Independent 529 Plan Appoints Nancy Farmer New President

Former Missouri State Treasurer and Champion of Missouri’s MO$T to Lead Prepaid College Tuition Program

Press Release

Independent 529 Plan Appoints Nancy Farmer New President

October 6, 2005—Former Missouri State Treasurer Nancy Farmer has been named President and CEO of Tuition Plan Consortium (TPC), an organization of more than 250 private colleges and universities nationwide that operates Independent 529 Plan, a pre-paid tuition plan.  She will assume leadership of TPC from outgoing President Douglas Brown on October 10, 2005.

Dr. Wendy Libby, Chair of TPC’s Board of Directors and President of Stephens College in Columbia, Missouri, a founding member of TPC, and Phillip Rollock, Vice President, Education Savings, TIAA-CREF, made the announcement.  TIAA-CREF, the national financial services organization and leading provider of retirement security in the academic, medical and cultural fields, administers Independent 529 Plan.

“Nancy is committed to ensuring that college is affordable and accessible to all Americans,” said Dr. Libby. “Doug Brown and his team have built a solid foundation for Independent 529 Plan. We’re confident that Nancy will build on these efforts and help a broader audience discover this integral tool to helping families save for their children’s future.”

“Personal savings is critical for the future of both our children and our country,” said Nancy Farmer. “I am excited about this program and eager to spread the word about how Independent 529 Plan can help families who dream of a private college education for their children.”

“Nancy was a vocal advocate for college savings plans during her time as State Treasurer in Missouri and throughout her career,” said Rollock. “We know that she’ll bring that same strong voice to Independent 529 Plan and continue her efforts to help make private college more broadly affordable.”

Farmer has built a 20 year career in public service.  She directed a non-profit neighborhood organization in the 80’s before she sought elected office in 1992.  Farmer was elected to three terms in the Missouri House of Representatives where she chaired the Ways and Means Committee.  She left the legislature in 1995 to become Director of Intergovernmental Affairs for the Mayor of St. Louis, but was tapped just months later by then State Treasurer Bob Holden to serve as his Deputy.  Farmer was elected Missouri State Treasurer in 2000. 

As Treasurer, Farmer was responsible for the state’s $3 billion investment portfolio, banking services, unclaimed property program and Missouri’s Section 529 college savings plan, MO$T.  Farmer devoted substantial time to promoting MO$T, personally working with the media, appearing at events and encouraging employers to offer payroll deduction to their employees.  During Farmer’s four year tenure the program grew from 2,139 accounts to nearly 85,000, assets increased from $6.5 million to $647 million and the number of employers offering payroll deduction grew from 50 to over 750.

Tuition Plan Consortium Board Member, Richard Anderson of Southwestern College in Texas will facilitate the transition in leadership, working closely with both Farmer and the TPC team in Albuquerque.  Headquarters will relocate to St. Louis, MO in 2006.

Independent 529 Plan is run by the nonprofit Tuition Plan Consortium and administered by TIAA-CREF Tuition Financing, Inc. Funds saved can be used at any of the over 250 participating private colleges and universities nationwide, as well as any that join in the future. Independent 529 Plan has grown to over $60 million in assets under management since its launch in September 2003.

In return for parents prepaying college costs, member colleges accept the investment risk and protect them from future tuition increases. Tuition purchased today is guaranteed to satisfy costs at the time the child enrolls. For example, a  parent who purchases a half-year of tuition today will receive a half year tuition when that child later redeems the tuition certificate at a member college, regardless of how much tuition rises or what happens in the investment markets.  Visit www.independent529plan.org or call 1-888-718-7878 for information about the program.

About Tuition Plan Consortium

More than 250 private colleges across the nation have joined together to form Tuition Plan Consortium, LLC, the organization that sponsors Independent 529 Plan.

Tuition Plan Consortium operates Independent 529 Plan under the direction of its board of directors, which is composed of twenty-one Directors who are officers of independent colleges or affiliated organizations.

Tuition Plan Consortium appointed TIAA-CREF Tuition Financing Inc. (TFI), a wholly owned subsidiary of TIAA and an affiliate in the TIAA-CREF group of companies, as Program Manager to provide administrative, service, and marketing services for Independent 529 Plan.  TPC appointed another TIAA-CREF affiliate, TIAA-CREF Trust Company FSB, as the trustee for the Independent 529 Plan trust, within which all Independent 529 Plan assets are required to be held.

About TIAA-CREF

TIAA-CREF is a national financial services organization and the leading provider of retirement services in the academic, research, medical and cultural fields. With more than $340 billion in combined assets under management (3/31/05), TIAA-CREF is ranked one of Fortune magazine's 100 largest U.S. companies (April 2005). Further information can be found at http://www.tiaa-cref.org.

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