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Oklahoma College Savings Plan
Oklahoma College Savings Plan, a TIAA-managed 529 savings program features three age-based options, three equity options, a balanced option, a fixed income option, and a guaranteed option.
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)
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.
Enroll directly with the program.
Oklahoma College Savings Plan Board of Trustees
TIAA-CREF Tuition Financing, Inc.
TIAA-CREF Individual & Institutional Services, 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.
The minimum initial contribution is $100 per investment option, and the minimum subsequent contribution is $25 per investment option via bank transfer or $15 per investment option via payroll deduction.
Three Managed Allocation Options (Conservative, Moderate, and Aggressive) each contain 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 4 multi-fund options (Diversified Equity, Global Equity Index, Balanced, and Fixed Income), 1 individual fund option ( U.S. Equity Index) and the Guaranteed Option.
TIAA-CREF institutional mutual funds; the Guaranteed Option is invested in a funding agreement with TIAA-CREF Life Insurance Company that guarantees principal and a minimum rate based on the average five-year Constant Maturity Treasury Rate reported by the Federal Reserve.
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
0.35% manager fee. No fee for the Guaranteed Option.
Ranges from 0.12% to 0.23% (portfolio weighted average) in the age-based portfolios, and from 0.07% to 0.51% in the static multi-fund portfolios. None in the Guaranteed Option.
0.42% - 0.86%. None for the Guaranteed Option.
Taxes and other Benefits
Contributions to an Oklahoma 529 plan, including rollover contributions, of up to $10,000 per year by an individual, and up to $20,000 per year by 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 or account owner, as directed by the account owner.
Accepts requests to transfer account ownership.
Documents, Access & Reporting