ORS 178.315¹
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 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.

(8) 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]

Note: The amendments to 178.315 (Board powers and duties) by section 1, chapter 316, Oregon Laws 2019, apply to tax returns filed on or after January 1, 2021. See section 4, chapter 316, Oregon Laws 2019. The text that applies to tax returns filed on or after January 1, 2021, is set forth for the user’s convenience.

178.315 (Board powers and duties). 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.

1 Legislative Counsel Committee, CHAPTER 178—State Treasurer; Oregon Retirement Savings Plan; Oregon 529 Savings, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors178.­html (2019) (last ac­cessed May 16, 2020).
 
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information