Special partnership between Oklahoma 529 College Savings Plan and
GAP stores in Oklahoma celebrates National College Savings Month
OKLAHOMA CITY - State Treasurer Ken Miller today posed a question to children across the state of Oklahoma: I want to go to college because_____. The fill-in-the-blank question is part of the Kids on College Survey Sweepstakes, which starts today and ends in September - National College Savings Month. As part of the Kids on College Survey Sweepstakes, the Oklahoma 529 College Savings Plan (OCSP) has partnered with GAP stores in Oklahoma to give six Oklahoma children each $529 toward an OCSP college savings account.
Treasurer Miller, who also serves as board chair for the Oklahoma 529 College Savings Plan, said the Kids on College Survey Sweepstakes is meant to increase children’s and parents’ knowledge of the importance of saving for college – encouraging families to complete the survey together.
“This survey is a great opportunity for families to discuss the costs of college and the importance of beginning to prepare today, both financially and academically,” said Treasurer Miller. “We anticipate this year to have even more participation than last year and to get families throughout the state talking.”
The Kids on College Survey Sweepstakes runs from Wednesday, August 1 through Saturday, September 15, 2012. To enter the sweepstakes and obtain official rules, parents and guardians of all kindergarten through fifth grade students in Oklahoma can log on to www.ok4saving.org/kidsoncollege by September 15, 2012. Once a parent-child team completes the survey, they may download a coupon for 25 percent off the purchase of $100 or more at participating GAP stores in Oklahoma.
In addition to the coupon, the child automatically will be entered into the sweepstakes. One child from each grade – kindergarten through fifth – will be chosen at random to receive $529 toward an Oklahoma 529 College Savings Plan account. Additionally, the winning child’s school will receive $529 to help fund its arts and music programs. No purchase necessary. Void where prohibited.
Helping to create awareness of Kids on College Survey Sweepstakes during National College Savings Month, Treasurer Miller and other OCSP officials have partnered with GAP stores in Oklahoma. Aileen Miller, district manager for GAP, said store managers across the state are excited to take part in this partnership, which will give back to schools in local communities.
“We are thrilled to rejoin the Oklahoma 529 College Savings Plan and promote this fun, interactive survey sweepstakes which gets parents and kids talking about college and saving for this very important phase in their child’s life,” said Miller. “We are very invested in the communities in which our GAP stores are located and promoting college savings is a nice way to give back.”
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 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 $478 million in total assets and more than 47,000 accounts, as of July 31, 2012.
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For more information contact:
Tim Allen, Treasurer’s Office, (405) 522-4212
Kym Koch, Koch Communications, (405) 831-8668