Oklahoma 529 offers holiday gifts that last a lifetime

published December 4, 2024

Oklahoma City (December 4, 2024) — Oklahomans who need the perfect gift for the young person in their life can give a gift that can grow with them, an Oklahoma 529 account.

"An Oklahoma 529 account gives the gift of a head start toward saving for future education costs – a gift a child may never outgrow," said State Treasurer Todd Russ. "Funds from Oklahoma 529 accounts can be used for nearly any education path, making this a gift that lasts a lifetime."

Russ added that this holiday season there are additional advantages to opening an account. New accounts opened through Dec. 13 receive a $100 bonus when opened with $500 or more and recurring contributions of $100 or more per month are set up until June 30, 2025. New accounts can get a $50 bonus when opened with $250 and recurring contributions of $50 or more per month are set up until June 30, 2025.¹

"These offers are meant to help families get started saving for higher education costs and gain the annual tax benefits from their account contributions as well," Russ said. "It’s a way parents, grandparents, aunts or uncles can help remove barriers to higher education in Oklahoma."

Parents, grandparents, relatives or friends may open an Oklahoma 529 account on behalf of a beneficiary or contribute to an existing account using OK529 Ugift^®.

In addition, just in time for the holidays, OK529 announced a new partnership with Upromise^® to give account owners a way to earn cash-back rewards that automatically transfer into their Oklahoma 529 account. Whether you're shopping for holiday gifts, discovering new brands, or dining out with your loved ones, Upromise rewards can help turn the ordinary into extraordinary progress towards your most important financial goals. To learn more about the program or to enroll visit Oklahoma529.com/program/upromise.

In addition to cash-back reward, Oklahoma taxpayers can take advantage of Oklahoma's generous state income tax deduction of up to $20,000 if married filing jointly ($10,000 filing single), from contributions made into Oklahoma 529. On October 29, 2024, Morningstar, one of the nation’s top investment research firms, released its annual 529 analyst ratings assigning a Bronze medal to Oklahoma 529 for the fifth consecutive year.² According to Morningstar, "Oklahomans should look no further given the well-rounded option is paired with the state's generous tax deduction, up to $20,000 annually if filed jointly."³

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About Oklahoma 529

Introduced in April 2000, Oklahoma 529 has served more than 90,000 students in paying for higher education tuition and expenses. As of June 30, 2024, Oklahoma families have redeemed more than $1 billion from Oklahoma 529 accounts. Oklahoma 529 was recently named a 2024 medalist by Morningstar, an investment research firm.² Morningstar analysts cited the plans "well-structured investment strategy" as key reason for the rating.³

To learn more about Oklahoma 529, its investment objectives, tax benefits, risks and costs, please see the Plan Description at oklahoma529.com before investing. Read it carefully. Prior to investing, 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. 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 are not used for qualified higher education expenses, a federal 10% penalty tax on earnings (as well as federal and income taxes) may apply.

Footnotes

1. TIAA-CREF Tuition Financing, Inc., Program Manager. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Oklahoma 529.
2. Ugift is a registered service mark of Ascensus Broker Dealer Services, LLC.
3. Upromise is an optional service, separate from the Oklahoma 529, and not affiliated with the state of Oklahoma or TIAA-CREF Tuition Financing, Inc. Specific terms and conditions apply. Participating companies, contribution levels, and terms and conditions are subject to change at any time without notice. Transfers from Upromise to an Oklahoma 529 account are subject to a $50 minimum. Upromise and the Upromise logo are registered service marks of Upromise, LLC. Neither TIAA-CREF Tuition Financing, Inc., nor its affiliates, are responsible for the content found on any external website links contained herein.
4. ¹Visit oklahoma529.com/offer24 for terms and conditions. Promotion ends 12/13/24. Sponsored by Oklahoma 529.↩
5. ²In an annual review (10/29/2024) of the largest 529 college savings plans (59 plans representing more than 90% of 529 assets), Morningstar identified 32 plans that stand out above the rest, assigning those plans Gold, Silver, and Bronze Morningstar Analyst Ratings for 2024. These plans offer a well-researched asset-allocation approach, a robust process for selecting and monitoring underlying investments, a well-resourced and experienced investment team, stable and engaged oversight from the state and low fees. Investors in what Morningstar analysts consider the best 529 plans should be well-positioned for the future. The four key pillars used by Morningstar to evaluate 529 college savings plans include – Process, People, Parent, and Price. For more information about Morningstar’s overview of the Oklahoma 529, go to Morningstar.com. TIAA-CREF Tuition Financing, Inc. compensates Morningstar for the ability to quote these ratings in public communications. Past performance does not predict future results. Source: Morningstar.com. A Morningstar Analyst Rating for a 529 college savings plan is not a credit or risk rating. Analyst ratings are subjective in nature and should not be used as the sole basis for investment decisions.↩
6. ³Megan Pacholok, OK529 Analysis, Morningstar, Oct. 29, 2024.↩

Media Contact:

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

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