OKLAHOMA CITY – The Oklahoma 529 College Savings Plan has been upgraded to Bronze and named one of the Best in Class 529 plans in the nation, according to the latest Morningstar Analyst Rankings. It marks the first time in its 20-year history OCSP has attained the prestigious 529 investment ranking.

“Oklahoma residents should look no further for their best option to save and grow their college savings. The state’s generous tax deduction of up to $20,000 annually for couples filing jointly [$10,000 annually if filing singly] is too good to pass up,” wrote Jason Kephart of Morningstar.

In 2020, OCSP implemented a new lower minimum account contribution of $25 and reduced fees 16 percent, making it easier than ever for Oklahoma families to open accounts and save more. This year also saw the transition to enrollment year investment options, featuring an investment mix that corresponds to a child’s expected year of enrollment.

“The recognition from Morningstar, one of America’s leading investment research firms, is an outstanding achievement by the Oklahoma 529 College Savings Plan,” said State Treasurer Randy McDaniel. “It’s also a timely reminder for Oklahomans to improve their family’s financial wellness. Saving in an OCSP account for tuition, living expenses and other higher education costs can mean less debt and greater opportunities for Oklahoma students to develop their skills and knowledge.”

McDaniel said there were more than 58,000 OCSP accounts with assets in the Plan over $1 billion as of Sept. 30. He said the Bronze ranking will hopefully bring more awareness to Oklahoma’s only direct-sold, state-sponsored 529 plan with state tax advantages. Funds saved in OCSP accounts may be used at colleges, universities and technology centers nationwide and even for K-12 tuition and continuing education.

For more information about OCSP or to create an account, visit ok4saving.org or call 1-877-654-7284.

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