Oregon Statutes 178.335 – Network participation for higher education expenses; contribution limits; fees
(1) 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.
Terms Used In Oregon Statutes 178.335
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(2) Any person may make a contribution to an account once an account is opened.
(3) Contributions to an account shall be made only in cash and may be deposited as provided in ORS § 305.796.
(4) Total contributions to all accounts established on behalf of a particular beneficiary may not exceed those reasonably necessary to provide for the qualified higher education expenses of the designated beneficiary. The Oregon 529 Savings Board shall establish maximum contribution limits applicable to network accounts and shall require the provision of any information from the account owner and the designated beneficiary that the board deems necessary to establish these limits.
(5) Separate records and accounting shall be required for each account and reports shall be made no less frequently than annually to the account owner.
(6) The board may collect application, account or administrative fees to defray the costs of the network.
(7) This section applies only to accounts established for qualified higher education expenses. [Formerly 348.857]