News & Press Releases
OK Treasurer announces winner of 2017 Summer Savings Adventure Sweepstakes
OKLAHOMA CITY (Aug. 24, 2017) — Braden Elmore is just starting high school, but his family is already looking to the future and saving for his college education. Those savings got a $5,529 boost this month when he won the Oklahoma 529 College Savings Plan’s Summer Savings Adventure Sweepstakes.
The sweepstakes, which launched June 1 and ended July 31, was a partnership between the Oklahoma 529 College Savings Plan (OCSP), the Oklahoma City Zoo and Science Museum Oklahoma. More than 1,000 entries were received from both OCSP account holders and non-account holders around Oklahoma.
Braden, who turns 14 years old this month, is a freshman at Bethel High School. His parents started OCSP accounts for him and his three sisters when all four children were young.
“We just wanted to start the process of saving for college because it can be so expensive,” Braden’s mother, Christa Elmore, said. “We started them for all of our kids, and Braden’s older sisters are already in college and using the savings in their plans.”
Braden hasn’t settled on where he will attend college or what his area of study or career will be, but his mother said the flexibility is part of what she likes most about the OCSP plan.
“I hope he continues his education beyond high school,” she said. “That can take on different forms, and I hope he chooses college, but one of the things I like about the savings plan is that it can used for different education options after high school, whether it’s a college or university or vocational training.”
The Summer Savings Adventure Sweepstakes is one of several promotions offered by the OCSP to encourage families to learn more about saving for college.
“Families today are so busy, especially during the school year, that it’s easy to put off something like making a plan to pay for college,” said State Treasurer Ken Miller, board chair of the OCSP. “One of our goals with the Summer Savings Adventure was to encourage families to take a little time this summer to work out a plan that meets their needs. Planning ahead and setting aside even a small amount regularly can help students start their professional lives without the weight of student debt.”
More information about opening an OCSP account, including the potential tax advantages, can be found at www.ok4saving.org. Relatives can open an account for a loved one with an initial investment of as little as $100.
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:
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 $812 million in total assets and more than 64,000 accounts, as August 4, 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. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss.
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.
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