Treasurer Todd Russ announces Oklahoma 529 bonus offer

published May 16, 2023

Oklahoma City (May 2023) — State Treasurer Todd Russ says Oklahoma 529 will celebrate National 529 Day with a special $50 bonus offer on new accounts opened from Monday, May 22 through Monday, June 5.

Treasurer Russ said, “I’m hopeful this bonus offer for new accounts will encourage Oklahoma parents, grandparents and other family members to start preparing for the cost of future education for their loved ones”. Oklahoman education savings can go farther with Oklahoma 529’s tax benefits and they can be utilized for more educational expenses than ever before. State taxpayers may qualify for a state tax deduction, state and federal tax-deferred growth of any earnings in the account and tax-free withdrawals for qualified education expenses.¹

“Oklahoma 529 is the smart choice,” Russ said. According to Treasurer Russ, “It can provide a solid investment vehicle to help Oklahoma families save for a child’s educational journey. Our 529 Day offer demonstrates our commitment to helping Oklahomans build a strong investment foundation for their loved one’s future.”

New accounts opened with as little as $50 will receive a $50 bonus after setting up a recurring contribution of $50 or more through December 31, 2023.² Visit oklahoma529.com/529offer to learn more.

For more information about Oklahoma 529 or to open an account, visit oklahoma529.com or call (877) 654-7284.

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About Oklahoma 529

Introduced in April 2000, Oklahoma 529 has served more than 81,000 students in paying for higher education tuition and expenses. As of March 31, 2023, Oklahoma families have redeemed more than $930 million from Oklahoma 529 accounts. Oklahoma 529 funds may be used to pay for college, university, K-12 tuition up to $10,000 annually per student,³ CareerTech, community college, graduate schools and more.

Footnotes

1. ¹To learn more about the Oklahoma 529, its investment objectives, risks, charges and expenses please see the Plan Description at oklahoma529.com. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. TIAA-CREF Tuition Financing, Inc. (TFI), Plan Manager. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Oklahoma 529. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. If the funds aren't used for qualified higher education expenses, a federal 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Consult your legal or tax professional for tax advice. Oklahoma taxpayers can reduce their state taxable income by up to $20,000 if married filing jointly ($10,000 filing single), from contributions made into an Oklahoma 529.↩
2. ²Visit Oklahoma529.com/529offer for terms and conditions. Promotion ends 6/4/23. Sponsored by Oklahoma 529.↩
3. ³Withdrawals for tuition expenses at a public, private or religious elementary, middle, or high school, registered apprenticeship programs, and student loans can be withdrawn free from federal and Oklahoma income tax. If you are not an Oklahoma taxpayer, these withdrawals may include recapture of tax deduction, state income tax as well as penalties. You should talk to a qualified professional about how tax provisions affect your circumstances.↩

Media Contact:

Shaundra North | Koch Comm | snorth@kochcomm.com | (405) 219-7712

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