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January is Financial Wellness Month – a time to establish financial balance after paying credit card bills from the holidays. It’s also an excellent time to think about your financial future, as well as that of your children or grandchildren. A wise New Year’s resolution that contributes to financial wellness? Start saving for college with the Oregon College Savings Plan.
Many families hope to see their child or loved one graduate from college someday, but it takes more than hope to get there. The Oregon College Savings Plan is a 529 plan that can help families achieve that goal.
Investing in education is a smart financial move and the tax advantages built into the Oregon College Savings Plan can make it an important part of an overall college funding strategy. Any earnings in the Oregon College Savings Plan used to pay for qualified higher education expenses are federal and Oregon state income tax-free. Plus, Oregon taxpayers may be eligible for an Oregon state tax deduction on plan contributions. (Limitations apply. See the Disclosure Booklet.)
The Oregon College Savings Plan offers a choice of 15 investment portfolios so account holders may choose a portfolio or a combination of portfolios that best suits their needs. Minimum contributions are low, starting at $25, and there are no income limitations. The Plan is managed by TIAA-CREF Tuition Financing, Inc., an affiliate of TIAA-CREF, a financial services organization with more than 90 years of investment experience.
The Oregon College Savings Plan offers a number of convenient and flexible methods to contribute to an account. If your employer allows, contribute by payroll deduction with as little as $15 per pay period. Or, set up an automatic contribution plan (ACP) from your bank, with additions of just $25. Automatic contributions can be stopped, started or changed at any time.
Funds invested in the Oregon College Savings Plan can be used at any eligible higher educational institution in the nation and many abroad, including private or public college or university, in-state or out-of-state, trade or graduate school. Funds can be used for a variety of qualified expenses, including tuition, fees, books and certain room and board costs.
Anyone with a Social Security or federal tax ID number may open an account or contribute to an Oregon College Savings Plan account. For more information about the Oregon College Savings Plan, visit OregonCollegeSavings.com or visit the Plan’s Facebook and Twitter pages.
About The Oregon College Savings Plan
The Oregon College Savings Plan, which is part of the Oregon 529 College Savings Network, launched in January 2001 and has grown to more than $830 million in assets as of December 31, 2012. The plan is managed by TIAA‐CREF Tuition Financing, Inc. For more information about the Oregon College Savings Plan, its investment options and how to enroll, visit OregonCollegeSavings.com or call toll free 866‐772‐8464.
Consider the investment objectives, risks, charges and expenses before investing in the Oregon College Savings Plan. Please visit OregonCollegeSavings.com for a Plan Disclosure Booklet with this and more information. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss.
The tax information contained herein is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties. Taxpayers should seek advice from an independent tax advisor based on their own particular circumstances. Non-qualified withdrawals may be subject to federal and state taxes and the additional 10% federal tax.
The Oregon College Savings Plan Facebook page and Twitter account are managed by the State of Oregon.
The Oregon College Savings Plan is administered by the State of Oregon. TIAA-CREF Tuition Financing, Inc., is the Plan Manager.