Oregon Revised Statutes
The State Treasurer, before entering upon the duties of the office of the State Treasurer, shall take and subscribe the oath required by the Constitution, and give to the State of Oregon a fidelity bond executed by a corporate insurance company licensed to transact the business of surety within this state, in such penal sum, not less than $200,000, as the Go…
Whenever the Governor, for any cause, deems the bond of the State Treasurer insufficient in amount, the Governor shall require the treasurer to give an additional like bond within such time, and in such reasonable amount, as the Governor directs and approves.
If the State Treasurer, in furnishing the bond required from the State Treasurer by law, furnishes a bond executed by a surety company legally authorized to transact business in this state, and the bond is approved by the Governor, the state shall pay the premium for the bond, not to exceed one-third of one percent per annum of the penalty named in the bond …
One recovery had on the official bond given by the State Treasurer shall not render the bond void, but the bond may be prosecuted upon a breach thereof, from time to time, until the whole penalty is collected.
The State Treasurer shall: Keep the office at the seat of government. Receive and have charge of all moneys paid into the State Treasury. Pay out moneys from the State Treasury as directed by law. Manage unclaimed property under ORS 98.302 to 98.436, escheated property under ORS 112.055 and 116.253, the Unclaimed Property and Estates Fund and the Unclaim…
The State Treasurer may employ and appoint a Deputy State Treasurer and may also employ other personnel necessary in the performance of the business and duties of the office and fix their compensation. The Deputy State Treasurer and other personnel shall be paid out of the State Treasury, and their compensation may not exceed the appropriation of the Legisl…
For the purpose of requesting a state or nationwide criminal records check under ORS 181A.195, the State Treasurer may require the fingerprints of a person who: Is employed or applying for employment by the State Treasurer; Provides services or seeks to provide services to the State Treasurer as a contractor, vendor or volunteer; or Has been appointed or …
Whenever the State Treasurer is required in the performance of official duties to provide evidence of receipt of funds or of receipt of securities, the receipt shall be in such form as the State Treasurer specifies as appropriate to show that the funds or securities were received. The form of receipt specified by the State Treasurer is not required to be uni…
OREGON RETIREMENT SAVINGS PLAN
The Oregon Retirement Savings Board is established in the office of the State Treasurer. The board consists of seven members as follows: The State Treasurer or the designee of the State Treasurer. The following members appointed by the Governor: A representative of employers. A representative with experience in the field of investments. A representative…
The Oregon Retirement Savings Board shall develop a defined contribution retirement plan for persons employed for compensation in this state and conduct a market and legal analysis of the plan. The board shall have the following powers: To establish, implement and maintain the plan developed under this section. To adopt rules for the general administratio…
The plan developed and established by the Oregon Retirement Savings Board under ORS 178.205 must: Allow eligible individuals employed for compensation in this state to contribute to an account established under the plan through payroll deduction. Require an employer to offer its employees the opportunity to contribute to the plan through payroll deductions…
The Oregon Retirement Savings Board shall adopt rules that: Establish the process for voluntary enrollment in the plan developed under ORS 178.205, including procedures for automatic enrollment of employees and for employees to opt out of the plan. Establish the process for participants to make the default contributions to plan accounts and to adjust the c…
Individual account information for accounts under the plan developed under ORS 178.205, including but not limited to names, addresses, telephone numbers, personal identification information, amounts contributed and earnings on amounts contributed, is confidential and must be maintained as confidential: Except to the extent necessary to administer the plan d…
The Oregon Retirement Savings Plan Administrative Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Oregon Retirement Savings Plan Administrative Fund shall be credited to the fund. Moneys in the fund are continuously appropriated to the Oregon Retirement Savings Board. The Oregon Retirement Savin…
Before establishing a plan developed under ORS 178.205, the Oregon Retirement Savings Board shall: Conduct a market analysis to determine: The feasibility of the plan. Whether and to what extent plans with the characteristics described in ORS 178.210 currently exist in the private market. Obtain legal advice regarding the applicability of the Employee Re…
The Oregon Retirement Savings Board shall report in each calendar year to the Governor and to an appropriate committee or interim committee of the Legislative Assembly detailing the board’s activities.
A local government, as defined in ORS 174.116, may not establish or offer any retirement plan for persons not employed by a public body as defined in ORS 174.109.
