NOTICE TO ALL POOLED TRUST PARTICIPANTS:
Pursuant to sections 4.3 and 4.4 of the Master Trust Agreement dated July 20, 1999, The Arc Oregon has appointed Key Bank National Association as the new Trustee of the Oregon Special Needs Trust. The Master Trust Agreement has been amended and dated November 25, 2015. The Joinder Agreement has been amended to reflect the new Trustee and Master Trust Agreement. All changes to the Joinder Agreement apply to all current pooled trust participants and all previously executed Joinder Agreements are immediately deemed to be amended accordingly. You are encouraged to review the new Joinder Agreement documents posted on the Forms and Documents page of The Arc Oregon website. Upon your annual review date, you will receive an Updated Joinder Agreement and will be required to sign and return the document when requested. Please do not hesitate to contact our office if you have any questions!
There are certain advantages that the OSNT offers for beneficiaries and their families that a private trust cannot offer. Some features of the Oregon Special Needs Trust include:
With fees that are lower than most banks and other institutions, the OSNT offers an affordable alternative for most families and individuals. Unlike most banks that require a high minimum deposit to establish a trust account, the OSNT does not have a minimum for initial deposits. Additionally, the cost of hiring a professional trustee for a private trust is typically much higher than the administration fees charged by the OSNT.
- NO Minimum deposit
- NO Maximum balance
Most family members or other trustees of private trusts do not understand the complicated and ever-changing rules associated with the administration of a special needs trust. The OSNT staff assists with government reporting and assumes responsibility for staying current with all of the rules and regulations that dictate how funds can be used in order to maintain eligibility for government assistance.
Private trusts with individual family members or friends serving as trustees often lack consistency because circumstances change in the lives of the trustees, or they find it too difficult to effectively manage. The greatest benefit of pooled trust administration is the continuity and consistency that can be achieved over a long period of time.
As part of an independent non-profit organization, the OSNT manages subaccounts with an objectivity that may not be possible when family members serve as trustees. Family dynamics and personal interests of trustees often result in difficulties when administering a private trust.
The Arc Oregon has a long history of advocating for and interacting with people with disabilities. In addition to our expertise in trust management, we offer insight into meeting the needs of people with disabilities and apply that knowledge and experience to the administration of each subaccount with the best interests of the beneficiary in mind.
Safeguarding the assets of our trust beneficiaries is a primary concern of the OSNT. The Arc Oregon Board of Directors, OSNT Advisory Committee, and staff all take the integrity of the OSNT and the stewardship of trust funds very seriously. We are proud to offer the following safeguards in order to assure all transactions regarding individual trust accounts are transparent and processed using strict accounting procedures:
- Disbursement requests are entered into the OSNT trust management data system by a trust staff person
- Requests are verified with the appropriate key people for the beneficiary
- Requests are reviewed and approved/declined by the OSNT Program Director, or in her absence the Executive Director
- Two signatures are required for any check issued from the local disbursement account
- Checks payable to The Arc Oregon are approved and issued by the legal trustee, Key Bank
- The local disbursement check account is reconciled monthly by The Arc Oregon accounting department
- The pooled trust account is reconciled monthly by the OSNT Program Director and reviewed annually by an independent CPA
- The Arc Oregon maintains full liability insurance
- An independent audit of The Arc Oregon finances is conducted annually
- Plans for an independent audit of the pooled trust are currently under review
In addition to all of the internal and external safeguards that are currently in place to protect the pooled trust assets, we are especially proud of the fact that the trust management software we implemented in 2013 allows beneficiaries and their authorized representatives online access to view individual trust account financial activity. This access offers real-time information through a secure, password-protected portal 24 hours a day, 7 days a week, and the ability to print account statements and histories at any time.
Professional Investment Management
As of January 2016, the pooled investments are professional managed by Key Bank National Association. Having a professional investment advisor to manage the assets of the Trust allows The Arc of Oregon to focus on what they know best – administering sub-trust accounts to serve the best interests and protect government assistance for all trust beneficiaries.
Our personal Portfolio Manager, Jennette duCloo, has over 20 years of experience in investment management, and works closely with the staff and advisory committee to protect and preserve the trust assets for the future.