Glossary

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Family Member
A "member of the family" of a Beneficiary is a person related to that Beneficiary as follows: (i) a son or daughter, or a descendant of either; (ii) a stepson or stepdaughter; (iii) a brother, sister, stepbrother or stepsister; (iv) the father or mother, or an ancestor of either; (v) a stepfather or stepmother; (vi) a son or daughter of a brother or sister; (vii) a brother or sister of the father or mother; (viii) a son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law or sister-in-law; (ix) the spouse of the Beneficiary or of any of the other foregoing individuals; or (x) a first cousin of the Beneficiary. For this purpose, a child includes a legally adopted child and a brother or sister includes a half-brother or half-sister.

Individual Account Application
This is the account application typically used by an individual (parent, grandparent, family member or friend). Download the Individual Account (PDF, 61KB) application.

IRA
Individual Retirement Account. A tax-deferred or tax-free retirement account established by an individual that permits the individual to set aside up to a certain amount per year, with earnings tax-deferred until withdrawals begin at age 59 1/2 or later (or earlier, with a 10% IRS penalty) or, in the case of a Roth IRA, are tax-free on withdrawal.

IRS
The Internal Revenue Service is the nation's tax collection agency and administers the Internal Revenue Code enacted by Congress.

OCSP
OCSP is the Oklahoma College Savings Plan.

Plan
The plan is Oklahoma College Savings Plan (OCSP). It is administered by the Oklahoma State Treasurer. TIAA-CREF Tuition Financing, Inc. (TFI) serves as Program Manager. 

Program Manager
The Program Manager is the person or entity that the State engages to provide administrative and other services for the Program. The OCSP Program Manager is TIAA-CREF Tuition Financing, Inc. (TFI). 

Qualified Higher Education Expenses
Qualified higher education expenses include tuition, fees, and the cost of books, supplies, and equipment required for the enrollment and attendance of the Beneficiary at an eligible educational institution and, certain room and board expenses. Qualified Higher Education Expenses also include certain additional and enrollment and attendant costs of a Beneficiary who is a special needs beneficiary in connection with the Beneficiary's enrollment or attendance at an eligible institution. For this purpose, an eligible educational institution generally includes accredited postsecondary educational institutions offering credit toward a bachelor's degree, an associate's degree, a graduate-level degree or professional degree, or another recognized postsecondary credential.

Rollover
A tax-free reinvestment from one qualified plan to another within a specific time frame, usually 60 days.

You are permitted to transfer funds from another 529 college savings plan to an account in OCSP for the same beneficiary once within a 12-month period without incurring federal income tax. The 529 college savings plan from which you are transferring funds may be subject to differences in features, costs and surrender charges. You should consult with your tax advisor or the other 529 college savings plan.

Glossary terms continue:

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