ORS 178.315
Board powers and duties

  • rules

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 (Definitions for ORS 178.300 to 178.360) to 178.360 (Consideration of amounts in accounts for higher education expenses in benefit eligibility determinations), 178.375 (Definitions for ORS 178.375, 178.380 and 178.385) and 178.380 (Establishment of qualified ABLE program) and sections 529 and 529A of the Internal Revenue Code and to obtain the benefits of sections 529 and 529A of the Internal Revenue Code for the network and its participants.

(2)

To adopt rules for the general administration of the network, to administer ORS 178.300 (Definitions for ORS 178.300 to 178.360) to 178.360 (Consideration of amounts in accounts for higher education expenses in benefit eligibility determinations), 178.375 (Definitions for ORS 178.375, 178.380 and 178.385) and 178.380 (Establishment of qualified ABLE program) and to ensure the network’s compliance with sections 529 and 529A of the Internal Revenue Code.

(3)

To maintain, invest and reinvest the funds contributed into the network consistent with the investment restrictions established by the board. The investment restrictions shall be consistent with the objectives of the network, and the board shall exercise the judgment and care then prevailing that persons of prudence, discretion and intelligence exercise in the management of their own affairs with due regard to the probable income and level of risk from certain types of investments of money, in accordance with the policies established by the board.

(4)

To make and enter into any and all contracts, agreements or arrangements, and to retain, employ and contract for the services of private and public financial institutions, depositories, consultants, investment advisors or managers and third-party plan administrators and for research, technical and other services necessary or desirable for carrying out the purposes of ORS 178.300 (Definitions for ORS 178.300 to 178.360) to 178.360 (Consideration of amounts in accounts for higher education expenses in benefit eligibility determinations), 178.375 (Definitions for ORS 178.375, 178.380 and 178.385) and 178.380 (Establishment of qualified ABLE program).

(5)

To accept donations or receive funds for the purpose of providing scholarships, grants and other incentives to account owners, potential account owners and their designated beneficiaries or furthering any of the purposes of ORS 178.300 (Definitions for ORS 178.300 to 178.360) to 178.360 (Consideration of amounts in accounts for higher education expenses in benefit eligibility determinations), 178.375 (Definitions for ORS 178.375, 178.380 and 178.385) and 178.380 (Establishment of qualified ABLE program).

(6)

To encourage increased participation in the network by awarding scholarships or grants, providing or making available other incentives to account owners or potential account owners and their designated beneficiaries, or entering into promotional arrangements with third parties as the board deems desirable.

(7)

To work in coordination with the Department of Revenue to provide a means by which personal income taxpayers may elect to establish an account under ORS 178.335 (Network participation for higher education expenses) within the network.

(8)

To adopt rules to establish a qualified ABLE program under ORS 178.380 (Establishment of qualified ABLE program) and to administer and maintain the program in a manner consistent with ORS 178.375 (Definitions for ORS 178.375, 178.380 and 178.385) and 178.380 (Establishment of qualified ABLE program) and the ABLE Act.

(9)

To enter into agreements with other states to provide services to the other states related to the other states’ ABLE programs. [Formerly 348.853; 2017 c.367 §6; 2019 c.316 §1]

Source: Section 178.315 — Board powers and duties; rules, https://www.­oregonlegislature.­gov/bills_laws/ors/ors178.­html.

178.010
Oath and bond
178.020
Additional bond requirement
178.030
Premiums on surety bonds of treasurer and employees paid by state
178.040
Successive recoveries on bond
178.050
Duties of State Treasurer
178.060
Deputy State Treasurer
178.065
Authority of State Treasurer to require fingerprints
178.090
Manner of providing evidence of receipt of funds or securities
178.200
Oregon Retirement Savings Board
178.205
Powers and duties of Oregon Retirement Savings Board
178.210
Requirements for Oregon Retirement Savings Plan
178.215
Rules for Oregon Retirement Savings Plan
178.220
Confidentiality of account information
178.225
Oregon Retirement Savings Plan Administrative Fund
178.230
Prerequisites to establishment of Oregon Retirement Savings Plan
178.235
Annual reports
178.240
Preemption
178.245
Assistance of state agencies with outreach, technical assistance and compliance services
178.250
Compliance with plan
178.255
Investigation by Commissioner of Bureau of Labor and Industries
178.260
Final orders relating to compliance
178.300
Definitions for ORS 178.300 to 178.360
178.305
Oregon 529 Savings Network
178.310
Oregon 529 Savings Board
178.315
Board powers and duties
178.320
Oregon 529 Savings Network Fund
178.325
State interest in contributions and earnings
178.330
Annual report to Governor and Legislative Assembly
178.335
Network participation for higher education expenses
178.340
Right to direct investments for higher education expenses
178.345
Prohibitions and limitations on accounts for higher education expenses
178.350
Designated beneficiary of account for higher education expenses
178.355
Withdrawals from accounts for higher education expenses
178.360
Consideration of amounts in accounts for higher education expenses in benefit eligibility determinations
178.375
Definitions for ORS 178.375, 178.380 and 178.385
178.380
Establishment of qualified ABLE program
178.385
Right to direct investments for ABLE accounts
178.990
Penalties
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