News & Press Releases
Oklahoma 529 College Savings Plan launches Smart Steps website, $50 match offer for new parents and grandparents
OKLAHOMA CITY – Nearly 50,000 babies are born in Oklahoma each year, and the Oklahoma 529 College Savings Plan (OCSP) today launched a campaign to help moms, dads and grandparents across the state prepare for their new baby’s arrival with interactive content and a special $50 bonus match for OCSP college savings accounts opened for babies born in 2021.
“Welcoming a new baby is an exciting time in a family’s life,” said Oklahoma State Treasurer Randy McDaniel. “OCSP has the tools needed to help families plan for their future. Whether its K-12 private school, technical training or college expenses, an OCSP account can help fund many important items when it comes to your newborn’s future education.”
The Smart Steps website houses content to help families plan out savings goals and offer ways to welcome a newborn into their home with goalsetting and tips for things beyond just financial wellness. With insight on the future of education, discussions about childcare costs, a newborn checklist and more, OCSP’s Smart Steps offers parents and grandparents the ability to prepare for more than just their academic future.
“Providing Oklahoma families with educational content for success helps create a brighter future for our children,” added McDaniel. “Plus, by opening an OCSP account and getting the $50 match, parents and grandparents can have more confidence in their loved one’s future.”
Parents and grandparents can open an account for a new baby born in 2021 with $50 or more, set up recurring contributions of at least $25 for six months and receive a $50 bonus from OCSP. To register, visit www.ok4saving.org/newborn.
For access to the Smart Steps resources for new and expecting families, visit www.ok4saving.org/smartsteps.
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 open and manage their own 529 college savings accounts. The Plan is managed by TIAA-CREF Tuition Financing, Inc. As of June 30, 2021 assets in in the Plan exceeded $1.21 billion.
Any OCSP earnings are federal and Oklahoma income tax free when used for higher education expenses such as tuition, living expenses, books, supplies and fees. Funds may be used at most private or public universities, colleges or career technology centers, nationwide. In addition, up to $10,000 per year may be used for tuition at private elementary and secondary schools.
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 carry forward. Limitations apply.1
1To learn more about the Oklahoma 529 College Savings Plan, its investment objectives, tax benefits, risks and costs, please see the Plan Description at ok4saving.org. Read it carefully. Oklahoma residents can reduce their state taxable income by up to $20,000 if married filing jointly ($10,000 filing single) from contributions made into an Oklahoma 529 College Savings Plan. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. Withdrawals for tuition expenses at a public, private or religious elementary, middle, or high school can be withdrawn free from federal tax and Oklahoma income tax. If you are not an Oklahoma taxpayer, you should talk to a qualified advisor about how tax provisions affect your circumstances.
Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. 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. Consult your legal or tax professional for tax advice. TIAA-CREF Tuition Financing, Inc. (TFI), Plan Manager.
For more information, contact:
Tim Allen, Treasurer’s Office, (405) 522-4212
Addie Plank, Koch Comm, (405) 570-2959