OKLAHOMA CITY — State Treasurer Randy McDaniel wants to open the doors for other financial institutions to manage the state’s educational savings plans.
The Teachers Insurance and Annuity Association of America current contract expires in June 2020. “The 529 market is highly competitive,” said State Treasurer Randy McDaniel. “We look forward to using this opportunity to ensure the Oklahoma College Savings Plans remains the best options available for Oklahoma families to save for college.”
The group manages the direct-sold plan through a contract with the Oklahoma College Savings Plan Board of Trustees, chaired by the state treasurer. Allianz Global Investors manages the advisor-sold plan through a sub-contract with TIAA. Both plans exclusively offer Oklahoma families a state income tax deduction of up to $20,000 per year.
The OklahomaDream 529 Plan, a college savings plan started in 2009 that is sold through investment advisors and brokers, currently contains approximately $166 million in almost 10,500 accounts. The almost two-decades-old Oklahoma 529 College Savings Plan contains over $925 million in more than 56,000 accounts. This plan allows parents and grandparents to make their contributions directly to the program manager.