Or. Admin. R. 459-050-0210 - Segregation of a Participant Account
The purpose of this rule is to describe the process and criteria the Deferred Compensation Program shall use to segregate an alternate payee's award from a participant's account(s), and how the alternate payee's account is maintained once established.
(1) Qualified Domestic Relations Order. Once
the Manager or a designated employee has determined that a domestic relations
order or another court order is a Qualified Domestic Relations Order as defined
under the Internal Revenue Code and Oregon law and in accordance with OAR
459-050-0200, the plan participant's account(s) in the Deferred Compensation
Program shall be divided and separate account(s) established in the name of the
alternate payee as required under the Qualified Domestic Relations Order
(QDRO).
(2) Effective date of
segregation. The QDRO may specify a date between January 1 and December 31, on
which to calculate the award and segregate the alternate payee's award from the
participant's account(s) in the Deferred Compensation Program. If a date is not
specified in a QDRO, the Deferred Compensation Program shall use the date that
the QDRO was signed by the court on which to calculate and segregate the
alternate payee's award from a participant's account(s).
(3) Segregation of Participant Account. If a
QDRO directs or otherwise requires the Deferred Compensation Program to
segregate the participant's account based on a certain percentage awarded to
the alternate payee, the percentage shall be converted into a dollar amount.
The converted dollar amount or the dollar amount stated in the QDRO that is
awarded to the alternate payee shall be deposited into a separate account in
the name of the alternate payee.
(4) Investment of funds. Except as otherwise
limited by Oregon statute or administrative rule, the alternate payee shall
have the same rights and privileges as a participant concerning the investment
of funds under the deferred compensation plan.
(5) Fees. The alternate payee's segregated
account shall bear all fees and expenses related to the alternate payee's
segregated account as though the alternate payee were a participant.
(6) Designation of beneficiary(s). Subject to
the terms and conditions of the Deferred Compensation Plan, the alternate payee
shall designate a beneficiary(s) as provided for in OAR 459-050-0060. The
designated beneficiary(s) shall receive the alternate payee's account if:
(a) The alternate payee dies before
distributions from the account began or were required to begin; or
(b) The alternate payee dies and was
receiving a distribution that allowed the alternate payee to designate a
designation of beneficiary(s) in which case the beneficiary(s) shall receive
the balance of the account.
(7) The participant or alternate payee is
responsible for the filing and maintenance of all designations of
beneficiary(s) as may be required pursuant to a court order. Benefits shall be
paid only to the designated beneficiary(s) on file with the Deferred
Compensation Program.
(8) Except as
may otherwise be required under applicable Oregon law, a divorce may not revoke
a beneficiary designation on file with the Deferred Compensation Program that
names the former spouse as the participant's or alternate payee's beneficiary.
After a divorce, a participant or an alternate payee is responsible for filing
any beneficiary designation changes with the Deferred Compensation Program if a
change of beneficiary is desired.
(9) Mailing address. An alternate payee shall
notify the Deferred Compensation Program of their current mailing address by
sending it in writing to the Deferred Compensation Program office whenever a
change in mailing address occurs. Such notification is deemed filed when it is
received by the Deferred Compensation Program and is effective upon
filing.
Notes
Stat. Auth: ORS 243.470
Stats. Implemented: ORS 243.401 - 243.507
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.