Sunday, May 29, 2011

Oklahoma 529 College Savings Plan Announces Summer Reading Sweepstakes

Two Oklahoma organizations are ready to reward two avid summer readers each with a college savings account worth $2,529 during the 2011 Summer Reading Program. As National 5-29 College Savings Day approaches, Sunday, May 29th, State Treasurer Ken Miller announced the Destination College Savings Sweepstakes, a partnership between the Oklahoma 529 College Savings Plan (OCSP) and the Oklahoma Department of Libraries (ODL), designed to give program participants the chance to win a college savings account while continuing to broaden their knowledge over the summer.

Treasurer Ken Miller
“The state’s Summer Reading Program offers Oklahoma children well-planned, exciting programs to expand their knowledge through reading and other activities throughout the summer months,” said Treasurer Miller, chairman of the Oklahoma 529 College Savings Plan Board of Trustees. “While kids are engaged in these activities, the sweepstakes reminds parents and grandparents about the importance of saving early for their child or grandchild’s college education.”

The sweepstakes will award $2,529 for an Oklahoma 529 College Savings Plan account to two lucky Summer Reading Program participants. One winner each will be selected from the Children program and Teen program. Plus, each library of the winning readers will be given $1,000 to help fund its summer reading programs.

Libraries across the state will make the Destination College Savings Sweepstakes entry forms available to parents, guardians and grandparents of all children signing up for the 2011 Summer Reading Program. Sweepstakes entry forms may be completed and returned to the library or returned by mail. Participants can also submit a sweepstakes entry online Entry forms must be submitted online or postmarked by July 31, 2011. Visit your local public library or for sweepstakes details and official rules. (No purchase necessary. Void where prohibited.)

“Our partnership with State Treasurer Miller and the Oklahoma 529 College Savings Plan gets kids excited about all things educational, which is very important in order to prepare them for life’s challenges,” said Susan McVey, Oklahoma Department of Libraries Director. “This sweepstakes coupled with the reading programs at every public library across the state helps children and parents understand they both need to be ready for college, whether they’re attending it or funding it.”

As the only 529 plan with an Oklahoma income tax deduction, Oklahoma families can deduct contributions up to $20,000 per year from their state adjusted gross income. Single taxpayers can deduct up to $10,000 per year.

All contributions and any earnings to an OCSP account are federal and Oklahoma income tax-deferred, and distributions are also federal and Oklahoma income tax-free when qualified withdrawals are made to fund an array of student expenses at most institutions of higher learning. Funds may be used at virtually any private or public university, college or career technology center nationwide, and the savings can be applied to tuition as well as other qualified expenses including fees, books, supplies and certain room and board costs.

For more information about the Oklahoma 529 College Savings Plan or to open an account, visit the website at or call 1-877-654-7284.

The Oklahoma College Savings Plan is a state-sponsored, tax-advantaged 529 college savings plan managed by TIAA-CREF Tuition Financing Inc. Introduced in April 2000, the Oklahoma 529 College Savings Plan currently has more than $432 million in total assets and more than 45,000 accounts, as of May 13, 2011.
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