Or. Admin. Code § 173-009-0010

Current through Register Vol. 63, No. 12, December 1, 2024

Section 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.

Or. Admin. Code § 173-009-0010

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. 7/28/2016

Stat. Auth.: ORS 348.853(2)

Stats. Implemented: ORS 348.853(2)