(1) Except as provided in subsection (5) of this section, the Public Employees Retirement Board, in consultation with the office of the State Treasurer, shall adopt rules providing that if the Oregon Investment Council invests the assets of the individual account program in multiple risk categories depending on the characteristics of an individual member, a member of the individual account program may elect to have the moneys in the member’s individual accounts established under ORS § 238A.350 deposited into an investment option approved by the council.

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(2) A member may make an election under this section once per calendar year. The board shall establish by rule the date by which a member must make an election under this section in order for the election to become effective on January 1 of the following calendar year.

(3) The board shall give each member of the individual account program a disclosure statement in writing that contains information regarding the investment options approved under this section, including the risk and return characteristics of the investment options, that members should consider when making an investment decision for their funds.

(4) The board may adopt rules as necessary to implement this section, which may include rules to create a separate trust or subtrust to hold moneys that are subject to members’ investment choice and direction, but the council and the office of the State Treasurer retain authority over investment decisions required to implement this section.

(5) The board may not adopt rules under subsection (1) of this section that violate state or federal laws or regulations. [2018 c.118 § 2; 2019 c.355 § 29]