The Oregon 529 College Savings Board shall have the following powers, duties, and functions:
(1) To establish, develop, implement and maintain the Oregon 529 College Savings Network in a manner consistent with ORS 348.841 to 348.873 and section 529 of the Internal Revenue Code and to obtain the benefits of section 529 of the Internal Revenue Code for the network and its participants.
(2) To adopt rules for the general administration of the network, to administer ORS 348.841 to 348.873 and to ensure the network’s compliance with section 529 of the Internal Revenue Code.
(3) To maintain, invest and reinvest the funds contributed into the network consistent with the investment restrictions established by the board. The investment restrictions shall be consistent with the objectives of the network, and the board shall exercise the judgment and care then prevailing that persons of prudence, discretion and intelligence exercise in the management of their own affairs with due regard to the probable income and level of risk from certain types of investments of money, in accordance with the policies established by the board.
(4) To make and enter into any and all contracts, agreements or arrangements, and to retain, employ and contract for the services of private and public financial institutions, depositories, consultants, investment advisors or managers and third-party plan administrators and for research, technical and other services necessary or desirable for carrying out the purposes of ORS 348.841 to 348.873.
(5) To accept donations or receive funds for the purpose of providing scholarships, grants and other incentives to account owners, potential account owners and their designated beneficiaries or furthering any of the purposes of ORS 348.841 to 348.873.
(6) To encourage increased participation in the network by awarding scholarships or grants, providing or making available other incentives to account owners or potential account owners and their designated beneficiaries, or entering into promotional arrangements with third parties as the board deems desirable. [1999 c.746 §5; 2003 c.280 §9; 2005 c.297 §1]
Note: See note under 348.841.
Section: Previous 348.830 348.835 348.840 348.841 348.844 348.845 348.849 348.853 348.855 348.856 348.857 348.860 348.863 348.865 348.867 NextLast modified: August 7, 2008