Thomas Theune

The meeting included administrative reports from the Board Chair, DFI Secretary-designee, and Program Director, covering topics such as upcoming board elections, Edvest and Tomorrow's Scholar plan data, and the program's recent audited financial statements. There were also discussions regarding Q2 2025 plan activity for both Edvest and Tomorrow's Scholar, including AUM, contributions, new accounts, and marketing activities. Additionally, there was an investment analysis and discussion in a closed session, followed by announcements and action items.

The meeting included discussion of Edvest 529 plan reaching \$6B in assets under management, triggering a reduction of the plan's program management fee. Updates were provided on Edvest and Tomorrow's Scholar plan data through May 2025. The board discussed due diligence meetings with Ascensus and Voya's investment team. There was also a discussion regarding a Request for Information (RFI) from Morningstar and the process of contracting with a consultant to assist in developing and issuing a Request for Proposals (RFP) for Program & Investment Management Services. The board reviewed proposed meeting dates for 2026 and agreed to continue meeting virtually for three of the four meetings in the coming year.

The Equity and Inclusion Plan for the Wisconsin Department of Financial Institutions (DFI) focuses on promoting equity and inclusion for all employees and applicants. Key goals include increasing outreach to diverse professional organizations, educating interview panel members on bias awareness, capturing institutional knowledge, and enhancing employee knowledge of diverse cultures. Strategies involve expanding job postings to targeted professional groups, providing unconscious bias training, creating a policy and procedure library, and promoting staff participation in diversity-related initiatives. The plan aims to foster a respectful and inclusive work environment, improve recruitment and retention, and ensure equitable opportunities for all.

The meeting included discussions and updates on the Wisconsin 529 College Savings Program. The board reviewed Edvest and Tomorrow's Scholar plan data, including assets, accounts, and contributions. There were also presentations on Edvest and Tomorrow's Scholar plan activities, marketing efforts, and proposed investment changes. The board also went into a closed session to discuss investment strategies. The board approved Voya's 2025 investment changes for the Tomorrow's Scholar plan.

The board reviewed Edvest and Tomorrow's Scholar plan data, noting Edvest's Bronze Morningstar rating and Tomorrow's Scholar's Negative rating. Discussions included 2024 Morningstar results, tax deductible contribution amounts for 2025, and marketing updates. Third-quarter highlights for both the Tomorrow's Scholar and Edvest plans were presented, including contributions, new accounts, and marketing efforts. Proposed Edvest investment and asset allocation adjustments for 2025 were reviewed, including the addition of a standalone Money Market Fund. The board also considered increasing the maximum account contribution limit and changing the minimum subsequent contribution amount for Edvest accounts. Finally, the board set the schedule for 2025 meetings.