By Randal Edgar
PROVIDENCE, R.I. -- The State Investment Commission approved plans Wednesday to add two new options to the state-managed college savings fund that allows parents to save money for their children's college expenses.
The plan calls for a new "Treasury Inflation Protected" fund to be offered, as well as a new age-based portfolio that would follow market indexes and have lower management fees than an existing, actively managed age-based portfolio.
The plan also calls for some underlying equity funds that have underperformed to be replaced.
The commission voted unanimously to approve the plan, which also needs approval from the Rhode Island Higher Education Assistance Authority's Board of Directors.