Oklahoma SB1989 expands contribution options for the Oklahoma College Savings Plan, effective November 1, 2026.

Oklahoma SB1989 amends the Oklahoma College Savings Plan to expand contribution options, including allowing account owners to make changes, transfers, and withdrawals. The bill updates statutory language and references, and it sets an effective date of November 1, 2026. It also outlines rules for handling excess contributions, penalties for nonqualified withdrawals, and reporting requirements for financial institutions and the program manager.

Oklahoma SB1989 expands contribution options for the Oklahoma College Savings Plan, effective November 1, 2026.

Oklahoma SB1989 amends the Oklahoma College Savings Plan to expand contribution options, including allowing account owners to make changes, transfers, and withdrawals. The bill updates statutory language and references, and it sets an effective date of November 1, 2026. It also outlines rules for handling excess contributions, penalties for nonqualified withdrawals, and reporting requirements for financial institutions and the program manager.