Oklahoma 529 College Savings Plan (OCSP)

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OCSP offers bonus contribution for new accounts

National 529 Day is a great time to plant seeds for the future
May 22, 2017

OKLAHOMA CITY — For three days leading up to National 529 Day, May 29, officials with the Oklahoma 529 College Savings Plan are offering new account holders some extra seed money to encourage Oklahoma families to start saving for college.

Accounts opened from May 24-26 will be eligible for a $25 bonus contribution from the Oklahoma 529 College Savings Plan (OCSP).

“National 529 Day is a great time to remind families to plan for how they’re going to pay for college,” said State Treasurer Ken Miller, board chair of the OCSP. “By developing a plan, and starting to save even a little bit, families are planting seeds that will bear fruit years in the future.”

Accounts opened between 12:01 a.m. on May 24 and 11:59 p.m. (CST) on May 26 through the website www.ok4saving.org/529day are eligible for the bonus contribution. The minimum initial contribution to open an OCSP account is $100.

Miller said the bonus contribution is especially timely because OCSP’s plan manager, TIAA-CREF Tuition Financing, Inc., reduced program management fees by 14% earlier this month from 0.35 percent to 0.30 percent. The drop in fees, saving account owners approximately $360,000 annually, occurred after OCSP maintained assets under management of more than $750 million for 90 consecutive days.

“The drop in management fees means more of every account holders’ contributions are invested toward reaching each families’ college savings goals,” Miller said. “The $100 initial contribution and the $25 bonus will go further than ever to help Oklahomans see their loved ones attend college.”

Those interested in opening an account and receiving the bonus contribution can visit www.ok4saving.org/529day for complete terms and conditions and to open an account. Funds for the bonus contribution are derived from the OCSP marketing budget; no state funds are used.

About the OCSP

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.

Any earnings in an OCSP account are federal and Oklahoma income tax-deferred, and distributions are also federal and Oklahoma income tax-free when qualified withdrawals are made to fund an array of student expenses at most institutions of higher learning. Funds may be used at virtually any private or public university, college or career technology center nationwide.

Introduced in April 2000, the Oklahoma 529 College Savings Plan had more than $789 million in total assets and more than 63,000 accounts, as May 5 2017.

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 for investing in its own 529 plan. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. TIAA-CREF Tuition Financing, Inc., Program Manager.

Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. Non-qualified withdrawals may be subject to federal and state taxes and the additional federal 10% tax.

Account value in the Investment Options is not guaranteed and will fluctuate based upon a number of factors, including general market conditions.

TIAA-CREF Tuition Financing, Inc., Program Manager. TIAA-CREF Individual & Institutional Services, LLC, member FINRA, distributor and underwriter for the Oklahoma College Savings Plan.


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