Oregon Statutes 243.470 – Administration of deferred compensation program; rules
(1) Subject to ORS Chapter 183, the Public Employees Retirement Board may adopt rules necessary to implement the provisions of ORS § 243.401 to 243.507 and determine the terms and conditions of eligible state employee participation and coverage. Rules adopted by the board under this subsection shall establish the terms and conditions of deferred compensation contracts for eligible state employees.
Terms Used In Oregon Statutes 243.470
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(2) The Public Employees Retirement System shall adopt forms and maintain accounts and records necessary and appropriate to the efficient administration of ORS § 243.401 to 243.507 or which may be required by agencies of the State of Oregon or the United States.
(3) The board shall adopt rules and take all actions necessary to maintain compliance of the state deferred compensation plan with requirements for governmental deferred compensation plans imposed by the Internal Revenue Code and by regulations adopted pursuant to the Internal Revenue Code.
(4) The Public Employees Retirement System may contract with a private corporation or institution able and qualified to provide consolidated billing services, state plan participant enrollment services, educational services, state plan participant accounts, data processing, record keeping and other related services that are necessary or appropriate to the administration of the state deferred compensation plan under ORS § 243.401 to 243.507. [1977 c.721 § 8; 1983 c.789 § 5; 1991 c.618 § 7; 1997 c.179 § 13]