OAR 461-145-0025: Approved Accounts; OSIPM-EPD

In the OSIPM-EPD program: (1) All money in an approved account (see OAR 461-001-0035) is excluded as a resource during the determination of eligibility. (2) 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 . (3) A retirement-related approved account must be set up in a financial institution and must comply with IRS regulations. (4) 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). (5) 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. (6) 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.