Oklahoma 529 College Savings Plan to award two readers $2,529 college savings accounts
OKLAHOMA CITY – State Treasurer Ken Miller today, along with Oklahoma Teacher of the Year Peter Markes announced the Fizz•Boom, Save for College Sweepstakes kickoff, which will award $2,529 towards 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 31 and is open to all Oklahoma parents, guardians and grandparents who have a child participating in the 2014 summer reading program.
Treasurer Miller, who serves as board chair for the Oklahoma 529 College Savings Plan, announced the sweepstakes today in hopes that children will understand the importance of reading over the summer. 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 interest them. This is the sixth consecutive year for the sweepstakes, which runs in conjunction with ODL’s summer reading program.
“The opportunity to win $2,529 towards an OCSP account attracts great attention among students and parents,” said Treasurer Miller. “But, the real reward is that our children are reading over the summer months, which helps them retain knowledge as they continue to learn. Reading helps prepare our students for their future education, and starting an OCSP account today helps parents prepare the way for them to get there.”
Peter Markes, Oklahoma Teacher of the Year, understands the importance of reading and enjoys spending the summer months staying up to date on music industry news.
“I always look forward to the chance to read and re-tool each summer,” said Markes. “With the little extra time, I spend my summers catching up on my professional magazines and websites, developing new ideas for my classroom. As a student, I always enjoyed reading new music over the break, developing a wider idea of all the great musical repertoire that is out there!"
The sweepstakes awards $2,529 towards an Oklahoma 529 College Savings Plan account to two lucky ODL 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. No state funds are used.
The Fizz•Boom, Save for College Sweepstakes entry forms are available at participating libraries for parents, guardians and grandparents of all children signing up for the 2014 Summer Reading Program. Sweepstakes entry forms may be completed and returned to the library or returned by mail. Participants may also submit a sweepstakes entry online at www.ok4saving.org. Entry forms must be submitted online or postmarked by August 31, 2014. Visit your local public library or www.ok4saving.org for sweepstakes details and official rules. (No purchase necessary. Void where prohibited.)
“Our partnership with Treasurer Miller and the Oklahoma 529 College Savings Plan is important because it encourages families to prepare for their children’s 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 reading plays an important role in preparing for college.”
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 $624 million in total assets and more than 54,000 accounts, as of April 25, 2014.
* To the extent a taxpayer does not take a deduction for contributions made for that tax year, they may make a deduction over the following five years, provided the amount deducted each year does not exceed the deduction limit.
Consider the investment objectives, risks, charges and expenses before investing in the Oklahoma College Savings Plan. Please call toll-free 1-877-654-7284 for a Disclosure Booklet containing this information. Read it carefully.
The tax information contained in this material is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties that may be imposed on the taxpayer. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.
Non-qualified withdrawals are subject to income taxes and the federal additional 10% tax.
Account value in the Investment Options is not guaranteed and will fluctuate based upon a number of factors, including general market conditions.
TIAA-CREF Tuition Financing, Inc., Program Manager.
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For more information contact:
Tim Allen | Treasurer’s Office | (405) 522-4212
Krista Bruce | Koch Communications | (405) 615-1526