(2)(a) After the participant has participated in the JOBS Plus Program for 30 days, the employer shall pay, in addition to the participant wage, one dollar for each participant hour worked into the participant’s individual education account. Contributions to such an account shall be tax deferred or tax-exempt to the extent permitted by federal and state law.
(b) Any participant for whom an Oregon JOBS Individual Education Account contribution is made shall be eligible for access to education benefits from that participant’s individual education account for up to five years after the participant has left the JOBS Plus Program and has held a full-time, unsubsidized job for at least 30 days.
(c) When any participant has qualified for use of that participant’s individual education account, an amount equal to that participant’s individual education account balance shall be transferred to the Director of the Office of Student Access and Completion for that participant’s use. Only one individual education account shall be created for any participant. Each account shall be administered by the director and shall be used for continuing education and training for the participant and the participant’s immediate family.
(3)(a) The director may use any interest earned by an individual education account transferred to the director under this section for payment of expenses incurred by the director in carrying out the director’s duties under this section.
(b) The Department of Human Services shall transfer any interest earned by the Oregon JOBS Individual Education Account to the General Fund for general governmental purposes. The department shall transfer the interest no later than the close of each fiscal year in which the interest is earned.
(4) Any unexpended or unobligated moneys remaining in an individual education account five years after the participant has left the JOBS Plus Program are appropriated and transferred to the Higher Education Coordinating Commission for the Oregon Opportunity Grant program on that date. [1995 c.561 §14 and 1995 c.816 §29; 1999 c.704 §22; 1999 c.1070 §17; 2005 c.837 §16; 2007 c.802 §6; 2011 c.637 §268; 2013 c.747 §159; 2017 c.66 §60]