Oklahoma 529 College Savings Plan becomes Oklahoma 529 with new branding and website

published August 29, 2022

Oklahoma City (Aug. 29, 2022) — State Treasurer Randy McDaniel today unveiled a new name, branding and website for the state’s direct-sold 529 plan. The plan formerly known as the Oklahoma 529 College Savings Plan (OCSP) will be called Oklahoma 529.

Treasurer McDaniel said Oklahoma 529 offers the same flexible education savings program and tax benefits for Oklahoma families while more accurately reflecting the expanded uses of an account’s funds to include education paths of Oklahoma students and their families.

“Oklahoma 529 accounts now have broad educational uses that go beyond the traditional college experience. It helps Oklahoma families save early for their child’s future education expenses – no matter the path they choose – all while saving on their taxes today,” said Treasurer McDaniel. “I encourage Oklahomans to take a look at the new website, Oklahoma529.com, and learn more about the Plan’s expanded uses.”

Introduced in April 2000, Oklahoma 529 is well-known for helping families save for college tuition and expenses. However, recent expansion of its uses enables Oklahoma 529 accounts to help pay for tuition and fees at Oklahoma CareerTech centers, graduate and professional schools as well as K-12 tuition up to $10,000 annually per student. Additionally, Plan funds can be used toward expenses associated with apprenticeships, Oklahoma Concurrent Enrollment and student loans.¹

Along with the new name, Oklahoma 529 has a new logo and website. The new site offers easier navigation to learn about investment options and benefits, find answers to savings questions, access tools to help Oklahoma families in their decision-making as well as resources for Oklahoma financial professionals and employers.

“The new site and content along with our ReadySave 529^® App give Oklahomans the tools needed to research, open and manage their 529 accounts in ways that meet their education savings goals,” McDaniel said.

“Existing account owners will not see a change to their accounts and do not need to take any action because of the name change,” he said.

For more information, visit Oklahoma529.com. No state funds were used for the name change, new brand and website.

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About the Oklahoma 529

Introduced in April 2000, Oklahoma 529 is Oklahoma’s direct-sold 529 college savings plan. It is designed for families who want to open and manage their own 529 college savings accounts. As of June 2022, assets in in the Plan exceeded $1.10 billion.

Footnotes

1. ¹Withdrawals 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. K-12 withdrawals are limited to $10,000 per year for K-12 tuition. Apprenticeship programs must be registered and certified with the Secretary of Labor under the National Apprenticeship Act. Student loan repayment subject to a lifetime limit of $10,000 per individual when using a 529 plan.↩
2. To learn more about Oklahoma 529, its investment objectives, tax benefits, risks and costs, please see the Plan Description at oklahoma529.com. Read it carefully. 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. Consider the investment objectives, risks, charges and expenses before investing in Oklahoma 529. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. Consult your legal or tax professional for tax advice. 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.
3. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for Oklahoma 529. 2286936

For more information, contact:

Tim Allen, Treasurer’s Office, (405) 522-4212
Shaundra North, Koch Comm, (405) 219-7712