Oklahoma 529 College Savings Plan to give one student $10,529 college saving account and their school $10,529 in cash
OKLAHOMA CITY – State Treasurer Ken Miller announced today the 10,000 Reasons to Save Sweepstakes, which will award one child $10,529 toward an Oklahoma 529 College Savings Plan (OCSP) account and one additional $10,529 cash prize to the winner’s school. This sweepstakes gives Oklahoma parents and grandparents over 10,000 reasons to continue conversations about the importance of higher education and how Oklahoma’s state-sponsored 529 college savings plan can help families accomplish their college savings goals. The Sweepstakes runs now through November 15.
Treasurer Miller, who serves as board chair for the Oklahoma 529 College Savings Plan, encourages parents and grandparents to enter the 10,000 Reasons to Save Sweepstakes for their chance at $10,529 toward an Oklahoma 529 College Savings Plan. The goal of the sweepstakes is to increase awareness about the OCSP and engage parents and children in a practical conversation about the importance of going to college as well as saving for higher education expenses. This is the inaugural year for the 10,000 Reasons to Save Sweepstakes.
“This sweepstakes is our largest one yet,” said Treasurer Miller. “With the chance for one young scholar to win $10,529 toward an OCSP account and their school also winning $10,529, we hope to attract many parents, students, grandparents and educators, to inform them about how much easier paying for college can be if they start saving early. In Oklahoma, 69 percent of parents have not set aside money for their child’s college expenses; while the national average is 63 percent. With this sweepstakes, Oklahomans now have more than 10,000 reasons to start saving for their children’s college.”
Funding for the prizes comes from the marketing budget of the Oklahoma 529 College Savings Plan. No state funds are used.
The sweepstakes awards $10,529 toward an Oklahoma 529 College Savings Plan account to one lucky winner. The winner’s school also wins a $10,529 cash prize. If the child/grandchild of the winning entrant is not yet in school, the school district of the child/grandchild will be awarded the school prize. One winner will be selected at random from among all entries received online. The 10,000 Reasons to Save Sweepstakes entry forms are available online at www.ok4saving.org/news/10000-reasons.shtml. Entry forms must be submitted online by November 15, 2013. Visit www.ok4saving.org/news/10000-reasons.shtml for sweepstakes details and official rules. (No purchase necessary. Void where prohibited.)
About the OCSP
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 July 26, 2013.
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For more information contact:
Tim Allen, Treasurer’s Office, (405) 522-4212
Shaundra Blundell, Koch Communications, (405) 219-7712