Oklahoma 529 College Savings Plan offers free OCSP at Work benefit
With increasing priority placed on higher education in the United States, employees are continuously looking for workplaces that provide ways to prepare their children for college. Employers not utilizing OCSP at Work are losing out on a no-cost, administration-free benefit that offers employees an easy way to save for their child’s college fund.
According to World at Work, an overwhelming 75% of all workers believe employers should offer help with college, an opportunity often missing from benefit packages.1 Through OCSP at Work, automatic payroll direct deposit to an employee’s Oklahoma 529 college savings account, provides families a hassle-free way to increase their financial security through their employer and elevates the importance of higher education for families.
The no-cost benefit works similarly to a 401(k) plan, as contributions are taken directly from an employee’s paycheck and into their OCSP account(s). Employees can choose a monthly dollar amount to deduct, keeping higher education savings top of mind as a financial goal for the future of their children and other loved ones.
“OCSP at Work offers the opportunity to enhance employee benefits,” said State Treasurer Randy McDaniel. “The Oklahoma 529 College Savings Plan can help employees accomplish their goals and see future generations succeed.”
The program is free and easy to implement within your workplace. It creates no additional administrative burdens and OCSP handles the program for you. With benefits season upcoming, many companies are looking to differentiate their offerings to retain current employees and attract new ones.
Additionally, from now until Dec. 31, 2020, employees can take advantage of a $25 match offer when opening an account and contributing at least $25 for three straight months.2
“Contributions to a college savings plan show children the importance of prioritizing higher education,” added McDaniel. “With OCSP at Work, employers can help their workers meet an important financial goal – paying for their child’s college education.”
To sign up, employers can visit ok4saving.org/plan/everyone-employers or call (877) 654-7284.
About the OCSP
Introduced in April 2000, the Oklahoma 529 College Saving Plan (OCSP) is Oklahoma’s direct-sold 529 college savings plan. It is designed for families who want to open and manage their own 529 college savings accounts. The Plan is managed by TIAA-CREF Tuition Financing, Inc. As of June 30, 2020, assets in in the Plan exceeded $983 million.
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.3
1Christie, Brett (2020, June 9). Employees Crave Student Loan Debt Repayment Benefit. Retrieved from https://www.worldatwork.org/workspan/articles/employees-crave-student-loan-debt-repayment-benefit
2When you open a new Oklahoma 529 College Savings Plan (OCSP) with a $25 contribution (and sign up for and maintain recurring contributions or payroll direct deposit of $25 or more per month for a minimum of 3 months) between July 1, 2020, at 12:01 a.m. and December 31, 2020, at 11:59 p.m. (CT), OCSP will match $25 on the schedule detailed in the official Terms and Conditions. Void where prohibited or restricted by law. Sponsored by TIAA-CREF Tuition Financing, Inc.
3To learn more about the Oklahoma 529 College Savings Plan, its investment objectives, tax benefits, risks and costs, please see the Disclosure Booklet at ok4saving.org. Read it carefully.
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, including the impact of the new federal tax changes. 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 and SIPC, distributor and underwriter for the Oklahoma College Savings Plan.