Oregon Statutes 178.300 – Definitions for ORS 178.300 to 178.360
As used in ORS § 178.300 to 178.360:
Terms Used In Oregon Statutes 178.300
- 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
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(1) ‘Account’ means an individual account established in accordance with ORS § 178.300 to 178.360.
(2) ‘Account owner’ means the person who has the right to withdraw funds from the account. The account owner may also be the designated beneficiary of the account.
(3) ‘Board’ means the Oregon 529 Savings Board established under ORS § 178.310.
(4) ‘Designated beneficiary’ means, except as provided in ORS § 178.350, the individual designated at the time the account is opened as having the right to receive a qualified withdrawal for the payment of qualified higher education expenses, or if the designated beneficiary is replaced in accordance with ORS § 178.350, the replacement.
(5) ‘Financial institution’ means a bank, a commercial bank, a national bank, a savings bank, a savings and loan, a thrift institution, a credit union, an insurance company, a trust company, a mutual fund, an investment firm or other similar entity authorized to do business in this state.
(6) ‘Higher education institution’ means an eligible education institution as defined in section 529(e)(5) of the Internal Revenue Code.
(7) ‘Internal Revenue Code’ means the federal Internal Revenue Code as amended and in effect on December 31, 2022.
(8) ‘Member of the family’ shall have the same meaning as contained in section 529(e) of the Internal Revenue Code.
(9) ‘Network’ means the Oregon 529 Savings Network established under ORS § 178.305.
(10) ‘Nonqualified withdrawal’ means a withdrawal from an account that is not a qualified withdrawal.
(11) ‘Qualified higher education expenses’ means tuition and other permitted expenses as set forth in section 529(e) of the Internal Revenue Code for the enrollment or attendance of a designated beneficiary at a higher education institution, expenses associated with registered apprenticeship programs described in section 529(c)(8) of the Internal Revenue Code and amounts paid as principal or interest on a qualified education loan to the extent allowed under section 529(c)(9) of the Internal Revenue Code.
(12) ‘Qualified withdrawal’ means a withdrawal made as prescribed under ORS § 178.355 and made:
(a) From an account to pay the qualified higher education expenses of the designated beneficiary;
(b) As the result of the death or disability of the designated beneficiary;
(c) As the result of a scholarship, allowance or payment described in section 135(d)(1)(A), (B) or (C) of the Internal Revenue Code that is received by the designated beneficiary, but only to the extent of the amount of the scholarship, allowance or payment; or
(d) As a rollover or change in the designated beneficiary described in ORS § 178.350. [Formerly 348.841; 2016 c.33 § 1; 2017 c.527 § 1; 2018 c.101 § 1; 2019 c.319 § 1; 2021 c.456 § 1; 2022 c.83 § 1; 2023 c.171 § 1]