After a record-setting year of contributions and continued focus on developing a high-performing investment line-up, our Oregon College Savings Plan got some great news this week: an upgrade to Silver status among national college savings plans.
The Oregon College Savings Plan is among 14 plans singled out by Morningstar, Inc. as best-in-class. Even better, the OCSP was one of 12 national plans to receive an upgrade. This is the second upgrade for the Oregon College Savings Plan in as many years and recognition that the plan is delivering for our participants.
“We’re gratified that our hard work has paid off with this recognition from Morningstar,” said State Treasurer Tobias Read. “But we’re not about to take a break. Treasury will continue to be a leader in this space—enhancing savings options and making it easier for all Oregonians to save for their higher education and job training goals.”
What’s driving Morningstar’s analysis? They look at features such as a well-researched asset-allocation approach, a robust process for selecting underlying investments, investment options and performance, strong oversight from the state and investment manager, and low fees.
We’re thrilled that the Oregon College Savings Plan – with its strong investment team, fee structure, and industry-leading investment options that allow savers to tailor investments and risk exposure based on the year the beneficiary is expected to enroll in higher education – has received this honor.
Read more on what sets the OCSP apart.
Meanwhile, the Oregon College Savings Plan has also been focused on reducing barriers and improving and expanding options that make it easier to save. In January 2020, Oregon officially became the first state in the nation to offer a refundable tax credit for higher education savings, allowing more families to benefit from saving for college.
The Education Savings Credit replaces the previous tax deduction and provides the same maximum credit to all Oregonians who are saving for college, community college, trade school, or other post-secondary education through the Oregon College Savings Plan. Designed to reach communities across both the state and the income spectrum, the tax credit is tiered, with low- to moderate- income families receiving a higher percentage match.
High quality savings options plus meaningful strategies to make saving easier are a great combination. Learn more about the Oregon College Savings Plan, or open an account, by visiting www.oregoncollegesavings.com.
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