Oklahoma 529 College Savings Plan (OCSP)

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State Treasurer McDaniel encourages Oklahoma families to give the gift of an Oklahoma 529 College Savings Plan this holiday season

Holiday offer from Dec. 6-20 gives Oklahomans a $50 bonus on new OCSP accounts
Dec 01, 2021

OKLAHOMA CITY – State Treasurer Randy McDaniel today announced an extra reason Oklahoma families should consider gifting a new Oklahoma 529 College Savings Account (OCSP) to a child this holiday season. New OCSP accounts opened from Dec. 6-20 will receive a $50 bonus when an account is opened with $50 or more and recurring $25 contributions are set up for at least six months.1

“This holiday season, there’s no better time to give the gift of education with the Oklahoma 529 College Savings Plan,” said Treasurer McDaniel. “Easy and convenient to open, an OCSP account provides a lasting impact to a child or grandchild and their future education goals. Even better, friends and family members can contribute to OCSP accounts for holidays and other milestones, making it the perfect gift for all stages of life.”

An OCSP account can pay for tuition and expenses related to college and universities, apprenticeships, K-12 private education, technical centers, and student loan repayment.2

“The benefits of an OCSP account extend beyond funding for education expenses,” said Treasurer McDaniel. “Account contributions receive tax benefits, which can help Oklahoma families save money, and earnings grow tax-free when used for qualified expenses.”

Contributions to an Oklahoma 529 College Savings Plan account may qualify for a state tax deduction up to $20,000 for joint filers and up to $10,000 for single filers. Plus, taxpayers can carry forward larger gifts into the future. Limitations apply.3

Parents, grandparents, relatives or friends who are U.S. citizens or permanent residents and at least 18 years old may open an OCSP account on behalf of a beneficiary. An account can be opened with an initial contribution as little as $25 any time of year and anyone can contribute through OCSP’s Ugift® option, making an OCSP account a great gift idea for all family and friends.

Information about the $50 bonus offer is available at www.ok4saving.org/offer.

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.


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 September 30, 2021, assets in in the Plan exceeded $1.19 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.

1Visit www.ok4saving.org/offer for terms and conditions. Promotion ends 12/20/2021. Sponsored by the Oklahoma 529 College Savings Plan. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Oklahoma 529 College Savings Plan.

2Withdrawals for tuition expenses at a public, private or religious elementary, middle, or high school, registered apprenticeship programs, and student loans can be withdrawn free from federal and Oklahoma income tax. If you are not an Oklahoma taxpayer, these withdrawals may include recapture of tax deduction, state income tax as well as penalties. K-12 withdrawals are limited to $10,000 per year for K-12 tuition. Student loan repayment subject to a lifetime limit of $10,000 per individual when using a 529 plan. You should talk to a qualified professional about how tax provisions affect your circumstances.

3To 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 tax payers can reduce their state taxable income by up to $20,000 if married filing jointly ($10,000 filing single), with a five-year carry forward, 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.

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 Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Oklahoma 529 College Savings Plan.

For more information, contact:
Tim Allen, Treasurer’s Office, (405) 522-4212
Addie Chappell, Koch Comm, (405) 570-2959


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