Supposedly, HB 2960, which established this program provides that "(n) Provide that the State of Oregon and employers that participate in the plan have no proprietary interest in the contributions to or earnings on amounts contributed to accounts established under the plan."

Of course, that is a Legislative Law; they can change it any time Senator Prozanski or Representative Barnhart or any other Democrat decides that  they need more money for one of their programs; they are in the Majority and can just slap the Emergency Clause on new Legislation anytime they feel like it and do whatever they please because the Republicans have no say and the people can't do an Initiative to stop them.