Get answers to frequently asked questions

Yes, beginning on January 1, 2024, you can make a tax-free rollover from a 529 college savings account to your OregonSaves account (or to any qualified Roth IRA). The rollover must be to a Roth IRA account in the name of the 529 account beneficiary, not in the name of the account owner/participant. In addition, the 529 account must have been open for a minimum of 15 years prior to the rollover to qualify as tax-free. Rollover amounts are subject to the annual contribution limits applicable to Roth IRAs. Over a lifetime, you may rollover up to $35,000 per beneficiary tax-free.

Forms to initiate a 529-to-Roth IRA rollover can be found with your 529 college savings plan. For the Oregon College Savings Plan’s official form and for additional information on 529-to-Roth IRA rollovers, please visit their website.

The short answer is, yes. Oregon workers may choose to invest in both a retirement savings account (like OregonSaves) and an Oregon ABLE savings account, but ABLE accounts were designed to have unique protections not found with other types of savings and investment accounts. The money saved in an ABLE account does not count against asset limits that could impact your eligibility for state or federal benefits. Money in retirement savings accounts does count against asset limits and may impact your eligibility for state or federal benefits.

It is important for ABLE savers to know that many Oregon workers may already be participating in the state’s auto-enrollment retirement savings program, OregonSaves. This workplace retirement program provides a simple, portable, low-cost way for workers to invest in their futures. Building toward a secure retirement is a worthy financial goal, but, as noted above, participating in a workplace retirement plan such as OregonSaves may impact access to services and benefits for ABLE savers.

As with other retirement accounts, money saved in an OregonSaves account does count against asset limits. If you are an Oregon ABLE saver and are concerned about asset limits, you have the option to move the money invested in your OregonSaves account to your Oregon ABLE account. An individual experiencing a disability is considered exempt and would not be liable to pay a 10% penalty tax on early distributions for any earnings that have accrued, however, we advise you to speak with a financial advisor to understand any potential tax consequences.

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