Oregon Revised Statutes Chapter 178 § 178.315 — Board

Board powers and duties; rules. The Oregon 529 Savings Board shall have the following powers, duties, and functions: (1) To establish, develop, implement and maintain the Oregon 529 Savings Network in a manner consistent with ORS 178.300 to 178.360, 178.375 and 178.380 and sections 529 and 529A of the Internal Revenue Code and to obtain the benefits of sections 529 and 529A 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 178.300 to 178.360, 178.375 and 178.380 and to ensure the network’s compliance with sections 529 and 529A 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 178.300 to 178.360,