Or. Admin. Code § 459-005-0310

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

Section 459-005-0310 - Date of Participation and Transfer of Employee Funds to the Optional Retirement Plan

(1) Definitions. For the purposes of this rule:

(a) "Member's PERS account(s)" means any of the following accounts that PERS has established for the member:

(A) A Tier 1 or Tier 2 member's regular account established under ORS 238.250;

(B) A Tier 1 or Tier 2 member's variable account established under ORS 238.260; and

(C) The member's Individual Account Program (IAP) accounts established under ORS 238A.350 and 238A.353, to the extent the member is vested in those accounts.

(b) " Optional retirement plan" (ORP) means a retirement plan offered by a public university that is authorized under ORS 243.815, or an optional retirement plan offered by a community college that is authorized under ORS 341.551.

(c) "ORP provider" means the public university or community college offering the ORP.

(2) The effective date of an election by an administrative or academic employee of a public university, or an administrative employee of a community college, to participate in an ORP is the first day of the month following a period of six full calendar months of employment in the qualifying administrative or academic position.

(a) Unless otherwise agreed upon, notice of the effective date of the election will be provided to PERS by the ORP provider within 30 days of the date of the election.

(b) If the employee is a vested member of PERS who elects to transfer eligible funds consisting of amounts in the member's PERS account(s) from PERS to the ORP pursuant to ORS 243.815(6) or 341.551(5), the ORP provider will forward to PERS copies of the employee's signed ORP election form and the employee's written transfer request as part of the notice required in subsection (a) of this section.

(3) If an employee requests a transfer of eligible funds pursuant to section (2)(b) of this rule:

(a) PERS must transfer the funds to the ORP within the 60-day period following the later of:

(A) The effective date of the employee's election to participate in the ORP; or

(B) The effective date of the transfer.

(b) The effective date of a transfer is the first of the month in which PERS completes reconciliation of the account to be transferred.

(c) PERS may not transfer funds to the ORP if the member is concurrently employed by another PERS participating employer.

Or. Admin. Code § 459-005-0310

PERS 3-1996, f. & cert. ef. 6-11-96; PERS 4-2005. f. & cert. ef. 1-31-05; PERS 10-2008, f. & cert. ef. 7-31-08; PERS 12-2015, f. & cert. ef. 11/20/2015; PERS 6-2021, amend filed 07/23/2021, effective 7/23/2021

Statutory/Other Authority: ORS 238A.450 & ORS 238.650

Statutes/Other Implemented: ORS 243.815 & ORS 341.551