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The Oregon Administrative Rules contain OARs filed through August 15, 2016
 
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OREGON 529 SAVINGS BOARD

 

DIVISION 9

CONTRIBUTIONS

173-009-0000

Contributions Generally

(1) For all Network Plans, 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 appropriate 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; OSB 1-2016, f. & cert. ef. 7-28-16

173-009-0005

Cash Contributions Only

For all Network Plans, contributions to an account shall be made in cash only. Cash includes checks, electronic funds transfers, and such other methods as the board determines and as permitted under applicable law. Cash does not include securities, property 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; OSB 1-2016, f. & cert. ef. 7-28-16

173-009-0010

Rollover Contributions

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

(2) For a College Savings Plan, 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 qualified rollover contribution from an account in another qualified tuition program or qualified ABLE program, or such other account(s) as may be permitted from time to time under 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 or qualified ABLE program, information regarding the earnings portion of the contribution may be provided directly by the distributing qualified tuition program or qualified ABLE program.

(4) The entire amount of a rollover contribution 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.

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; OSB 1-2016, f. & cert. ef. 7-28-16

173-009-0015

Maximum Contribution Limit

(1) 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 the Code.

(2) For the ABLE Plan, additional contributions to an account for a designated beneficiary are prohibited when the total annual contributions for that designated beneficiary exceeds the amount established by the Board as required by and in accordance with 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; OSB 1-2016, f. & cert. ef. 7-28-16

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