St. John Medical Center’s first baby born on May 29, Oklahoma College Savings Day, was awarded a $1,529 Oklahoma 529 College Savings Plan
TULSA –Today, on National and Oklahoma College Savings Awareness Day, Treasurer Miller recognized the importance of preparing for college expenses by awarding one Oklahoma family with an Oklahoma 529 College Savings Plan. Today, one Broken Arrow family spent May 29, National College Savings Day, welcoming their new daughter, born at 12:44 a.m. and was recognized as the first 5-29 Day Baby at St. John Medical Center in Tulsa.
As the first 5-29 Day Baby, Vivian Nicole Williams, was awarded with an Oklahoma 529 College Savings Plan (OCSP) worth $1,529. Treasurer Ken Miller, who serves as board chair for the OCSP, reminds parents and grandparents about the importance of saving for college and the benefits that the Oklahoma 529 Plan offers.
“Saving early and often for a child’s future education is very important,” said Miller. “With the cost of a college education on the rise, investing in your child’s or grandchild’s future today gives you and your child or grandchild an advantage when it comes time to start paying for college. As Oklahoma’s only state-sponsored college savings plan, the Oklahoma 529 College Savings Plan allows for tax advantages today, while saving for the future.”
Vivian’s parents, Sarah and Michael, are thrilled to be able to give their daughter a head start on college, just after being born. Vivian is the fourth child for Sarah and Michael; they have two other daughters and a son.
“With Vivian being our fourth child, this is a blessing for us,” said Sarah Williams, Vivian’s mother. “We’ve inquired about the Oklahoma 529 College Savings Plan with our other children- being awarded ‘5-29 Day Baby’ gives us the motivation to kick-start our college savings for our other children.”
Vivian was the first winner in the Oklahoma 529 College Savings Plan’s 5-29 Day Baby promotion. OCSP has plans to continue the promotion again in 2015.
Treasurer Miller would like to remind all parents who have welcomed a new baby this year or who are expecting a newborn later this year. The annual OCSP Newborn Sweepstakes will award one baby born in Oklahoma $5,529 towards his/her college savings. Parents and grandparents have until April 14, 2015 to enter their 2014 newborn. The hospital where the baby is born will also receive $1,529. For official rules and to enter the sweepstakes, go to www.ok4saving.org/newborn. No purchase necessary. Void where prohibited.
“In Oklahoma, 86 percent of parents and grandparents believe it’s very important that their child or grandchild attend college according to a recent survey conducted by ShapardResearch,” said Miller. “But only 43 percent have started saving or investing for college.”
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.
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.
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 $629 million in total assets and more than 54,000 accounts, as of May 2, 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.
Funding for prizes comes from the marketing budget of the Oklahoma 529 College Savings Plan. No state funds are used.
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