Combined assets of Oklahoma 529 College Savings Plan and OklahomaDream 529 top $1 billion for first time
OKLAHOMA CITY – College savers in Oklahoma reached an important milestone prior to ringing in the New Year, eclipsing the $1 billion mark in savings for the first time.
The accomplishment was announced by officials with the Oklahoma 529 College Savings Plan (OCSP), Oklahoma’s direct-sold college savings plan, and OklahomaDream 529, the state’s advisor-sold plan.
Following the conclusion of a very successful year-end holiday gifting marketing campaign, the Oklahoma 529 College Savings Plan achieved $850.7 million in assets on December 29, 2017, while the OklahomaDream 529 achieved $149.5 million in assets – the total edged past the $1 billion threshold.
“We want Oklahoma families to achieve the dream of a college education for their children and grandchildren, and we want to help our young college graduates not be saddled with crippling student loan debt,” said State Treasurer Ken Miller, board chair of the OCSP. “Plans like the OCSP and OklahomaDream are common-sense ways for Oklahoma families to save for college.
“These two plans are even more attractive to Oklahomans because both provide tax advantages, including the availability of an Oklahoma state income tax deduction. Surpassing the $1 billion mark in savings shows that Oklahomans understand the value of the plans and the importance of college savings.”
The 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. OklahomaDream is offered through financial advisors and is managed by Allianz Global Investors.
While assets and accounts in both plans increased in 2017 – indicating that Oklahomans are embracing college savings in growing numbers – Miller reminds account owners and those contemplating opening an account that higher education expenses approach in a blink of an eye. Once your child is 9 years old, they are half way to college.
While most states have a December contribution deadline to qualify for prior-year tax breaks, Oklahoma is among a short list that gives you until mid-April. Any contributions made up to this year’s April 17 tax deadline may be eligible for a deduction on 2017 Oklahoma tax returns.
“This is one of the great benefits of a 529 plan,” Miller said. “It’s not too late to open or contribution to your 529 account and earn a potential tax advantage.”
In addition, The OCSP is offering another incentive to current and future college savers. From Jan. 22-26, OCSP will hold the Seasons of Savings: Resolve to Save Giveaway on its Facebook page. One entrant in the giveaway will be selected at random to receive a prize of $529 toward an OCSP account. There is no purchase necessary to win, and full details can be found beginning Jan. 22 on the OCSP Facebook page.
For more information about the OCSP, go to www.ok4saving.org. More information about OklahomaDream 529 can be found at www.okdream529.com.
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.
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 and SIPC, distributor and underwriter for the Oklahoma College Savings Plan.
Tim Allen, Treasurer’s Office – (405) 522-4212, firstname.lastname@example.org
Thomas Larson, Koch Communications – (405) 481-0843, email@example.com