Oklahoma 529 College Savings Plan Reduces Fees
Oklahoma 529 College Savings Plan Reduces Fees
OKLAHOMA CITY –Effective this month, the management fee for Oklahoma’s official college saving plan is being reduced by more than 16 percent. The new management fee will be 0.25 percent on account balances, down from 0.3 percent. The fee reduction could save OCSP account owners a combined total of approximately $500,000 per year.
Treasurer McDaniel, chair of the plan’s board of trustees, said the fee reduction is only one of many positive changes that are on the way for the OCSP’s almost 31,000 account owners.
“The state’s 529 plan is already the best option for Oklahoma families to save for educational costs, but we are making it even better,” said McDaniel. “In the coming months, we will be announcing several additional improvements that include enhanced investment options and upgraded online account management.”
McDaniel attributed the changes to the outgrowth of a recently completed competition for management of the $1 billion savings plan for the next five years. Several well-qualified companies offered proposals for administration of the plan.
“The proposals were very competitive,” said McDaniel. “In the end, the best proposal was made by TIAA, which has managed the plan since its inception in 2000. The company’s strong track record and innovative plans for the future will be a great benefit for Oklahoma families.”
The Oklahoma 529 College Savings Plan is the only direct sold 529 plan with an Oklahoma income tax deduction for contributions of up to $20,000 per year. Contributions made by April 15 of this year can be deducted from 2019 state tax returns.
You can open and manage an Oklahoma 529 College Savings Plan account by going to www.ok4saving.org.
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