Or. Admin. R. 459-080-0050 - IAP Optional Employer Account Contributions
(1) Employers shall not begin optional
employer contributions under ORS
238A.340 to the employer account of a member under the OPSRP Individual Account Program
(IAP) until the agreement by which those contributions will be made has been
provided to PERS. The agreement must, at a minimum, provide the following
information:
(a) The date those contributions
are to commence; and
(b) The
percentage of salary to be contributed.
(2) ORS
238A.340(1)
allows participating public employers to agree to provide these optional
employer contributions for specific groups of employees. The employer will be
solely responsible for reporting which groups of employees are eligible for the
optional employer contributions, so long as those employees are eligible for
membership under ORS
238A.300 and OAR 459-080-0010. PERS will rely on the employer's records to determine
whether an employee was in a group that should have received optional employer
contributions.
(3) Optional
employer contributions made on behalf of a person who fails to meet the
standards for IAP employee contributions under OAR 459-080-0150 will be
returned pursuant to section (5) of that rule.
(4) Optional employer contributions made in
error for an employee who is not entitled to those contributions under the
employer's agreement will be returned less any fees or losses incurred since
the contributions were submitted. Any earnings on these contributions will be
credited to the forfeiture account established under OAR
459-080-0150.
(5) Whether
contributions were erroneous will be based upon the employer's records as
reported to PERS.
Notes
Statutory/Other Authority: ORS 238A.450
Statutes/Other Implemented: ORS 238A.340
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