Or. Admin. Code § 471-070-2455

Current through Register Vol. 63, No. 12, December 1, 2024

Section 471-070-2455 - Equivalent Plans: Termination and Withdrawal by Successor in Interest

(1) A successor in interest may request to terminate an equivalent plan that was in effect on the date of acquisition within 90 days after becoming a successor in interest resulting from the acquisition in accordance with ORS 657B.260. The request to terminate may be submitted online, by phone, or in another method prescribed by the department. The successor in interest must provide written documentation of the acquisition, and any other relevant information regarding the acquisition required by the department.

(2) A successor in interest may request to withdraw from the equivalent plan in accordance with OAR 471-070-2460.

(3) If a request to terminate or withdraw is approved, the department will notify the successor in interest of the effective date of the termination or withdrawal. A successor in interest whose request to terminate is approved is subject to sections (5) through (10) of OAR 471-070-2450. A successor in interest whose request for withdrawal is approved is subject to sections (3) through (8) of OAR 471-070-2460.

(4) If a request to terminate or withdraw is denied, the department will notify the successor in interest of the reason for the denial. The successor in interest may appeal the decision to deny a request to terminate or withdraw an equivalent plan, in accordance with ORS 657B.410 and applicable administrative rules.

Or. Admin. Code § 471-070-2455

ED 8-2022, adopt filed 04/21/2022, effective 4/21/2022; ED 3-2023, amend filed 07/31/2023, effective 8/1/2023

Statutory/Other Authority: ORS 657B.340

Statutes/Other Implemented: ORS 657B.260