Or. Admin. Code § 170-080-0058

Current through Register Vol. 64, No. 1, January 1, 2025

Section 170-080-0058 - Termination of Facilitating Employer Status through Program Exemption

(1) A Facilitating Employer who begins offering a Qualified Plan must notify the Program Administrator at least 60 days prior to the cessation of Payroll Deduction Contributions.

(2) Unless otherwise elected by the Participating Employee, Program IRAs will remain in the Program after the Facilitating Employer certifies its exemption and Participating Employees may continue to make contributions as Participating Individuals pursuant to OAR 170-080-0056.

(3) The Program Administrator will notify Participating Employees of the Facilitating Employer's termination of participation in the Program and provide further instructions for future interaction with their Program IRAs.

(4) The Facilitating Employer must inform Participating Employees of their intention to terminate participation in the Program at least 30 days prior to cessation of Payroll Deduction Contributions. The Program Administrator will provide hard copy informational materials to the Facilitating Employer for distribution to Participating Employees.

Or. Admin. Code § 170-080-0058

OST 3-2018, adopt filed 10/11/2018, effective 10/19/2018

Statutory/Other Authority: ORS 178.200-178.245

Statutes/Other Implemented: ORS 178.200-178.245