Oklahoma College Savings Plan, a TIAA-managed 529 savings program features three age-based options, three equity options, a balanced option, a fixed income option, and a guaranteed option.
- Summary: Oklahoma College Savings Plan, a TIAA-managed 529 savings program features three age-based options, three equity options, a balanced option, a fixed income option, and a guaranteed option.
- Program type: Savings
- Program manager: TIAA-CREF Tuition Financing, Inc.
- State residency requirements: None
- Maximum contributions: Accepts contributions until all account balances in Oklahoma 529 plans for the same beneficiary reach $300,000.
- Minimum contributions: The minimum initial contribution is $100 per investment option, and the minimum subsequent contribution is $25 per investment option via bank transfer or $15 per investment option via payroll deduction.
- Age-based investment options: 3 Managed Allocation Options (Conservative, Moderate, and Aggressive)each contain 6 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the beneficiary?s age and later reassigned to more conservative portfolios as the beneficiary approaches college age.
- Static investment options: Select among 4 multi-fund options (Diversified Equity, Global Equity Index, Balanced, and Fixed Income), 1 individual fund option ( U.S. Equity Index) and the Guaranteed Option.
- Underlying investments: TIAA-CREF institutional mutual funds; the Guaranteed Option is invested in a funding agreement with TIAA-CREF Life Insurance Company that guarantees principal and a minimum rate based on the average five-year Constant Maturity Treasury Rate reported by the Federal Reserve.
- Enrollment or application fee: None.
- Account maintenance fee: None.
- Program management fees: 0.40% manager fee. No fee for the Guaranteed Option.
- Expenses of the underlying investments: Ranges from 0.12% to 0.24% (portfolio weighted average) in the age-based portfolios, and from 0.07% to 0.52% in the static multi-fund portfolios. None in the Guaranteed Option.
- Total asset-based expense ratio: 0.47% - 0.92%. None for the Guaranteed Option.
- Program match on contributions: None.,
- State tax deduction or credit for contributions: Contributions to an Oklahoma 529 plan, including rollover contributions, of up to $10,000 per year by an individual, and up to $20,000 per year by a married couple filing jointly, are deductible in computing Oklahoma taxable income, with a five-year carryforward of excess contributions. Contribution deadline is April 15 of the following year.
- Web site: Click here to visit
- Telephone: 1-877-654-7284
- Twitter Click here to visit