on November 15, 2022.

FAME is proud to administer NextGen 529, Maine’s 529 plan, which provides an opportunity for investors, including Maine residents, to save for eligible education expenses.

“FAME and its partners are committed to implementing future enhancements to NextGen 529, which will be made possible through this collaboration,” stated Carlos Mello, FAME CEO. “NextGen 529 is an important tool for education savings for Maine families and other account holders across the nation. We are pleased to support them in saving for and reaching their higher education goals.”

NextGen 529 customers do not need to take any action at this time. Key enhancements will be communicated to Account Owners prior to their implementation. 

The Finance Authority of Maine (FAME) is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities. FAME helps to lead the creation of good-paying jobs for Maine citizens by working at the nexus between economic and workforce development. To learn more about FAME, please visit www.famemaine.com.