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Oklahoma Dream 529 Plan
Oklahoma Dream 529 Plan, an advisor-sold 529 savings plan, managed by TIAA-CREF Tuition Financing, Inc. and Allianz Global Investors Distributors LLC, features 18 mutual fund portfolios from 3 different money managers. To find a financial advisor in your area, use the Directory of Financial Professionals.
Savingforcollege.com's 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories. (Scale 0 to 5; 5 is highest)
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Enroll in Oklahoma Dream 529 Plan through a financial advisor. Search our directory of qualified financial professionals to find one near you.
Did you know?
Residents are not limited to investing in their own state's plan. Another state may offer a plan that performs better and has lower fees. If there is no tax break offered for in-state investors ... shop around!
Also, the plan chosen does not affect which state the student enrolls in. An investor can live in NY, invest in a plan from NV and send a student to college in FL.
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Oklahoma College Savings Plan Board of Trustees
TIAA-CREF Tuition Financing, Inc. and Allianz Global Investors Distributors LLC
Allianz Global Investors Distributors LLC
Through June 15, 2020.
U.S. citizens or resident aliens at least 18 years old, UGMA/UTMA custodians, and legal entities.
Accepts contributions until all account balances in Oklahoma 529 plans for the same beneficiary reach $300,000.
With lump-sum contributions, the minimum initial contribution is $1,000 (with at least $250 per investment option), and the minimum subsequent contribution is $50 per investment option. With the automatic investment plan, the minimum initial contribution is $250 and the minimum contribution level is $50 per investment option per month.
The Age-Based option contains 6 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the beneficiary's age, and later reassigned to more conservative portfolios as the beneficiary approaches college age.
Select among 2 multi-fund portfolios (Capital Appreciation and Capital Preservation) and 10 individual-fund portfolios.
Mutual funds manged by Allianz-affiliated companies, PIMCO and TIAA-CREF.
Click here, you need Microsoft Excel to open this document.
Click here to visit, link to the program website containing most current performance data.
Fees & Expenses
None, but contributions may be subject to a sales charge depending on share class.
$5 quarterly for accounts with less than $20,000, waived with automatic contributions, or if total of all accounts with the same account owner equals or exceeds $50,000.
Program manager fee: 0.50%
Servicing and administrative fee: 0.25% (0.10% for Money Market option)
Class A distribution fee: None
Class C distribution fee: 0.75% (none for Money Market option)
Ranges from 0.36% to 0.61% (portfolio weighted average) in the age-based, 0.36% to 0.61% in the static multi-fund portfolios, and from 0.06% to 0.94% in the individual-fund portfolios.
Class A: 0.81% - 1.69%
Class C: 0.86% - 2.44%
Class A all options except Money Market option:
Maximum initial sales charge: 4.25%
Dealer: 3.75% commission and 0.25% trail beginning immediately
Class C all options except Money Market option:
CDSC: 1% within the first 12 months only
Dealer: 1% commission and 1% annual trail beginning in month 13
Money Market option:
Sales charge: None
Dealer: No commission and 0.10% annual trail beginning immediately
Class A sales load (dealer commission):
Less than $100,000 - 4.25% (3.75%)
$100,000 - $249,999 - 3.50% (3.00%)
$250,000 - $499,999 - 2.50% (2.00%)
$500,000 - $999,999 - 2.00% (1.75%)
$1,000,000 and more - 0.00% (0.50%)
Taxes and other Benefits
Contributions to Oklahoma's 529 plans, including rollover contributions, of up to $10,000 per year for an individual taxpayer, and up to $20,000 per year for a married couple filing jointly, are deductible in computing Oklahoma taxable income, with a five-year carryforward of excess contributions. Contribution deadline is April 15 of the following year.
Investment time horizon:
18 yrs (i.e. newborn): 0.23% annualized
10 yrs (i.e. 8-yr old): 0.41% annualized
2 yrs (i.e. 16-yr old): 2.07% annualized
Based on 5.25% OK tax rate. (For assumptions see 529 State Tax Calculator.)
The principal portion of nonqualified withdrawals from this plan, and of rollovers to another 529 plan within one year of the date of contribution, are included in Oklahoma taxable income to the extent of prior Oklahoma tax deductions. A nonqualified withdrawal or rollover in the same year as the contribution will reduce the amount eligible for the Oklahoma deduction. A nonqualified withdrawal or rollover during the five-year carryover period will reduce the amount of any carryover deduction. Nonqualified withdrawals for this purpose do not include withdrawals made as the result of the beneficiary's death or disability or withdrawals made on account of the beneficiary's receipt of a scholarship.
Qualified distributions from Oklahoma and non-Oklahoma 529 plans are exempt.
Oklahoma follows federal tax-free treatment except that outbound rollovers made within 12 months of the date of contribution are subject to the recapture of prior state tax deductions.
Effective November 1, 2008, money in an Oklahoma 529 plan account is no longer considered in calculating eligibility for TANF, Food Stamps or the Low Income Home Energy Assistance Program (LIHEAP).
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
Under Oklahoma law, any interest in an Oklahoma 529 account of any person residing in the state shall be exempt from attachment or execution and every other species of forced sale for the payment of debts.
Distributions & Terminations
Eligible educational institution, beneficiary, or account owner, as directed by the account owner.
Accepts requests to transfer account ownership.
Documents, Access & Reporting