ORS 178.385
Right to direct investments for ABLE accounts

  • insurance and guarantees prohibited
  • liability for loss

(1)

Intentionally left blank —Ed.

(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 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)

Intentionally left blank —Ed.

(a)

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.

(b)

The network, the board, a board member and the State of Oregon are not liable for any loss incurred by any person as a result of participating in the network.

(3)

The board, in 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 ABLE accounts. [2017 c.367 §2]

Source: Section 178.385 — Right to direct investments for ABLE accounts; insurance and guarantees prohibited; liability for loss, 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
Green check means up to date. Up to date