Oklahoma 529 College Savings Plan launches Summer Savings Adventure Sweepstakes

OKLAHOMA CITY, June 1 -- Oklahoma State Treasurer Ken Miller issued the following news release:

State Treasurer Ken Miller and representatives from a pair of Oklahoma City Adventure District destinations today announced the launch of the 2017 Summer Savings Adventure Sweepstakes.

The sweepstakes will see one Oklahoma child win $5,529 toward an Oklahoma 529 College Savings Plan (OCSP) account.

Miller, board chair of the OCSP, said summer is a great time for families to start planning and preparing for how they are going to pay for college.

"We encourage Oklahoma parents and grandparents to have an adventure and take their children and grandchildren to explore the Oklahoma City Zoo and Science Museum Oklahoma this summer," Miller said. "Families can also explore college savings by learning more about the OCSP. With school out, it's a great opportunity for families to visit the OCSP website, use our college savings planning calculator and create a plan to save for college."

Last year, OCSP partnered with the Oklahoma City Zoo for the inaugural Summer Saving Adventure Sweepstakes. This year the partnership has grown to include Science Museum Oklahoma, and Miller said the two Adventure District partners are a perfect fit for OCSP.

"Both of these institutions are focused on educational missions," Miller said, "and they do an incredible job of promoting a lifetime of learning for both children and adults. At OCSP, our mission is to help Oklahoma families achieve all of their higher education goals and fulfill their dreams and aspirations."

The 2017 Summer Savings Adventure Sweepstakes officially launches today and will close on July 31, 2017. Sweepstakes entry, official rules and additional information is available at www.ok4saving.org. The winner will be randomly selected and formally announced shortly after the sweepstakes concludes.

The sweepstakes is open to Oklahoma residents who are parents, grandparents or legal guardians who are at least 21 years old and have a child or grandchild 16 years old or younger who is also an Oklahoma resident.

The inaugural Summer Savings Adventure Sweepstakes was won by Oklahoma City resident Liam Charles Colgan, who attended Quail Creek Elementary School.

Funding for OCSP prizes comes from the marketing budget of the Oklahoma 529 College Savings Plan; no state funds are used.

A detailed infographic with information about who is saving in OCSP can be found here.

About the OCSP

Oklahoma taxpayers may deduct from their Oklahoma adjusted gross income up to $10,000 in contributions to the Oklahoma 529 College Savings Plan for individual taxpayers and up to $20,000 for taxpayers filing a joint return with a five-year carryforward. Read the Disclosure Booklet carefully.

Any earnings in 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.

Introduced in April 2000, the Oklahoma 529 College Savings Plan had more than $789 million in total assets and more than 63,000 accounts, as May 5, 2017.

Consider the investment objectives, risks, charges and expenses before investing in the Oklahoma College Savings Plan. Please visit www.ok4saving.org or call toll-free 1-877-654-7284 for a Plan Disclosure Booklet containing this and more information. Read it carefully.

Check with your home state to learn if it offers tax or other benefits for investing in its own 529 plan. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss.

Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. If the funds aren't used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply.

TIAA-CREF Tuition Financing, Inc., Program Manager. TIAA-CREF Individual & Institutional Services, LLC, member FINRA, distributor and underwriter for the Oklahoma College Savings Plan.

About the Oklahoma City Zoo

Located at the crossroads of I-44 and I-35, the Zoo is a proud member of the Association of Zoos and Aquariums, the American Alliance of Museums, Oklahoma City's Adventure District and an Adventure Road partner. Hours of operation are 9 a.m. to 5 p.m. daily. Buildings close at 4:45 p.m. daily. Guests must exit grounds at closing time. Regular admission is $8 for adults, and $5 for children ages 3-11 and seniors ages 65 and over. Children two and under are admitted free. Stay in the "Zoo know" on Facebook, Twitter and Instagram and by visiting Our Stories. To learn more about these and other happenings, call (405) 424-3344 or visit okczoo.org.

About Science Museum Oklahoma

Science Museum Oklahoma is the state's only hands-on science museum and, with over 350,000 square feet, one of the largest science museums in the nation. A proud member of Allied Arts with a mission of enriching lives by revealing the wonder and relevance of science, Science Museum Oklahoma demonstrates the relationship between science and everyday experiences. The museum influences how Oklahomans learn about science through the medium of interactive exhibits, discovery-based activities, astronomy shows, Science Live demonstrations, educational outreach efforts and special events. Science Museum Oklahoma's clear mission and firm focus on science literacy encourages families to develop and build upon a strong foundation in the sciences. The museum is a founding Adventure Road partner.