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Ben Westlund
Oregon State Treasurer
Ben Westlund directs the prudent investment of billions of dollars of Oregon’s money.
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Tomorrow's Money
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February 25, 2009
Oregon Investment Council
9:00am
PERS Headquarters Building
11410 SW 68th Parkway
Tigard, OR 97223
March 3, 2009
OGA
10 am
PERS Headquarters Building
11410 SW 68th Parkway
Tigard, OR 97223
April 29, 2009
Oregon Investment Council
9:00am
PERS Headquarters Building
11410 SW 68th Parkway
Tigard, OR 97223
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SALEM – Oregon leaders have an idea that could help soften the financial blow to thousands of families who saw the value of their college savings portfolios decline in the past year.
Now, they’re asking Oregon’s Congressional delegation to help make it a reality – and soon.
State Treasurer Ben Westlund, Oregon House Speaker Dave Hunt, D-Gladstone, and Rep. Sara Gelser, D-Corvallis, are asking Oregon’s Congressional delegation, led by U.S. Sen. Ron Wyden, D-Ore., to temporarily change tax laws to allow 529 funds to be used to repay student loans.
Families in Oregon and across the nation saw their 529 college savings drop in value along with the unprecedented 2008 nosedive on Wall Street. And to make matters worse, thousands of those families have children on the cusp of college – which means they’ll be forced to tap those funds soon and won’t have time to allow the market to recover.
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TIGARD – Acting on recommendations from State Treasurer Ben Westlund, the Oregon 529 College Savings Board on Thursday decided to withdraw all Plan assets from two funds -- the OppenheimerFunds Core Bond Fund and Limited Term Government Bond Fund -- and also advanced other changes that will restructure the program, increase oversight, and increase choices for Oregon families.
The five-member board also announced that it would solicit proposals to administer the popular Oregon College Savings Plan. The current contract with the program manager, OppenheimerFunds, runs through December.
“As an Oregonian and a parent, I want to make sure that our state has the nation’s best college savings program,” said Treasurer Westlund. “That means taking a hard look at the funds that are offered, increasing information and options for Oregon families, and surveying the marketplace to see if we are getting the best deal possible.”
The Oregon 529 College Savings Network is a tax-advantaged college savings program that allows families to set aside dollars for future college expenses.
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SALEM – Oregon State Treasurer Ben Westlund on Monday called on the Obama administration and Congressional leaders to include significant funding for energy efficiency, clean energy and clean transportation in the economic stimulus bill being debated this week in Congress.
Westlund is among 43 government, private sector and charitable investors to sign a letter urging that clean energy and transportation be part of any stimulus deal. Together, those investors manage $1.7 trillion in assets.
Among the suggestions: Lengthen the timeframe for “green” economic incentives, including extending the renewable energy Production Tax Credit five or more years; provide substantial funding for energy efficiency programs, such as retrofitting buildings; and modernize the nation’s aging and inefficient electric power grid.
“Investments in renewable energy and efficiency today will pay immediate dividends by helping to stimulate jobs, and pay dividends in the future by lowering energy costs and reducing our reliance on fossil fuels,” said Treasurer Westlund.
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The Oregon State Debt Policy Advisory Commission on Tuesday recommended a cautious path to the 2009 Legislature when it comes to issuing new state debt.
To calculate the recommended state debt capacity limit, the five-member commission considered the economic climate and current revenue forecasts, existing debt obligations and also the ability to repay additional bonds.
Based on that analysis, the commission recommended that the 2009 Legislature should not authorize more than $1.1 billion in new bonds that must be repaid from the general fund. Commissioners also said lawmakers should not authorize more than $400 million in new bonds to be backed by the Oregon Lottery.
Commissioners added, however, that anticipated declines in general fund and Lottery revenue forecasts may significantly reduce future debt capacity -- and emphasized that they do not recommend that legislators authorize bonds all the way to the limit.
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Saying Oregon families need greater financial security and more choices as they prepare for college, Oregon State Treasurer Ben Westlund announced on Wednesday additional analysis of the Oregon 529 College Savings Network.
He also announced recommendations he will make Thursday to the Oregon 529 College Savings Board in his first meeting as chairman. The State Treasurer sits as chairman of the board.
"As a parent and an Oregonian, I want to ensure that Oregon families have the best options possible when it comes to saving and investing for college," said State Treasurer Westlund. "That means giving them more choices, examining costs, and taking swift action."
Westlund is committed to reviewing the state’s college savings network from top to bottom. He will lead efforts to strengthen the program, while also seeking to cut costs for investors, he said.
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Treasurer Ben Westlund on Monday pledged to work with Gov. Ted Kulongoski and the Legislature to help advance the state toward a better economic future.
"Governor Kulongoski and the Legislature have set the right tone and, together, we will find the right course," Treasurer Westlund said. "We know that there is no single or simple answer to this economic crisis, but we know that creating and sustaining jobs for Oregonians will be an important part of the equation that moves Oregon back toward prosperity."
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