The Secretary of State, the Department of Revenue, the Employment Department, the Department of Consumer and Business Services, the Bureau of Labor and Industries and any other agency that enters into an intergovernmental agreement with the Oregon Retirement Savings Board to provide outreach, technical assistance or compliance services shall collaborate to p…
It is an unlawful practice under ORS chapter 659A for an employer to fail to comply with the requirements of the plan developed under ORS 178.205. An employee may file a complaint with the Commissioner of the Bureau of Labor and Industries in the manner provided by ORS 659A.820, alleging an unlawful practice under this section. A complaint may not be filed …
Upon receiving an employee complaint under ORS 178.250 or upon request of the Oregon Retirement Savings Board under ORS 178.205, the Commissioner of the Bureau of Labor and Industries may make inquiries and investigations in the same manner as provided under ORS 659A.835. If the commissioner issues a final order determining that an employer engaged in an un…
The Commissioner of the Bureau of Labor and Industries shall inform the Oregon Retirement Savings Board of any final orders issued under ORS 178.255. The board shall include the commissioner’s final order determinations related to employers’ compliance in the annual reports described in ORS 178.235. OREGON 529 SAVINGS NETWORK (Generally)
As used in ORS 178.300 to 178.360: “Account” means an individual account established in accordance with ORS 178.300 to 178.360. “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. “Board” means the Oregon 529 Savings Board established under ORS 178.…
It is the intent of the Legislative Assembly, in enacting ORS 178.300 to 178.360, 178.375 and 178.380, to create a savings program called the Oregon 529 Savings Network. The Oregon 529 Savings Network shall consist of: A higher education qualified tuition savings program: That increases the ability of families and individuals to save for higher education.…
There is established the Oregon 529 Savings Board to administer ORS 178.300 to 178.360, 178.375 and 178.380. The board shall consist of: The State Treasurer or a designee of the State Treasurer; A representative of persons with intellectual disabilities or other developmental disabilities, who shall be appointed by the State Treasurer; A representative o…
The Oregon 529 Savings Board shall have the following powers, duties, and functions: To establish, develop, implement and maintain the Oregon 529 Savings Network in a manner consistent with ORS 178.300 to 178.360, 178.375 and 178.380 and sections 529 and 529A of the Internal Revenue Code and to obtain the benefits of sections 529 and 529A of the Internal Re…
The Oregon 529 Savings Network Fund is established in the State Treasury, separate and distinct from the General Fund. The Oregon 529 Savings Network Fund shall consist of the Oregon 529 College Savings Plan Subaccount and the Oregon 529 ABLE Subaccount. Interest earned by each subaccount shall be credited to the subaccount. All moneys credited to the Orego…
The State of Oregon has no proprietary interest in the contributions or earnings of the Oregon 529 Savings Network. Except as otherwise provided by law, the Oregon 529 Savings Board is the trustee of the contributions and earnings.
The Oregon 529 Savings Board shall publish an annual report to the Governor and the Legislative Assembly detailing the board’s activities under ORS 178.300 to 178.360, 178.375 and 178.380. The board shall submit the report to the Governor and the Legislative Assembly on or before March 15 of each year. (Accounts for Qualified Higher Education Expenses)
An account owner may establish an account by making an initial contribution to the Oregon 529 Savings Network in the name of the designated beneficiary. Once a contribution is made it becomes part of the network and subject to the provisions of ORS 178.300 to 178.360. Any person may make a contribution to an account once an account is opened. Contributions…
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. Nothing in this subsection prohibits a d…
An account and any interest in an account may not be assignable or pledged or otherwise used to secure or obtain a loan or other advancement. The right of a designated beneficiary to the payment of qualified higher education expenses or of an account owner to a withdrawal, payments and withdrawals made in exercise of those rights and moneys or property held…
An account owner shall have the right at any time to change the designated beneficiary of an account to another individual who is a member of the family of the former designated beneficiary. An account owner shall have the right at any time to direct that all or a portion of an account be transferred to the account of another designated beneficiary who is a…
Withdrawal from an account may be made as prescribed by the rules adopted by the Oregon 529 Savings Board. A financial institution shall report an account withdrawal during any calendar year to the account owner and the federal Internal Revenue Service. The report shall be made at the time and contain such information as required by law. This section appli…
Notwithstanding any provision of state law that requires consideration of one or more financial circumstances of an individual for the purpose of determining the eligibility to receive, or the amount of, any assistance or benefit authorized by law to be provided to or for the benefit of the individual, other than means-tested state financial aid for higher e…
As used in this section and ORS 178.380 and 178.385: “ABLE account” means an account established by an eligible individual, owned by the eligible individual and maintained under the qualified ABLE program established by the Oregon 529 Savings Board under ORS 178.380. “ABLE Act” means the Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014 (Di…
The Oregon 529 Savings Board shall establish by rule and maintain a qualified ABLE program in accordance with the requirements of the ABLE Act. The rules must: Allow a person to make contributions for a taxable year to an ABLE account established for the purpose of meeting the qualified disability expenses of the designated beneficiary of the account; Lim…
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. Nothing in this subsection prohibits a…
In addition to any other penalty provided by law, the Commissioner of the Bureau of Labor and Industries may assess against an employer who has engaged in an unlawful practice under ORS 178.250 a civil penalty in an amount up to $100 for each employee who is eligible to participate in the plan developed under ORS 178.205, not to exceed an aggregate amount of…