Oregon Law
Law as of Jan 1, 2024
Chapter contents
178.010Oath and bond 178.020Additional bond requirement 178.030Premiums on surety bonds of treasurer and employees paid by state; limit on amount 178.040Successive recoveries on bond 178.050Duties of State Treasurer 178.060Deputy State Treasurer; other personnel; merit system; rules; duties of Deputy State Treasurer in event of vacancy in office of State Treasurer 178.065Authority of State Treasurer to require fingerprints 178.070[Amended by 1981 c.660 §19; repealed by 1989 c.569 §6] 178.080[Amended by 1969 c.591 §290; 1971 c.186 §2; renumbered 305.830] 178.090Manner of providing evidence of receipt of funds or securities 178.100[2001 c.936 §8; renumbered 276A.242 in 2017] 178.200Oregon Retirement Savings Board 178.205Powers and duties of Oregon Retirement Savings Board; rules 178.210Requirements for Oregon Retirement Savings Plan 178.215Rules for Oregon Retirement Savings Plan 178.220Confidentiality of account information 178.225Oregon Retirement Savings Plan Administrative Fund 178.230Prerequisites to establishment of Oregon Retirement Savings Plan 178.235Annual reports 178.240Preemption 178.245Assistance of state agencies with outreach, technical assistance and compliance services 178.250Compliance with plan; complaints 178.255Investigation by Commissioner of Bureau of Labor and Industries; civil penalty 178.260Final orders relating to compliance 178.300Definitions for ORS 178.300 to 178.360 178.305Oregon 529 Savings Network 178.310Oregon 529 Savings Board; membership 178.315Board powers and duties; rules 178.320Oregon 529 Savings Network Fund; College Savings Plan Subaccount; ABLE Subaccount 178.325State interest in contributions and earnings 178.330Annual report to Governor and Legislative Assembly 178.335Network participation for higher education expenses; contribution limits; fees 178.340Right to direct investments for higher education expenses; insurance and guarantees prohibited; liability for loss 178.345Prohibitions and limitations on accounts for higher education expenses 178.350Designated beneficiary of account for higher education expenses; confidentiality of account information 178.355Withdrawals from accounts for higher education expenses; rules; report 178.360Consideration of amounts in accounts for higher education expenses in benefit eligibility determinations 178.375Definitions for ORS 178.375, 178.380 and 178.385 178.380Establishment of qualified ABLE program; requirements for program; treatment of contributions to ABLE account; fees; rules 178.385Right to direct investments for ABLE accounts; insurance and guarantees prohibited; liability for loss 178.990Penalties

Chapter 178 — State Treasurer; Oregon Retirement Savings Plan; Oregon 529 Savings Network

ORS 178.230 Prerequisites to establishment of Oregon Retirement Savings Plan

(1)

Before establishing a plan developed under ORS 178.205, the Oregon Retirement Savings Board shall:

(a)

Conduct a market analysis to determine:

(A)

The feasibility of the plan.

(B)

Whether and to what extent plans with the characteristics described in ORS 178.210 currently exist in the private market.

(b)

Obtain legal advice regarding the applicability of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1001 et seq.) and the Internal Revenue Code to the plan.

(c)

Investigate whether employers that are not required to participate in the plan can make the plan available to their employees.

(d)

Investigate how to allow individuals who are not automatically enrolled in the plan to opt in to the plan and make contributions to an account, either through payroll contributions or another method of contribution.

(2)

The board shall coordinate with the efforts of other states as those states pursue legal guidance for similar retirement savings programs.

Official sources · 2Tap to view provenance and version history

Online copy of the published ORS edition

Provenance

Version history

Prior statutory text is not available in the ingested published editions. Consult an earlier official ORS edition or the cited Oregon Laws chapter.