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Oklahoma Dream 529 Plan

4 / 5

Our rating

Best OK resident benefits

OK resident benefits

Oklahoma Dream 529 Plan, an advisor-sold 529 savings plan is managed by Fidelity Investments. Fidelity succeeded TIAA-CREF as manager in September 2020. The plan features eight age-based, two static allocation, and 17 individual fund portfolios. To find a financial advisor in your area, use the Directory of Financial Professionals.

Oklahoma Dream 529 PlanHonors

KEY METRICS

OVERVIEW

Program type

Savings

Inception

2009, but changed substantially in 2020

State agency

Oklahoma College Savings Plan Board of Trustees

Tax deduction

For single filers: $10,000/yr per beneficiary

For joint filers: $20,000/yr per beneficiary

Program manager

Fidelity Investments

Program distributor

Fidelity Distributors Company LLC

Manager contract term

MORE INFORMATION

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 $450,000.

Minimum contributions:

None, The minimum investment for systematic investing is $50/month or $150/quarter for account owners who choose to contribute using a systematic investment plan with automatic transfers from bank or money market account.

Does the program offer an e-gifting platform for receiving gift contributions?

This plan offers an online tool to share a gift contribution link with family and friends.

Investment Options

Investors in Oklahoma Dream 529 Plan can select from the following investment options. Click on a portfolio name for more information.

The Age-Based option contains 8 portfolios of underlying mutual funds keyed to a beneficiary's year of birth and reflecting the year the beneficiary is anticipated to turn 18 and start college. Seven portfolios shift to a more conservative investment allocation over time, eventually transferring to the College Portfolio which has a fixed target allocation.
PortfolioE.R. % Equity1yr performance
OK 529 Portfolio 20250.93%17.29%4.98%
OK 529 Portfolio 20280.97%31.12%5.11%
OK 529 Portfolio 20311%44.24%5.02%
OK 529 Portfolio 20341.03%57.44%5.03%
OK 529 Portfolio 20371.06%70.8%5.2%
OK 529 Portfolio 20391.08%79.66%5.25%
OK 529 College Portfolio0.92%15%4.86%
OK 529 Portfolio 20421.12%92.93%5.37%

Age-based/Enrollment Year investment options:

The Age-Based option contains 8 portfolios of underlying mutual funds keyed to a beneficiary's year of birth and reflecting the year the beneficiary is anticipated to turn 18 and start college. Seven portfolios shift to a more conservative investment allocation over time, eventually transferring to the College Portfolio which has a fixed target allocation.

Static investment options:

Select among 2 static portfolios (Aggressive Growth and Moderate Growth) and 17 individual-fund portfolios.

Underlying investments:

Fidelity Advisor Funds and Fidelity Series Funds

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

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

Account maintenance fee:

$20 annually for accounts with less than $25,000, waived with automatic contributions of at least $50 per month of $150 per quarter.

Program management fees:

0.20% management fee (includes 0.10% fee to the state), plus distribution/servicing fees as follows:

Fixed income, individual-fund portfolios: 0.15% (Class A), 1.00% (Class C), 0.75% (Class P), none (Class I)

All other portfolios: 0.25% (Class A), 1.00% (Class C), 0.75% (Class P), and none (Class I)

Expenses of the underlying investments:

Ranges from 0.47% to 0.80% (portfolio weighted average) in the age-based and static portfolios, and from 0.05% to 1.14% in the individual-fund portfolios.

Total asset-based expense ratio:

Class A: 0.40% - 1.59%
Class C: 1.25% - 2.34%
Class P: 1.00% - 2.09%
Class I: 0.25% - 1.34%
>

Broker loads and commissions:

Breakpoint pricing:

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

Taxes and other Benefits

Tax deduction for single filers:

$10,000/yr per beneficiary

Tax deduction for joint filers:

$20,000/yr per beneficiary

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.

Calculate your Oklahoma 529 tax benefit

Find out how much you can save on state taxes this year by contributing to a Oklahoma 529 plan.

Your tax savings per year
$0

Household income

$100,000

Monthly Contribution

$100

State tax recapture provisions:

Non-Qualified Withdrawals and rollovers from an Account to an account in another state's 529 Plan may cause the otherwise applicable deductions for contributions to be limited or recaptured. If such a withdrawal or rollover is made in the same year in which a contribution is made or during the five-year carryforward period, the taxpayer must reduce the tax deduction otherwise available for the contribution or carryforward by the amount of the withdrawal or rollover. Taxpayers who take a rollover to another state's 529 Plan with respect to a contribution, which for an Oklahoma deduction was taken, within one year of the date of the contribution must include the amount of such rollover in their adjusted gross income in the taxable year of the rollover.

State definition of qualified expenses

The state's definition of qualified education expenses currently includes expenses for attendance at an institution of higher education or an apprenticeship program, as defined by the Internal Revenue Code and its regulations addressing qualified state tuition programs. This does not include tuition for elementary or secondary education, or education loan payments. Distributions from a 529 account directly to a Roth IRA are considered a qualified expense for state income tax purposes.

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

Is there a rewards program or outside scholarship program that works with this program?

Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.

Statutory protection of an account from creditors:

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:

Ownership may not be transferred except in the case of an owner's death or incapacity.

Documents, Access & Reporting

Does participant have online password-protected access to account?

Yes

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:

Contact

Website:

https://institutional.fidelity.com/app/item/RD_9883504.html

Telephone:

1-877-208-0098

Telephone for broker use:

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