ORS 178.300
Definitions for ORS 178.300 to 178.360

As used in 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):

(1)

“Account” means an individual account established in accordance 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).

(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 Savings Board established under ORS 178.310 (Oregon 529 Savings Board).

(4)

“Designated beneficiary” means, except as provided in ORS 178.350 (Designated beneficiary of account for higher education expenses), the individual designated at the time the account is opened as having the right to receive a qualified withdrawal for the payment of qualified higher education expenses, or if the designated beneficiary is replaced in accordance with ORS 178.350 (Designated beneficiary of account for higher education expenses), the replacement.

(5)

“Financial institution” means a bank, a commercial bank, a national bank, a savings bank, a savings and loan, a thrift institution, a credit union, an insurance company, a trust company, a mutual fund, an investment firm or other similar entity authorized to do business in this state.

(6)

“Higher education institution” means an eligible education institution as defined in section 529(e)(5) of the Internal Revenue Code.

(7)

“Internal Revenue Code” means the federal Internal Revenue Code as amended and in effect on April 1, 2021.

(8)

“Member of the family” shall have the same meaning as contained in section 529(e) of the Internal Revenue Code.

(9)

“Network” means the Oregon 529 Savings Network established under ORS 178.305 (Oregon 529 Savings Network).

(10)

“Nonqualified withdrawal” means a withdrawal from an account that is not a qualified withdrawal.

(11)

“Qualified higher education expenses” means tuition and other permitted expenses as set forth in section 529(e) of the Internal Revenue Code for the enrollment or attendance of a designated beneficiary at a higher education institution, expenses associated with registered apprenticeship programs described in section 529(c)(8) of the Internal Revenue Code and amounts paid as principal or interest on a qualified education loan to the extent allowed under section 529(c)(9) of the Internal Revenue Code.

(12)

“Qualified withdrawal” means a withdrawal made as prescribed under ORS 178.355 (Withdrawals from accounts for higher education expenses) and made:

(a)

From an account to pay the qualified higher education expenses of the designated beneficiary;

(b)

As the result of the death or disability of the designated beneficiary;

(c)

As the result of a scholarship, allowance or payment described in section 135(d)(1)(A), (B) or (C) of the Internal Revenue Code that is received by the designated beneficiary, but only to the extent of the amount of the scholarship, allowance or payment; or

(d)

As a rollover or change in the designated beneficiary described in ORS 178.350 (Designated beneficiary of account for higher education expenses). [Formerly 348.841; 2016 c.33 §1; 2017 c.527 §1; 2018 c.101 §1; 2019 c.319 §1; 2021 c.456 §1]

Source: Section 178.300 — Definitions for ORS 178.300 to 178.360, 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

Current through early 2024

§ 178.300’s source at oregon​.gov