461-145-0025 Effective 04/01/19
Approved Accounts; OSIPM-EPD
In the OSIPM-EPD program:
- All money in an approved account (see OAR 461-001-0035) is excluded as a resource during the determination of eligibility.
- Only money from the client's own earned income, or money contributed from an employer based on earnings, may be deposited into an approved account.
- A retirement-related approved account must be set up in a financial institution and must comply with IRS regulations.
- An asset purchased with money from an approved account is excluded if the asset is for an employment and independence expense (see OAR 461-001-0035).
- If money from the approved account is used for a purpose not consistent with the definition of approved account in OAR 461-001-0035, the client will be prohibited from utilizing an approved account for the next 12 months for the purposes of the determination of eligibility.
- If an individual loses employment (see OAR 461-001-0035) and meets the requirements to remain on OSIPM-EPD under OAR 461-135-0725(2), all money in an approved account held prior to the loss of employment remains excluded as a resource during the period of extended OSIPM-EPD eligibility.
Stat. Auth.: ORS 409.050, 411.060, 411.070, 411.404, 413.085, 414.685
Stats. Implemented: ORS 409.010, 411.060, 411.070, 411.404