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Piedmont family wins Oklahoma 529 College Savings Plan sweepstakes
Oklahoma City – A Piedmont family has an extra $529 to contribute to their college savings plan just in time for their daughter’s freshman year of college. Monty and April Brant’s daughter, Kara Brant, is the beneficiary of the Oklahoma 529 College Savings Plan’s (OCSP) most recent social media sweepstakes. Last month, April entered into the Freedom to Save sweepstakes on Facebook. She was randomly selected to win a $529 contribution toward an OCSP account.
The family will add the funds to Kara’s existing OCSP account. Kara graduated from Piedmont High School this spring and is enrolled at Oklahoma State University this fall. Kara’s mother said it’s a nice boost to her daughter’s account just ahead of the fall semester.
“We are excited about the winnings and grateful,” said April Brant. “Kara wants to help others to brighten the world with their smiles, and college will give her the opportunity to pursue a career in orthodontics."
The Brants opened an OCSP account for Kara in 2008. Over the last 11 years, her parents and grandparents have contributed to it. Oklahoma State Treasurer Randy McDaniel congratulates the family on their winnings and their dedication to Kara’s education.
“It is always inspirational to hear about Oklahoma families that make saving for college a priority”, said McDaniel board chair for OCSP. “I want to congratulate Kara and the entire Brandt family for winning the Freedom to Save sweepstakes. These additional resources will be helpful to offset future higher education expenses.”
OCSP offers promotions throughout the year to encourage families to strengthen their current savings plans or to begin making a plan to save. OCSP’s Pigskin Piggybank sweepstakes kicks off August 19. The sweepstakes will see one Oklahoma family win $5,529 toward an OCSP account and $5,529 for their school. Watch OCSP’s Facebook and Twitter accounts, as well as www.ok4saving.org for details.
Funds contributed to OCSP accounts are typically eligible for an Oklahoma income tax deduction. Earnings on the contributions can be withdrawn tax-free when the funds are used for a variety qualifying expenses at accredited schools around the country. Funds can also be used for tuition at private K-12 schools.
For more information about the Oklahoma 529 College Savings Plan or to open an account, go to www.ok4saving.org or call (877) 654-7284. Funding for OCSP prizes comes from the marketing budget of the Oklahoma 529 College Savings Plan; no state funds are used.
About the OCSP
Introduced in April 2000, the Oklahoma 529 College Saving Plan (OCSP) is Oklahoma’s direct-sold 529 college savings plan. It is designed for families who want to direct their own 529 college savings accounts. The plan is managed by TIAA-CREF Tuition Financing, Inc. Introduced in March 2009, OklahomaDream 529 Plan is offered through financial advisors and is managed by Allianz Global Investors. As of June 30, 2019, combined assets in both plans exceeded $1 billion.
Oklahoma taxpayers may deduct, from their Oklahoma adjusted gross income, up to $10,000 in contributions to the Oklahoma 529 College Savings Plan for individual taxpayers and up to $20,000 for taxpayers filing a joint return with a five-year carryforward. Read the Disclosure Booklet carefully. Limitations may apply.*
*To learn more about the Oklahoma 529 College Savings Plan, its investment objectives, tax benefits, risks and costs, please see the Disclosure Booklet at ok4saving.org. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. Consult your legal or tax professional for tax advice, including the impact of the new federal tax changes. If the funds aren't used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply.
TIAA-CREF Tuition Financing, Inc., Program Manager. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and SIPC, distributor and underwriter for the Oklahoma College Savings Plan.