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The Oregon Administrative Rules contain OARs filed through October 15, 2014
 
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OREGON 529 COLLEGE SAVINGS BOARD

 

DIVISION 9

CONTRIBUTIONS

173-009-0000

Contributions Generally

(1) The minimum initial contribution that must be made to an account at the time the account is opened will be specified by the appropriate plan, except that the minimum initial contribution requirement for a plan may be waived if the account owner agrees to participate in an automatic investment plan or other similar regular periodic contribution plan for that account in accordance with the participation agreement governing the account or may be waived on such terms as specified by the appropriate plan. The board may at any time without notice change the minimum contribution amounts.

(2) The board reserves the right to refuse contributions that it determines to be an abuse of the network or a plan.

(3) Subsequent contributions made to an account will be in accordance with the plan’s participation agreement governing the account.

Stat. Auth.: ORS 348.853(2)
Stats. Implemented: ORS 348.857(2) & 348.853(2)
Hist.: QTSB 1-2001, f. & cert. ef. 1-2-01; QTSB 1-2002(Temp), f. & cert. ef. 6-14-02 thru 12-6-02; QTSB 2-2002(Temp), f. & cert. ef. 8-15-02 thru 12-6-02; QTSB 3-2002, f. & cert. ef. 10-29-02; QTSB 1-2010(Temp), f. & cert. ef. 3-25-10 thru 9-15-10; QTSB 2-2010, f. 9-10-10, cert. ef. 9-14-10

173-009-0005

Cash Contributions Only

Contributions to an account shall be made in cash only. Cash includes checks, money orders, electronic funds transfers, whether through payroll deduction, an automatic contribution plan or otherwise, and such other methods as the board determines and as permitted under applicable law. Cash does not include securities, property or debit or credit card charges.

Stat. Auth.: ORS 348.853(2)
Stats. Implemented: ORS 348.841 - 348.873
Hist.: QTSB 1-2001, f. & cert. ef. 1-2-01; QTSB 1-2010(Temp), f. & cert. ef. 3-25-10 thru 9-15-10; QTSB 2-2010, f. 9-10-10, cert. ef. 9-14-10

173-009-0010

Rollover Contributions

(1) Any person who is an account owner under another qualified tuition program may rollover, subject to section 529 of the Code and the terms of such other qualified tuition program, all or part of the funds from an account in such other qualified tuition program to an account in a plan.

(2) The board also may permit a rollover contribution from a Coverdell education savings account described by Section 530 of the Code, a qualified U.S. savings bond described by Section 135 of the Code, or such other account(s) as may be permitted from time to time under section 529 of the Code.

(3) In order to set up a new account in which to deposit a rollover contribution from an account in another qualified tuition program, a Coverdell education savings account, a qualified U.S. savings bond, or such other account(s) as may be permitted from time to time under section 529 of the Code, an applicant must, in addition to complying with the requirements of OAR 173-008, submit to the appropriate plan such information as the board may from time to time require, including the amount of the rollover contribution which is attributable to earnings on such contribution. In the case of a rollover contribution made directly from another qualified tuition program, information regarding the earnings portion of the contribution may be provided directly by the distributing qualified tuition program.

(4) The entire amount of a rollover contribution from an account in another qualified tuition program, a Coverdell education savings account, a qualified U.S. savings bond, or such other account(s) as may be permitted from time to time under section 529 of the Code is counted for purposes of calculating the total account balance of all accounts for a designated beneficiary. If such rollover contribution causes the total account balance of all accounts in the network for a designated beneficiary to exceed the maximum limit established by the board pursuant to OAR 173-009-0015, the excess funds, or if required by the appropriate plan, the entire rollover contribution, shall be returned.

(5) A rollover contribution from another qualified tuition program, a Coverdell education savings account, a qualified U.S. savings bond, or such other account(s) as may be permitted from time to time under section 520 of the Code may be made only as permitted from time to time under section 529 of the Code. Any rollover contribution made that is not permitted under section 529 of the Code shall be returned.

Stat. Auth.: ORS 348.853(2)
Stats. Implemented: ORS 348.853(2)
Hist.: QTSB 1-2001, f. & cert. ef. 1-2-01; QTSB 1-2002(Temp), f. & cert. ef. 6-14-02 thru 12-6-02; QTSB 2-2002(Temp), f. & cert. ef. 8-15-02 thru 12-6-02; QTSB 3-2002, f. & cert. ef. 10-29-02; QTSB 1-2010(Temp), f. & cert. ef. 3-25-10 thru 9-15-10; QTSB 2-2010, f. 9-10-10, cert. ef. 9-14-10

173-009-0015

Maximum Contribution Limit

Additional contributions to an account for a designated beneficiary are prohibited when the total account balance for all accounts for that designated beneficiary under the network exceeds the amount established by the Board as required by and in accordance with section 529(b)(6) of the Code.

Stat. Auth.: ORS 348.853(2)
Stats. Implemented: ORS 348.857(4) & 348.853(2)
Hist.: QTSB 1-2001, f. & cert. ef. 1-2-01; QTSB 1-2002(Temp), f. & cert. ef. 6-14-02 thru 12-6-02; QTSB 2-2002(Temp), f. & cert. ef. 8-15-02 thru 12-6-02; QTSB 3-2002, f. & cert. ef. 10-29-02; QTSB 1-2010(Temp), f. & cert. ef. 3-25-10 thru 9-15-10; QTSB 2-2010, f. 9-10-10, cert. ef. 9-14-10

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