ORS 178.340¹
Right to direct investments for higher education expenses
  • insurance and guarantees prohibited
  • liability for loss

(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 amounts.

(b) Nothing in this subsection prohibits a designated beneficiary from directing the investment of contributions to the network or earnings from those contributions by selecting between investment options offered under the network in accordance with rules adopted by the board.

(2) The network, the board, a board member and the State of Oregon may not insure any account or guarantee any rate of return or any interest rate on any contribution. The network, the board, a board member and the State of Oregon may not be liable for any loss incurred by any person as a result of participating in the network.

(3) The board, in the exercise of its sole discretion and without liability, may remove the network’s funds from any financial institution and reinvest the funds in a similar or different investment alternative at another financial institution pursuant to a contract, agreement or arrangement entered into under ORS 178.315 (Board powers and duties) (4).

(4) This section applies only to accounts established for qualified higher education expenses. [Formerly 348.860; 2017 c.367 §4]

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