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Oklahoma College Savings Plan
Oklahoma
This TIAA-managed 529 savings programs features an age-based option, two equity options, a balanced options, a fixed income options, and a guaranteed option with a minimum rate based on the average five-year Constant Maturity Treasury Rate reported by the Federal Reserve.
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General
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.
Program type:
Savings
How to enroll:
Enroll directly with the program.
Initial year of operation:
2000
State agency(ies):
Oklahoma College Savings Plan Board of Trustees
Program manager:
TIAA-CREF Tuition Financing, Inc.
Program distributor:
TIAA-CREF Individual & Institutional Services, 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:
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.
Investment Options
Age-based investment options:
The Managed Allocation Option contains six 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 four multi-fund options (100% Equity, Diversified Equity, Balanced, and Fixed Income) and the Guaranteed Option.
Underlying investments:
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.
Underlying fund allocations:
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Investment performance link:
Premium subscription required for this data.
Portfolio Fees & Performance Lookup
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Fees & Expenses
Enrollment or application fee:
None
Account maintenance fee:
None
Program management fees:
0.62% - 0.65% manager fee. No fee for the Guaranteed Option.
Expenses of the underlying investments:
Approximate range is 0.20% to 0.25% (portfolio weighted average) in the age-based portfolios, and 0.17% to 0.34% in the static multi-fund portfolios; none in the Guaranteed Option.
Total asset-based expense ratio:
0.79% - 0.99%. None for the Guaranteed Option.
Taxes and other Benefits
Program match on contributions:
Contributions to accounts established for certain Oklahoma children are eligible for a 1-for-1 or .5-for-1 match (depending on income) for years 2008 through 2011. The maximum match is $250/year or $125/year. The match is part of a study funded by the Ford Foundation called SEED OK. Eligibility is restricted to children who were born in 2007 and randomly selected under the study to receive an initial $1,000 contribution to a SEED account.
State tax deduction or credit for contributions:
Contributions to Oklahoma's 529 plans of up to $10,000 per contributor per year 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:
Oklahoma law exempts qualified distributions from Oklahoma and non-Oklahoma 529 plans via conformity to the federal tax exclusion.
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 will no longer be 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 or account owner, as directed by the account owner.
Account Changes
Policy regarding participant/owner changes:
Accepts requests to transfer account changes.
Documents, Access & Reporting
Does participant have online password-protected access to account?
Yes
Can the complete enrollment process including funding be done online?
Yes
Documents and other services accessible or downloadable on the program's public Web site:
Premium subscription required for this data.
Contact
Telephone:
1-877-654-7284
Web site:
Plan News
- Underlying fund expenses increase in Oklahoma (02/18/2006)
State News
- Oklahoma adds advisor-sold 529 savings plan (04/08/2009)
- Oklahoma to add an advisor 529 plan (03/12/2009)
- Over $1 million placed in Oklahoma 529 as part of seven-year study (06/09/2008)
- Oklahoma amends state income tax deduction for contribution (06/10/2005)
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