Oklahoma City (Jan. 28, 2020) January marks a major milestone for Oklahomans saving for college as the Oklahoma 529 College Savings Plan surpassed the $1 billion asset mark on Jan. 16.
“Surpassing $1 billion in assets reinforces the importance Oklahoma families place on higher education,” State Treasurer Randy McDaniel said. “It also speaks to the significant investments families across the state continue to make each day for their higher education expenses like tuition, fees, room and board, books and more. The state’s tax-advantaged, easy-to-manage 529 plan offers many ways for families to save and contribute to their child’s future. We are delighted to see Oklahomans utilizing these opportunities.”
As OCSP is set to celebrate its 20th anniversary later this year, Treasurer McDaniel reminded families the Oklahoma 529 College Savings Plan’s earnings grow free from federal and state income tax and can be used for most costs associated with attending college or technology centers.
Contributions to an Oklahoma 529 College Savings Plan may qualify for a state taxdeductionupto$20,000for joint filers and up to $10,000 for single filers. Funds can be used at most accredited colleges, universities and technology centers in the U.S. and internationally.
“With most job openings requiring a higher education, it’s crucial to prepare younger generations for tomorrow’s workforce,” McDaniel said. “That’s why Oklahoma is committed to ensuring families have access to the investment tools needed to set their children up for success.”
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 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. Read the Disclosure Booklet carefully.
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 such as financial aid, scholarships and 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.
Consult your legal or tax professional for tax advice. If the funds aren¹t used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply.
TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Oklahoma 529 College Savings Plan.