As used in ORS 178.300 to 178.360: (1) “Account” means an individual account established in accordance with ORS 178.300 to 178.360. (2) “Account owner” means the person who has the right to withdraw funds from the account. The account owner may also be the designated beneficiary of the account. (3) “Board” means the Oregon 529 […]
(1) It is the intent of the Legislative Assembly, in enacting ORS 178.300 to 178.360, 178.375 and 178.380, to create a savings program called the Oregon 529 Savings Network. (2) The Oregon 529 Savings Network shall consist of: (a) A higher education qualified tuition savings program: (A) That increases the ability of families and individuals […]
(1) There is established the Oregon 529 Savings Board to administer ORS 178.300 to 178.360, 178.375 and 178.380. (2) The board shall consist of: (a) The State Treasurer or a designee of the State Treasurer; (b) A representative of persons with intellectual disabilities or other developmental disabilities, who shall be appointed by the State Treasurer; […]
The Oregon 529 Savings Board shall have the following powers, duties, and functions: (1) To establish, develop, implement and maintain the Oregon 529 Savings Network in a manner consistent with ORS 178.300 to 178.360, 178.375 and 178.380 and sections 529 and 529A of the Internal Revenue Code and to obtain the benefits of sections 529 […]
(1) The Oregon 529 Savings Network Fund is established in the State Treasury, separate and distinct from the General Fund. The Oregon 529 Savings Network Fund shall consist of the Oregon 529 College Savings Plan Subaccount and the Oregon 529 ABLE Subaccount. Interest earned by each subaccount shall be credited to the subaccount. (2)(a) All […]
The State of Oregon has no proprietary interest in the contributions or earnings of the Oregon 529 Savings Network. Except as otherwise provided by law, the Oregon 529 Savings Board is the trustee of the contributions and earnings. [Formerly 348.869]
The Oregon 529 Savings Board shall publish an annual report to the Governor and the Legislative Assembly detailing the board’s activities under ORS 178.300 to 178.360, 178.375 and 178.380. The board shall submit the report to the Governor and the Legislative Assembly on or before March 15 of each year. [Formerly 348.873]
(1) An account owner may establish an account by making an initial contribution to the Oregon 529 Savings Network in the name of the designated beneficiary. Once a contribution is made it becomes part of the network and subject to the provisions of ORS 178.300 to 178.360. (2) Any person may make a contribution to […]
(1)(a) Except as permitted in section 529 of the Internal Revenue Code, no person other than the Oregon 529 Savings Board or a financial institution in which Oregon 529 Savings Network funds have been invested has the right to direct the investment of amounts held by the network in trust, or any earnings from those […]
(1) An account and any interest in an account may not be assignable or pledged or otherwise used to secure or obtain a loan or other advancement. (2) The right of a designated beneficiary to the payment of qualified higher education expenses or of an account owner to a withdrawal, payments and withdrawals made in […]
(1) An account owner shall have the right at any time to change the designated beneficiary of an account to another individual who is a member of the family of the former designated beneficiary. (2) An account owner shall have the right at any time to direct that all or a portion of an account […]
(1) Withdrawal from an account may be made as prescribed by the rules adopted by the Oregon 529 Savings Board. (2) A financial institution shall report an account withdrawal during any calendar year to the account owner and the federal Internal Revenue Service. The report shall be made at the time and contain such information […]
Notwithstanding any provision of state law that requires consideration of one or more financial circumstances of an individual for the purpose of determining the eligibility to receive, or the amount of, any assistance or benefit authorized by law to be provided to or for the benefit of the individual, other than means-tested state financial aid […]
As used in this section and ORS 178.380 and 178.385: (1) “ABLE account” means an account established by an eligible individual, owned by the eligible individual and maintained under the qualified ABLE program established by the Oregon 529 Savings Board under ORS 178.380. (2) “ABLE Act” means the Stephen Beck, Jr., Achieving a Better Life […]
(1) The Oregon 529 Savings Board shall establish by rule and maintain a qualified ABLE program in accordance with the requirements of the ABLE Act. (2) The rules must: (a) Allow a person to make contributions for a taxable year to an ABLE account established for the purpose of meeting the qualified disability expenses of […]
(1)(a) Except as permitted in section 529A of the Internal Revenue Code, no person other than the Oregon 529 Savings Board or a financial institution in which Oregon 529 Savings Network moneys have been invested has the right to direct the investment of amounts held by the network in trust, or any earnings from those […]
