Oregon Administrative Rules
Chapter 170 - OREGON STATE TREASURY
Division 80 - OREGON RETIREMENT SAVINGS PROGRAM
Section 170-080-0010 - Administration
Universal Citation: OR Admin Rules 170-080-0010
Current through Register Vol. 63, No. 9, September 1, 2024
(1) Policy. The Board intends that, consistent with ORS Section 178.210(1)(p), the Program be operated, and these rules be construed, in a manner consistent with applicable guidance provided by the U.S. Department of Labor relating to payroll deduction IRA programs that are not pension plans under Title I of the Employee Retirement Income Security Act (ERISA) including, but not limited to, 29 CFR Sections 2509.99-1, 2510.3-2(d).
(2) Definitions. All capitalized terms used in these rules shall be as defined in the Act. Where a conflict is found to exist between a definition stated in these rules and the corresponding definition in the Act, the statutory definition shall apply. As used in these rules, unless the context indicates otherwise:
(a) "Act" means ORS
178.200 to
178.245,
as amended from time to time.
(b)
"Automatic Contribution Plan" means a program that allows a Participating
Individual to contribute funds to a Program Roth or Traditional IRA at regular
intervals through electronic transmission. Contributions shall be deemed to be
made at regular intervals if they are made at least quarterly.
(c) "Beneficiary" means the individual(s),
person(s), or entity(ies) entitled to receive the proceeds of a Program IRA.
(d) "Board" means the Oregon
Retirement Savings Board established in ORS
178.200(1).
(e) "Certificate of Exemption"
means a truthful statement by an authorized representative of an Employer that
it offers a Qualified Plan to some or all of its Employees.
(f) "Client Employer" means a client of a
Worker Leasing Company that obtains services of Leased Workers as defined in
OAR 436-050-0005.
(g) "Code" means
the Internal Revenue Code and any regulations, rulings, announcements, or other
guidance issued thereunder, as amended.
(h) "Compensation" means W-2 wages, as
defined in 26 CFR 1.415(c)-2(d)(4) .
(i) "Distribution" means any distribution of
funds from an IRA established pursuant to the Program.
(j) "Employee" means any person 18 years of
age and older working in an Employment, as defined herein.
(k) "Employer" means any employing unit which
employs one or more individuals in an Employment in each of 18 separate weeks
during any calendar year, or in which the employing unit's total payroll during
any calendar quarter amounts to $1,000 or more.
(l) "Employer of Record" means the business
associated with the Business Identification Number (BIN), or if unavailable,
the Federal Employer Identification Number (FEIN), listed on an Employee's or
Participating Employee's W-2.
(m)
"Employment" means any employment subject to ORS Chapter 657 provided that,
notwithstanding the exemptions from the definition of Employment contained in
Chapter 657, for the purposes of the Program, Employment includes:
(A) Agricultural labor, as defined in ORS
657.045;
and
(B) Commissioned positions, as
defined in ORS
657.085,
657.087(1)
and (2), and
657.090.
(n) "Enrollment Date"
means either:
(A) the Initial Enrollment Date,
for Participating Employees hired on or before the Facilitating Employer's
required Registration Date; or
(B)
a date not more than 60 days following start of employment, for Participating
Employees hired after the Facilitating Employer's required Registration Date.
(o) "Executive Director"
means the Executive Director of the Oregon Savings Network.
(p) "Exempt Employer" means an Employer who
offers a Qualified Plan to some or all of its Employees; and
(A) has filed a valid and current Certificate
of Exemption pursuant to procedures established by the Board; or
(B) has received a notice of presumed
exemption, as provided in OAR 170-080-0020.
(q) "Facilitating Employer" means an Employer
whose Registration Date has passed and who is not an Exempt Employer.
(r) "Initial Enrollment Date" means the date
not more than 60 days after the Facilitating Employer's required Registration
Date, by which a Facilitating Employer must initially enroll its Participating
Employees.
(s) "IRA" means the
individual retirement account established by a Participating Individual or by
or for a Participating Employee under the Program.
(t) "IRS" means the Internal Revenue Service
of the United States Treasury Department.
(u) "Minimum Initial Contribution" means the
minimum Non-Payroll Contribution required for a Participating Individual to
establish a Program IRA.
(v)
"Non-Payroll Contributions" means contributions other than Payroll Deduction
Contributions, rollover contributions, or transfer contributions.
(w) "Number of Employees" means the number of
employees as submitted on the Employer's Oregon Quarterly Tax Report (Form OQ):
Number of covered workers for Unemployment Insurance, in accordance with OAR
170-080-0015.
(x) "Participating
Employee" means any person who is an Employee of a Facilitating Employer,
enrolled in the Program, maintains a Program IRA and is not a Participating
Individual..
(y) "Participating
Individual" means any person who is in the Program independent of an employment
relationship with a Facilitating Employer, maintains a Program IRA, and is not
a Participating Employee.
(z)
"Payroll Date" means the date that an Employee's Compensation is paid to the
Employee by the Employer through the payment of cash, issuance of a check,
electronic funds transfer or other method.
(aa) "Payroll Deduction Contributions" means
contributions made by a Participating Employee or Participating Individual
pursuant to a payroll deduction.
(bb)
"Program" means the Oregon Retirement Savings Program established
by the Board pursuant to ORS
178.205(1).
(cc) "Program Administrator" means a third
party administrator chosen by the Board to assist in carrying out the
requirements of the Act.
(dd)
"Qualified Plan" means a retirement plan qualified under the Code section
401(a), section 401(k), section 403(a), section 403(b), section 408(k), section
408(p), section 413(c), section 414(f), or a governmental plan qualified under
section 457(b) of the Code. For purposes of this rule, a payroll deduction IRA
program as defined in
29 CFR
2510.3-2(d) is not a
Qualified Plan.
(ee) "Registration
Date" means, for each Employer, the date by which the Employer is required to
register with the Program or file a Certificate of Exemption, in accordance
with OAR 170-080-0015.
(ff) "Roth
IRA" means an individual retirement account as defined in Code section
408A.
(gg) "Standard Elections"
means the default Program elections applicable to a Participating Employee who
has not opted for different elections, as specified in OAR
170-080-0030.
(hh) "Target Date
Fund" means a professionally-managed fund containing a mix of investments that
invests based on the employee's age and/or projected retirement date.
(ii) "Traditional IRA" means an individual
retirement account as defined in Code section 408(a).
(jj) "Worker Leasing Company" (also known as
a Professional Employer Organization or PEO) means a person who provides
workers, by contract and for a fee, to work for a client and is licensed as a
Worker Leasing Company by the Oregon Department of Consumer and Business
Services.
Statutory/Other Authority: ORS 178.200-178.245
Statutes/Other Implemented: ORS 178.200-178.245
Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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