Sooner State News

The Office of the Oklahoma State Treasurer has issued the following press release:

Oklahoma City – Oklahomans can celebrate National 529 Day with a special $50 bonus offer on new Oklahoma 529 College Savings Plan (OCSP) accounts opened from Tuesday, May 24 through Friday, June 10.

State Treasurer Randy McDaniel said the bonus offer for new OCSP accounts should spark interest from parents and grandparents across the state. He noted the tax benefits and flexibility of the plan make it a valuable way to save now for future education expenses.

“National 529 Day brings awareness to a tax-advantaged way of investing for future education expenses to help ease the burden of student loans,” said State Treasurer Randy McDaniel, board chair for OCSP. “Opening an OCSP account and making ongoing contributions can be instrumental to a child’s educational future, and the 529 Day offer demonstrates our commitment to encouraging Oklahomans to start saving now.”

New accounts opened 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.

As a strong proponent for Oklahomans increased financial literacy, McDaniel recently released an e-book, The Power of Financial Education: Turning Your Dreams into Reality. It is available for free by visiting the State Treasurer’s homepage, www.treasurer.ok.gov.

 “This book will help readers discover the secrets to achieving core financial goals including reducing student loan debt by saving for college,” he said. “In essence, my hope is to encourage, educate and empower people.”  

For more information about the Oklahoma 529 College Savings Plan or to open an account, visit 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 open and manage their own 529 college savings accounts. Funds saved in OCSP accounts may be used at colleges and universities nationwide and even abroad as well as K-12 tuition up to $10,000 annually per student. You can even pay for expenses associated with apprenticeships, Oklahoma CareerTech centers and Concurrent Enrollment.2 As of March 31, 2022, assets in in the Plan exceeded $1.21 billion.

1When you open a new Oklahoma 529 College Saving 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 24, 2022, at 12:01 AM and June 10, 2022, at 10:59 PM (CT), OCSP will match $50 on or before February 17, 2023. Visit Ok4saving.org/529Day for official Terms and Conditions. Void where prohibited or restricted by law. Sponsored by TIAA-CREF Tuition Financing, Inc.

2Withdrawals for tuition expenses at a public, private or religious elementary, middle, or high school, registered apprenticeship programs, and student loans can be withdrawn free from federal and Oklahoma income tax.  If you are not an Oklahoma taxpayer, these withdrawals may include recapture of tax deduction, state income tax as well as penalties. You should talk to a qualified professional about how tax provisions affect your circumstances.

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. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or 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. 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 Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Oklahoma 529 College Savings Plan.