MEMPHIS, TN: The Tennessee Department of Treasury has hired Walker + Associates to encourage state residents to invest in “Section 529” education cost-savings plans.

The state signed a five-year contract with Walker + Associates worth more than $3.2 million after an RFP, said LaKesha Page, director of college savings at the Tennessee Treasury Department. The program did not have an incumbent agency.

The state wants to launch the initiative this quarter, with the goal of helping the plan reach its annual benchmarks of $15 million ...