Oklahoma 529 College Savings Plan (OCSP)

The Buzz

News & Press Releases

Deadline draws near to enter OCSP Summer Savings Adventure Sweepstakes

One lucky winner will receive $5,529 toward college savings
Jul 17, 2017

OKLAHOMA CITY — Time is running out to enter the 2017 Summer Savings Adventure Sweepstakes for a chance to win $5,529 toward an Oklahoma 529 College Savings Plan account.

The sweepstakes, which launched June 1 and ends July 31, is a partnership between the Oklahoma 529 College Savings Plan (OCSP), the Oklahoma City Zoo and Science Museum Oklahoma.

“Summer is a perfect time for families to have an adventure at our Adventure District partners, and it’s also a great time to make a plan to save for college,” said State Treasurer Ken Miller, board chair of the OCSP. “Opening an Oklahoma 529 College Savings Plan account is a great way for many families to get started.

“Too many college graduates are starting their adult lives weighed down with student loan debt, or getting discouraged by rising costs and not graduating at all. By planning early, families can help their children start their professional lives on firm financial footing.”

Sweepstakes entry, official rules and additional information is available at www.ok4saving.org. The winner will be randomly selected and formally announced shortly after the sweepstakes concludes.

The sweepstakes is open to Oklahoma residents who are parents, grandparents or legal guardians who are at least 21 years old and have a child or grandchild 16 years old or younger who is also an Oklahoma resident.

Funding for OCSP prizes comes from the marketing budget of the Oklahoma 529 College Savings Plan; no state funds are used.

A detailed infographic with information about who is saving in OCSP can be found here:

infographic

(A PDF version of the infographic is available here.)

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 $800 million in total assets and more than 64,000 accounts, as June 30, 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.

Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. 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, distributor and underwriter for the Oklahoma College Savings Plan.

About the Oklahoma City Zoo

Located at the crossroads of I-44 and I-35, the Zoo is a proud member of the Association of Zoos and Aquariums, the American Alliance of Museums, Oklahoma City’s Adventure District and an Adventure Road partner. Hours of operation are 9 a.m. to 5 p.m. daily. Buildings close at 4:45 p.m. daily. Guests must exit grounds at closing time. Regular admission is $8 for adults, and $5 for children ages 3-11 and seniors ages 65 and over. Children two and under are admitted free. Stay in the “Zoo know” on Facebook, Twitter and Instagram and by visiting Our Stories. To learn more about these and other happenings, call (405) 424-3344 or visit okczoo.org.

About Science Museum Oklahoma

Science Museum Oklahoma is the state’s only hands-on science museum and, with over 350,000 square feet, one of the largest science museums in the nation. A proud member of Allied Arts with a mission of enriching lives by revealing the wonder and relevance of science, Science Museum Oklahoma demonstrates the relationship between science and everyday experiences. The museum influences how Oklahomans learn about science through the medium of interactive exhibits, discovery-based activities, astronomy shows, Science Live demonstrations, educational outreach efforts and special events. Science Museum Oklahoma’s clear mission and firm focus on science literacy encourages families to develop and build upon a strong foundation in the sciences. The museum is a founding Adventure Road partner.

# # #

193873

The Latest
Loading...