Two OppenheimerFunds 529 Plans Ranked Among Top 10 in Country by Savingforcollege.com

NEW YORK, May 23, 2012 /PRNewswire/ -- OppenheimerFunds, Inc., a leading investment management company, today announced that two of its 529 plans were ranked among the top 10 in the country by independent college savings authority Savingforcollege.com. The Illinois "Bright Start College Savings Program" and New Mexico's "The Education Plan" ranked five and eight, respectively among 49 direct sold savings plans across the country, based on their one year performance as of March 31, 2012.

"With the cost of a college education continuing to rise, it is more important than ever to take advantage of the appropriate savings vehicles to help students graduate with minimal debt," said Steve Dombrower, OppenheimerFunds Director of College Savings. "Today's headlines about the burden of college debt are a huge reminder of the importance of long-term savings plans, and we are proud to be able to offer parents and family members across the country options that help them address their education savings goals. With May celebrated as College Savings Month, now is a perfect time to begin the savings process."

Savingforcollege.com collects performance data from 529 program websites or by direct submission from program managers. It determines each plan's ranking based on the average of each 529 plan's percentile rankings in seven asset-allocation categories to produce a combined or "composite" percentile ranking.[1]

A 529 college savings plan provides a flexible, tax efficient way to save for higher education.  Money saved can be used to pay for qualified higher education expenses at any eligible college, university, technical or graduate school in the U.S. as well as some foreign institutions. OppenheimerFunds offers 9 plans, including the Private College 529 Plan, a unique plan that offers parents the ability to pay today's prices for tomorrow's tuition at over 270 private colleges and universities across the country.

[1] Savingforcollege.com. Past performance is no guarantee of future results.

About OppenheimerFunds, Inc.

OppenheimerFunds, Inc. is one of the nation's largest and most respected investment management companies.  As of March 31, 2012, OppenheimerFunds, Inc., including subsidiaries, managed more than $183 billion in assets, including mutual funds having more than 11 million shareholder accounts, including sub-accounts. Known for its tagline The Right Way to Invest, OppenheimerFunds, Inc. has been helping investors reach their financial goals since 1960. The Company and its controlled affiliates offer a broad range of products and services to individuals, corporations and institutions, including mutual funds, separately managed accounts, investment management for institutions, qualified retirement plans and sub advisory investment-management services.    

Shares of mutual funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Investments in 529 college savings plans are neither FDIC insured nor guaranteed and may lose some value. Some states offer favorable tax treatment to their residents only if they invest in the state's own plan. Investors should consider before investing whether their or their designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program and should consult their tax advisor. Before investing in a plan, investors should carefully consider the investment objectives, risks, charges and expenses associated with municipal fund securities. Plan disclosure documents contain this and other information about a plan, and may be obtained by visiting oppenheimerfunds.com or calling 1.800.255.2750. Investors should read these documents carefully before investing.

Private College 529 Plan is established and maintained by Tuition Plan Consortium, LLC. OFI Private Investments, Inc., a subsidiary of OppenheimerFunds, Inc., is the program manager. Participation does not guarantee admission to any college or university, nor does it affect the admissions process. Not insured or guaranteed by the FDIC, TPC, any governmental agency or OFIPI or its affiliates. Carefully consider the risks associated with purchases and refunds of tuition certificates. The Disclosure Statement, including the Enrollment Agreement, contains this and other information about the Plan, and may be obtained by visiting privatecollege529.com or calling 1.888.718.7878. Read these documents carefully before purchasing a tuition certificate. © 2012 OFI Private Investments, Inc.

OppenheimerFunds are distributed by OppenheimerFunds Distributor, Inc. Two World Financial Center, 225 Liberty Street, New York, NY, 10281

© 2012 OppenheimerFunds Distributor, Inc.  All Rights Reserved.

SOURCE OppenheimerFunds, Inc.