Oklahoma 529 College Savings Plan jumpstarts Tulsa one-year-old’s college savings account
TULSA – Today, one lucky Oklahoman baby was awarded $5,529 toward an Oklahoma 529 College Savings Plan (OCSP) as part of the Newborn Sweepstakes. Everett Majdan was one of more than 53,000 babies born last year in Oklahoma. Majdan of Sand Springs, born on June 28, 2013 at Saint Francis Hospital in Tulsa, was entered into the Newborn Sweepstakes by his parents Hollie and Nik Majdan.
Launched in 2010, the Newborn Sweepstakes is an annual, statewide sweepstakes that offers parents or grandparents of Oklahoma babies the chance to win $5,529 toward an OCSP account. The sweepstakes also awards $1,529 to the hospital where the winning baby is born.
State Treasurer Ken Miller, who serves as Board Chairman for the OCSP, said saving for college is important at any age, but it’s best to start saving early to help cover the costs of your child’s educational future.
“The Newborn Sweepstakes is a great way to inform new parents and grandparents about the options for saving and investing right from the start for their loved one’s future college education,” said Miller. “Saving for college is important, and small steps today can help pave the way for rewards in the future. Once an OCSP account is established, family members and even friends can contribute to the account, which goes a long way in achieving a parent’s goal of providing for their child’s college education.”
Everett’s parents, Hollie and Nik Majdan, who opened an account for him, said that they opened a college savings account for Everett as soon as they could so that the account has the opportunity to grow over the next 18 years until Everett is ready for college.
“We consider ourselves very fortunate to have been randomly selected as the winners of the Oklahoma 529 College Savings Plan 2013 Newborn Sweepstakes contest,” said Hollie Majdan. “Saving for college early is important and we understand that- it’s one reason we opened Everett’s account as soon as we were able. Education is very important to us, and our family. These funds will provide a great foundation that our family will continue to build on for the next 18 years.”
As part of the promotion and for their dedication to helping increase awareness of the sweepstakes, The Children’s Hospital Foundation at Saint Francis was awarded $1,529 cash from OCSP. The Children’s Hospital is the fundraising entity for Saint Francis Hospital. Hospital members helped distribute information about the sweepstakes in the “mommy bags” given to new parents before leaving the hospital.
Miller said the Newborn Sweepstakes continues in 2014, with entries already being accepted via the OCSP website – www.ok4saving.org. New parents or grandparents can go to the website to enter for a chance to win. Parents or grandparents of a child born in 2014 will have until April 14, 2015 to enter. Details and official rules also can be found on the OCSP web site. No purchase necessary. Void where prohibited. No state funds are used.
About Oklahoma 529 College Savings Plan
Oklahoma taxpayers may deduct from their Oklahoma adjusted gross income up to $10,000 in contributions to the Oklahoma College Savings Plan for individual taxpayers and up to $20,000 for taxpayers filing a joint return with a five-year carry forward.* 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 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 College Savings Plan currently has more than $644 million in total assets and more than 54,000 accounts, as of June 6, 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., Plan Manager
# # #
For more information contact:
Tim Allen, Treasurer’s Office, (405) 522-4212
Krista Bruce, Koch Communications, (405) 615-1526