Current through Register Vol. 63, No. 9, September 1, 2024
(1) After the Facilitating Employer submits
the Employee information in accordance with OAR 170-080-0015(2)(a), the Program
Administrator will distribute informational materials directly to Employees.
The Program Administrator will provide a Facilitating Employer a set of
informational materials about the Program upon completion of the Facilitating
Employer's registration in the online portal. The Program Administrator will
provide the materials to the Facilitating Employer by supplying the internet
address where such materials may be accessed or, upon request of the
Facilitating Employer, will provide the materials in hard copy form.
(2) Upon request of the Employee, the
Facilitating Employer will provide the Employee a set of hard copy materials or
supply the internet address where such materials may be accessed. The
Facilitating Employer will provide the materials in the manner requested by the
Employee.
(3) The informational
materials will include the following information:
(a) The benefits and risks associated with
making contributions to a Program IRA;
(b) Instructions describing how to make
contributions to the Program, including the Standard Elections applicable if
the Participating Employee does not make other elections;
(c) A description of the other elections
available under the Program, including how to opt out of the Program;
(d) Investment alternatives available under
the Program and instructions describing how to make or change an investment
election;
(e) The process for
requesting a Distribution of retirement savings from the Program;
(f) How to obtain additional information
about the Program, including the fees associated with the Program;
(g) That the Facilitating Employer does not
endorse or recommend the Program;
(h) That Employees and Participating
Employees seeking financial advice should contact financial advisers, that
Facilitating Employers are not in a position to provide financial advice, and
that Facilitating Employers are not liable for decisions Employees and
Participating Employees make regarding the Program;
(i) That the Program is not an
employer-sponsored retirement plan;
(j) That Employee participation in the
Program is completely voluntary;
(k) That information on IRAs outside of the
Program is available from other sources;
(l) That neither the value of a Program IRA,
nor the rate of return are guaranteed by the state, the Facilitating Employer,
or anyone else;
(m) That by
Standard Election, contributions under the Program are made to a Roth IRA, and
that a Roth IRA may not be appropriate for all individuals; and
(n) That the Program has a Traditional IRA
option and summarizing the tax implications, withdrawal penalties, conversion
details, and enrollment process for a Traditional IRA.
