Oregon Public Broadcasting

The financial fund that's running Oregon's troubled college savings plan, has not applied to continue doing so next year. Kristian Foden-Vencil reports.

Oppenheimer has run the state's 529 fund since 2004.

Now, Oregon is suing Oppenheimer for big losses in an account that was supposed to be low-risk.

Treasurer spokeswoman, Stacey Dycus, says Oppenheimer had indicated it might apply to continue managing the money, but no paperwork arrived before the deadline.

Stacey Dycus: "The contract with Oppenheimer was up this December anyway. So it would have been time for us to go into the market and look to make sure that Oregonians had the best possible program."

Six firms have bid to manage Oregon's college savings plan including: Fidelity, TIAA-CREF, UPromise, which is owned by Sallie Mae, and Union Bank, which operates Nebraska's highly ranked plan.

One name will be put to the Oregon College Savings Plan board in July.