Oklahoma 529 College Savings Plan (OCSP)

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Carnegie woman wins Oklahoma 529 College Savings Plan sweepstakes

Local principal wins $529 toward an Oklahoma 529 College Savings Plan account after winning social media sweepstakes
Apr 29, 2019

OKLAHOMA CITY – Lori Graham has an extra $529 to contribute to her daughter’s college education expenses. Last month, the elementary school principal from Carnegie entered the Oklahoma 529 College Savings Plan’s Lucky to Save Facebook sweepstakes. Graham was randomly selected from a pool of more than 130 entries to win a $529 contribution toward an OCSP account.

Graham’s daughter, Lybbee, has had an OCSP account for approximately six years. As someone who works in the education field, Graham is a firm believer that education guides your future and saving early is key.

“I tell my students’ parents every time a new Oklahoma 529 College Savings Plan contest comes out to enroll in the plan. It is such a great savings program,” said Lori Graham. “Others can donate to the plan. It is a super opportunity if people would just take advantage of it. The Lucky to Save winnings will give Lybbee more money to her account so it can earn more interest.”

Graham’s daughter is studying physical therapy at the University of Oklahoma. Graham said Lybbee will be in school for approximately six years, and she plans to study abroad this summer. Graham said the winnings will help cover the cost of tuition, books and other fees that come with higher education.

OCSP offers similar promotions throughout the year to encourage families like Graham’s to strengthen their current savings plans or to begin making a plan to save. OCSP’s next Facebook sweepstakes takes place in June. The Summer of Savings sweepstakes will offer one winner a $529 contribution toward an OCSP account. It is open to those with and without OCSP accounts. To enter, follow OCSP on Facebook and watch for the Summer of Savings posts, then follow the prompts to enter.

Oklahoma State Treasurer Randy McDaniel congratulates Graham on her winnings, and for continuing to plan for her daughter’s ongoing education costs.

“The Graham’s are a great example of how the Oklahoma 529 College Savings Plan can keep working for you after your children or grandchildren are in college,” said McDaniel, board chair for OCSP. “They began saving early, which enabled the account to grow over time. Continuing to add contributions to the account after beneficiaries go to college allows you to take advantage of the tax benefits and additional earnings.”

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 March 31, 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. Limitations may apply. Read the Disclosure Booklet carefully.  

Consider the investment objectives, risks, charges and expenses before investing in the Oklahoma College Savings Plan. Please visit www.ok4saving.org or call toll-free 1-877-654-7284 for a Plan Disclosure Booklet containing this and more information. Read it carefully.

Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarships and protection from creditors for investing in its own 529 plan. 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.

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