Chapter 178 — Chapter 178

ORS 178.010 Oath and bond. (1) 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 Governor shall determine

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ORS 178.020 Additional bond requirement. 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

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ORS 178.030 Premiums on surety bonds of treasurer and employees paid by state; limit on amount. (1) 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 so executed and approved

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ORS 178.040 Successive recoveries on 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

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ORS 178.050 Duties of State Treasurer. The State Treasurer shall

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ORS 178.060 Deputy State Treasurer; other personnel; merit system; rules; duties of Deputy State Treasurer in event of vacancy in office of State Treasurer. (1) 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

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ORS 178.065 Authority of State Treasurer to require fingerprints. 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

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ORS 178.070 [Amended by 1981 c.660 §19; repealed by 1989 c.569 §6]

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ORS 178.080 [Amended by 1969 c.591 §290; 1971 c.186 §2; renumbered 305.830]

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ORS 178.090 Manner of providing evidence of receipt of funds or securities. 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 uniform for all funds or securities received. The receipt specified by the State Treasurer shall be considered as proper evidence for all purposes for which any printed or other form of receipt was considered adequate evidence. [1975 c.295 §1]

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ORS 178.100 [2001 c.936 §8; renumbered 276A.242 in 2017]

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ORS 178.200 Oregon Retirement Savings Board. (1) The Oregon Retirement Savings Board is established in the office of the State Treasurer. The board consists of seven members as follows

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ORS 178.205 Powers and duties of Oregon Retirement Savings Board; rules. (1) 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

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ORS 178.210 Requirements for Oregon Retirement Savings Plan. (1) The plan developed and established by the Oregon Retirement Savings Board under ORS 178.205 must

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ORS 178.215 Rules for Oregon Retirement Savings Plan. The Oregon Retirement Savings Board shall adopt rules that

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ORS 178.220 Confidentiality of account information. 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

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ORS 178.225 Oregon Retirement Savings Plan Administrative Fund. (1) 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

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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

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ORS 178.235 Annual reports. 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. [2015 c.557 §8]

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ORS 178.240 Preemption. 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. [2015 c.557 §9]

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ORS 178.245 Assistance of state agencies with outreach, technical assistance and compliance services. 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 provide the outreach, technical assistance or compliance services to the board. [2015 c.557 §10]

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ORS 178.250 Compliance with plan; complaints. (1) 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

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ORS 178.255 Investigation by Commissioner of Bureau of Labor and Industries; civil penalty. (1) 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

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ORS 178.260 Final orders relating to compliance. (1) 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

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ORS 178.300 Definitions for ORS 178.300 to 178.360. As used in ORS 178.300 to 178.360

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ORS 178.305 Oregon 529 Savings Network. (1) 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

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ORS 178.310 Oregon 529 Savings Board; membership. (1) There is established the Oregon 529 Savings Board to administer ORS 178.300 to 178.360, 178.375 and 178.380

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ORS 178.315 Board powers and duties; rules. The Oregon 529 Savings Board shall have the following powers, duties, and functions

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ORS 178.320 Oregon 529 Savings Network Fund; College Savings Plan Subaccount; ABLE Subaccount. (1) 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

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ORS 178.325 State interest in contributions and earnings. 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. [Formerly 348.869]

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ORS 178.330 Annual report to Governor and Legislative Assembly. 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. [Formerly 348.873]

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ORS 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

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ORS 178.340 Right to direct investments for higher education expenses; insurance and guarantees prohibited; liability for loss. (1)(a) 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

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ORS 178.345 Prohibitions and limitations on accounts for higher education expenses. (1) 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

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ORS 178.350 Designated beneficiary of account for higher education expenses; confidentiality of account information. (1) 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

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ORS 178.355 Withdrawals from accounts for higher education expenses; rules; report. (1) Withdrawal from an account may be made as prescribed by the rules adopted by the Oregon 529 Savings Board

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ORS 178.360 Consideration of amounts in accounts for higher education expenses in benefit eligibility determinations. 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 education, and to the extent permitted under federal law, any amount in an account established for higher education expenses of which the individual is an owner, including earnings on the account, any contributions to the account and any distribution for qualified higher education expenses, shall be disregarded for such purpose with respect to any period during which the individual maintains, makes contributions to or receives distributions from the account. [2018 c.80 §2]

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ORS 178.375 Definitions for ORS 178.375, 178.380 and 178.385. As used in this section and ORS 178.380 and 178.385

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ORS 178.380 Establishment of qualified ABLE program; requirements for program; treatment of contributions to ABLE account; fees; rules. (1) The Oregon 529 Savings Board shall establish by rule and maintain a qualified ABLE program in accordance with the requirements of the ABLE Act

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ORS 178.385 Right to direct investments for ABLE accounts; insurance and guarantees prohibited; liability for loss. (1)(a) 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

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ORS 178.990 Penalties. (1)(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 $5,000 in a calendar year

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