State treasurer promotes college savings plan

As the holiday shopping season begins, Oklahoma Treasurer Ken Miller wants parents and grandparents to remember that the gift of education will outlast a pair of socks or this year’s trendiest toy.

Miller, board chairman of the Oklahoma 529 College Savings Plan, is encouraging gift-giving Oklahomans with young children or grandchildren to consider the gift of education this year by opening a college savings plan account for their loved ones.

To make such a gift even more attractive, the plan is offering a bonus promotion this year in conjunction with Cyber Monday. New accounts opened from Nov. 25-29 at the special promotional page www. ok4saving.org/give will be eligible for a bonus contribution of $25 from the plan.

In addition, those who open a new account and also opt to begin an automatic contribution plan will be eligible for another $25 bonus contribution, for a total of $50.

“A college education will benefit your child or grandchild throughout their lives, long after toys have broken and clothes have been outgrown,” Miller said.

Parents, grandparents, relatives or friends who are U.S. citizens or permanent residents and at least 18 years old may open an OCSP account on behalf of a beneficiary, and the minimum initial contribution is only $100. Once an account is open, anyone can contribute, making the Oklahoma College Savings Plan a great gift idea for all family and friends.

Through Oct. 31, more than $630,000 had been contributed through the plan’s e-gifting program, representing almost 900 gifts. Last year, 36 percent of all e-gift contributions and 47 percent of gifted dollars were received in November and December.

At the plan’s website, www.ok4saving.org, the state’s 529 college savings plan provides gift-givers with an e-gifting option where contributions can be made to an account online, and “Gift of Education” certificates can be created to show the contribution to a loved one’s account.