Smart Steps $50 bonus offer available for new parents and grandparents

published January 3, 2023

Oklahoma City (Jan. 3, 2023) — Oklahoma parents and grandparents have an extra reason to start saving early for their baby’s future education with Oklahoma 529’s Smart Steps bonus offer. This week, Oklahoma 529 relaunched the popular program, giving parents and grandparents a special $50 match on new accounts opened for babies born this year. To claim the offer, parents and grandparents must use the Smart Steps promo code when opening a new account.¹

During the past year, Oklahoma 529’s Smart Steps program has helped budget-conscious parents and grandparents when starting to save for a newborn’s future education path. It remains an easy option for those wishing to open an account for a new baby born in 2023 with an initial deposit of $50 or more and recurring contributions of at least $25 for six months. They will then receive the $50 bonus from Oklahoma 529, giving them a head start on saving.¹

Saving early is key. While it might not feel like an immediate priority, the sooner new parents start saving, the more options their children could have. Oklahoma 529 helps parents save more over time because earnings grow tax deferred from federal and state tax and can be withdrawn tax-free when used for qualified educational expenses such as tuition, room and board, books, equipment and computers.

Oklahoma 529 funds can be used for more than just college tuition and expenses. They also can help pay for tuition and fees at Oklahoma community colleges, CareerTech Centers and graduate and professional schools as well as for K-12 tuition up to $10,000 annually per student. Additionally, Oklahoma 529 can help pay for expenses associated with apprenticeship programs registered and certified with the Secretary of Labor under the National Apprenticeship Act, Oklahoma Concurrent Enrollment and student loan repayment.²

Full details about the Smart Steps program are available at www.oklahoma529.com/newborn.

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About the 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 September 30, 2022, Oklahoma families have redeemed more than $876.7 million from Oklahoma 529 accounts.

Footnotes

1. ¹When you open a new Oklahoma 529 account with a $50 contribution and sign up for recurring contributions of $25 or more per month for a minimum of 6 months, Oklahoma 529 will match $50 until December 31, 2023. Visit www.oklahoma529.com/newborn for terms and conditions. Void where prohibited or restricted by law. Sponsored by Oklahoma 529.↩
2. ²Withdrawals 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. Student loan repayment subject to a lifetime limit of $10,000 per individual when using a 529 plan.↩
3. To 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 Individual & Institutional Services, LLC, Member FINRA, is the distributor and underwriter for 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.

For more information, contact:

Caroline Humphreys, Koch Comm, (405) 219-2915

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