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Oklahoma Dream 529 Plan

Oklahoma

Oklahoma Dream 529 Plan, an advisor-sold 529 savings plan, managed by TIAA-CREF Tuition Financing, Inc. and Allianz Global Investors Distributors LLC, features 20 mutual fund portfolios from 4 different money managers. To find a financial advisor in your area, use the Find a 529 Pro Directory.

5-Cap Rating

Resident:
Non-Resident:

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)

Performance Costs Features Reliability Resident Upgrade
3.03 2.53 3.47 3.80 0.40

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General

Program type:

Savings

How to enroll:

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Initial year of operation:

2009

State agency(ies):

Oklahoma College Savings Plan Board of Trustees

Program manager:

TIAA-CREF Tuition Financing, Inc. and Allianz Global Investors Distributors LLC

Program distributor:

Allianz Global Investors Distributors LLC

Manager contract term:

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Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

U.S. citizens or resident aliens at least 18 years old, UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Accepts contributions until all account balances in Oklahoma 529 plans for the same beneficiary reach $300,000.

Minimum contributions:

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.

Investment Options

Age-based investment options:

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.

Static investment options:

Select among 2 multi-fund portfolios (Capital Appreciation and Capital Preservation) and 12 individual-fund portfolios.

Underlying investments:

Mutual funds manged by Allianz-affiliated companies, PIMCO and TIAA-CREF.

Underlying fund allocations:

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Investment performance link:

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Portfolio Fees & Performance Lookup

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Fees & Expenses

Enrollment or application fee:

None, but contributions may be subject to a sales charge depending on share class.

Account maintenance fee:

$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 management fees:

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)

Expenses of the underlying investments:

Ranges from 0.45% to 0.60% (portfolio weighted average) in the age-based, 0.47% to 0.61% in the static multi-fund portfolios, and from 0.07% to 1.01% in the individual-fund portfolios.

Total asset-based expense ratio:

Class A: 0.74% - 1.76%
Class C: 0.74% - 2.51%

Broker loads and commissions:

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Breakpoint pricing:

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Does breakpoint pricing include non-529 assets under rights of accumulation policies

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Taxes and other Benefits

Program match on contributions:

None.

State tax deduction or credit for contributions:

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.

Value of in-state tax benefits:

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State tax recapture provisions:

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.

State tax treatment of qualified distributions:

Qualified distributions from Oklahoma and non-Oklahoma 529 plans are exempt.

State tax treatment of rollovers:

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.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

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?

No

Does the program have a formal agreement with a rewards program or outside scholarship program?

No

Statutory protection of an account from creditors:

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Distributions & Terminations

To whom are distributions made payable:

Eligible educational institution, beneficiary, or account owner, as directed by the account owner.

Account Changes

Policy regarding participant/owner changes:

Accepts requests to transfer account ownership.

Documents, Access & Reporting

Does participant have online password-protected access to account?

No

Can the complete enrollment process including funding be done online?

No

Documents and other services accessible or downloadable on the program's public Web site:

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Contact

Web site:

Click here to visit

Telephone:

1-877-529-9299

Telephone for broker use:

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