Oklahoma City (May 11, 2020) Oklahomans can celebrate National 529 Day this May by taking advantage of a new offer from the Oklahoma 529 College Savings Plan (OCSP). Beginning Tuesday, May 26, OCSP will offer a $50 match to encourage families to start saving for college. Though this year includes more uncertainty than ever, OCSP’s focus remains unchanged: to help families through the current environment and on to a bright future, and 529 Day is a great time to prioritize education.
New accounts opened between May 26 and May 31 with as little as $50 will receive a $50 bonus contribution after setting up a recurring contribution of $25 or more for six consecutive months. Oklahomans can visit ok4saving.org/529day for terms and conditions.1 The promotion ends May 31, 2020.
“National 529 Day draws awareness to a tax-advantaged way of putting aside money for future education expenses to help ease the burden of student loans,” said State Treasurer Randy McDaniel, board chair for OCSP. “During these times, opening an OCSP account and continuing to make contributions is key to your child’s educational future. The 529 Day offer is another demonstration of our commitment to your loved one’s success.”
With attractive tax advantages and an edge for longterm investors, the decision to open an OCSP account during the 529 Day match offer is that much easier, and Treasurer McDaniel hopes to see many families take advantage of the offer this year.
“Creating an OCSP account for your child is easy and convenient,” McDaniel said. “More importantly, it has the potential to make a lasting impact on your child’s future.”
For more information about the Oklahoma 529 College Savings Plan or to open an account, visit 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, Oklahoma-Dream 529 Plan is offered through financial advisors and is managed by Allianz Global Investors.
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 carry forward. Limitations apply.2
1 When you open a new Oklahoma 529 College Savings Plan account with a $50 contribution (and sign up for recurring contributions including payroll direct deposit of $25 or more per month a minimum of 6 months) between May 26, 2020 at 12:01 AM and May 31, 2020, at 11:59 PM (CT), OCSP will match
$50 on or before January 31, 2021. Visit Ok4saving.org/529Day for official Terms and Conditions. Void where prohibited or restricted by law. Sponsored by TIAA-CREF Tuition Financing, Inc.
2 To 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. 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. 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. 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.