Communications Division
State Capitol
Oklahoma City, Oklahoma 73105

For Immediate Release: April 29, 2003

Audio Clip

Senator Mike Morgan

Bill to Protect College Savings Becomes Law

A bill to protect money Oklahomans put aside for their children's education is now law, after Governor Brad Henry approved Senate Bill 312 by Senator Mike Morgan, D-Stillwater and Representative Debbie Blackburn, D-OKC on Tuesday.

Senator Morgan explained that without SB 312, if an individual were sued and a court handed down a judgment against them, funds set aside in an Oklahoma College Savings plan could have been seized to help pay that judgment.

"One of the best ways to ensure a child will have the best future possible is to make sure they go to college. The Oklahoma College Savings plan offers a way to help Oklahoma families achieve that goal. That's why it's crucial to protect those accounts," explained Senator Morgan.

"It's important to our kids because a person with a college degree can earn 45 percent more than someone without a degree. It's also a fact that states with the highest per capita incomes are the states with the highest numbers of college graduates," noted Representative Blackburn.

Governor Henry and Representative Blackburn were the authors of the original legislation creating the Oklahoma College Savings Plan when Henry was still a member of the Senate.
Under the plan, accounts can be opened by any friend or relative on behalf of a child. Contributions of up to $2500 per account are tax deductible and earnings are tax-deferred.

"The Oklahoma College Savings Plan is one of the best tools available to help families save for their children's college. This legislation will help ensure that money will be there when their child needs it," said Morgan.

For more information, contact:
Senate Communications Division - (405) 521-5774