Oregon Administrative Rules
Chapter 170 - OREGON STATE TREASURY
Division 80 - OREGON RETIREMENT SAVINGS PROGRAM
Section 170-080-0030 - Standard and Alternate Elections for Contributions; Automatic Increases; Ceasing Contributions; Requesting Participation
Universal Citation: OR Admin Rules 170-080-0030
Current through Register Vol. 63, No. 9, September 1, 2024
(1) Standard Elections
(a) An Employee who has not provided notice
as specified in this section shall participate using the following Standard
Elections:
(A) Contribution to the Program at
an initial rate of 5% of Compensation;
(B) Auto-escalation at the rate of an
additional 1% of Compensation each year until a maximum of 10% is
reached;
(C) Investments:
(i) The first $1,000 in contributions to be
invested in a capital preservation investment as selected by the
Board;
(ii) All subsequent
contributions to be invested in a Target Date Fund; and
(D) The Program account will be a Roth IRA
and contributions will occur on a post-tax basis.
(2) Alternate Elections
(a) An Employee who does not wish to
participate using the Standard Elections shall notify the Program
Administrator, in a form or format established by the Program, and within the
30 days prior to their Enrollment Date, that:
(A) The Employee wishes to participate in the
Program:?
(i) at an initial contribution rate
different from the Standard Elections, which shall be a percentage of available
Compensation expressed as any whole number (i.e. three (3) percent but not
three and one-half (3.5) percent). The minimum contribution rate is 1% and the
maximum contribution rate is 100% of available Compensation, up to the IRS
annual contribution limits; or
(ii)
at an initial contribution rate different from the Standard Elections,
expressed as a specific whole dollar amount. The Program Administrator will
establish the minimum contribution. The maximum contribution rate is 100% of
available Compensation, up to the IRS annual contribution limits; or
(iii) at an initial contribution rate
consistent with the Standard Elections but without auto-escalation; or
(iv) at an initial contribution
rate different from the Standard Elections and without
auto-escalation.
(B) The
Employee is opting out of the Program.
(b) A Participating Employee may change
contribution elections by notifying the Program Administrator of the change
request, in a form or format established by the Program. This change shall be
effected on the Participating Employee's payroll as soon as administratively
practicable, but within 30 days of receipt of a notice of change.
(c) An Employee who wishes to select an
investment option other than that provided by the Standard Elections shall
notify the Program Administrator, in a form or format established by the
Program, that the Employee wishes to participate in the Program by investing
future contributions directly into another fund or funds offered by the
Program, which selection shall be effected as soon as administratively
practicable.
(d) A Participating
Employee may change investment elections for any portion of the balance of the
Program by notifying the Program Administrator of a requested change in
investment elections, either in writing, electronically, or in any other form
permitted by the IRS, to be effected as soon as administratively
possible.
(e) An Employee who
wishes to select a Traditional IRA shall notify the Program Administrator, in a
form or format established by the Program, that the Employee wishes to
participate using a Program Traditional IRA.
(f) The Facilitating Employer will process
Program Traditional IRA contributions on a post-tax basis.
(3) Ceasing Contributions or Requesting Participation
(a) A Participating Employee may
cease contributions to the Program by notifying the Program Administrator of
intent to cease making contributions and revoking the authorization of the
Facilitating Employer to make contributions on their behalf. The Participating
Employee will give notice of this revocation, in a form or format established
by the Program, to the Program Administrator.
(b) An Employee of a Facilitating Employer
who initially opted out of participation in the Program may become a
Participating Employee by completing and delivering, in a form or format
established by the Program, instructions to initiate participation to the
Facilitating Employer. The request shall be effective on the Employee's payroll
following notification as soon as administratively practicable, not to exceed
30 days.
Statutory/Other Authority: ORS 178.200 to 178.245
Statutes/Other Implemented: ORS 178.200-178.245
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