Oklahoma 529 College Savings Plan to give two readers $2,529 college savings accounts
OKLAHOMA CITY – State Treasurer Ken Miller today, on National 529 College Savings Day, announced the Reading Makes Cent$ Sweepstakes kickoff, which will give $2,529 toward an Oklahoma 529 College Savings Plan (OCSP) account to two Oklahoma readers this summer. As part of an annual partnership between the OCSP and Oklahoma Department of Libraries (ODL), the sweepstakes runs now through August 15 and is open to all Oklahoma children age 18 and under.
Treasurer Miller, who serves as board chair for the Oklahoma 529 College Savings Plan, recognized National 529 College Savings Day by announcing the Summer Reading Program Sweepstakes. The goal of the sweepstakes is to keep kids from pre-school to high school reading throughout the summer, expanding their knowledge on subjects that are of interest to them. This is the fifth consecutive year for the sweepstakes, which runs in conjunction with ODL’s summer reading program.
“This year’s theme – Reading Makes Cent$ Sweepstakes – truly says it all,” said Treasurer Miller. “While the chance to win $2,529 toward an OCSP account attracts great attention among students and parents, the practice of continued learning during the summer months through reading and other activities helps prepare students for their future education.”
The sweepstakes gives $2,529 toward an Oklahoma 529 College Savings Plan account to two lucky summer reading program participants. One winner each will be selected from the Children’s program and Teen program. Plus, each library of the winning readers will receive $1,000 to help fund its programs.
The Reading Makes Cent$ Sweepstakes entry forms are available at participating libraries for parents, guardians and grandparents of all children signing up for the 2013 Summer Reading Program. Sweepstakes entry forms may be completed and returned to the library or returned by mail. Participants can also submit a sweepstakes entry online at www.ok4saving.org/news/reading.shtml. Entry forms must be submitted online or postmarked by August 15, 2013. Visit your local public library or www.ok4saving.org/news/reading.shtml for sweepstakes details and official rules. (No purchase necessary. Void where prohibited.)
“Our partnership with State Treasurer Miller and the Oklahoma 529 College Savings Plan is important because it encourages families to prepare for their future education,” said Susan McVey, Oklahoma Department of Libraries Director. “This sweepstakes coupled with the reading programs at every public library across the state helps families understand preparing for college begins today.”
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. Amounts deducted may be subject to recapture if a non-qualified withdrawal or rollover is taken (depending on the timing of such transactions), resulting in adverse Oklahoma income tax consequences. Read the Disclosure Booklet carefully.
All contributions and any earnings to 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, and the savings can be applied to tuition as well as other qualified expenses including fees, books, supplies and certain room and board costs.
For more information about the Oklahoma 529 College Savings Plan or to open an account, visit the website at www.ok4saving.org or call 1-877-654-7284.
The Oklahoma 529 College Savings Plan is a state-sponsored, tax-advantaged 529 college savings plan managed by TIAA-CREF Tuition Financing Inc. Introduced in April 2000, the Oklahoma 529 College Savings Plan currently has more than $567 million in total assets and more than 51,000 accounts, as of May 17, 2013.
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For more information contact:
Tim Allen, Treasurer’s Office, (405) 522-4212
Shaundra Blundell, Koch Communications, (405) 219-7712