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Oklahoma College Savings Plan

Oklahoma

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.

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
3.51 2.85 3.40 3.90 0.40

General

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:

3 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.

Static investment options:

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.

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:

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Portfolio Fees & Performance Lookup

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Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

None.

Program management fees:

0.40% manager fee. No fee for the Guaranteed Option.

Expenses of the underlying investments:

Ranges from 0.12% to 0.24% (portfolio weighted average) in the age-based portfolios, and from 0.07% to 0.52% in the static multi-fund portfolios. None in the Guaranteed Option.

Total asset-based expense ratio:

0.47% - 0.92%. None for the Guaranteed Option.

Taxes and other Benefits

Program match on contributions:

None.,

State tax deduction or credit for contributions:

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.

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 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?

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:

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Contact

Web site:

Click here to visit

Telephone:

1-877-654-7284

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