Oregon Administrative Rules
Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM
Division 5 - ADMINISTRATION
Section 459-005-0225 - Requirement to Make Payments by Electronic Funds Transfer

Universal Citation: OR Admin Rules 459-005-0225

Current through Register Vol. 63, No. 9, September 1, 2024

(1) As used in this rule, the following words and phrases have the following meanings:

(a) "Electronic funds transfer" has the same meaning given the term in ORS 293.525.

(b) "ACH credit" means the electronic funds transfer from the participating employer's account, initiated by the participating employer and cleared through the Automated Clearing House (ACH) network for deposit to PERS.

(c) "ACH debit" means the electronic funds transfer from the participating employer's account, initiated by PERS and cleared through the ACH network to debit the participating employer's account and credit the PERS account.

(2) Participating employers are required to make all payments to PERS by means of electronic funds transfer (EFT).

(3) On a form provided by PERS, participating employers shall authorize EFT payments to PERS, and submit the form to PERS by December 1, 2005.

(a) The participating employer shall provide PERS with all information necessary to allow for EFT payments, including the method of EFT payment (ACH debit or ACH credit).

(b) A participating employer must complete a new EFT authorization form to change the method of transfer or to update the employer's account information.

(4) ACH debits from a participating employer's account will be processed on the third business day after the statement date and be effective on the fifth business day after the statement date.

(5) Effective on and after January 1, 2006, a penalty shall be assessed equal to one percent of payments by participating employers made by means other than EFT. This penalty is in addition to any penalties incurred under ORS 238.705 and 238.710.

(6) The PERS Executive Director will have the discretion to waive the penalty described in section (5) of this rule. The employer must submit any such requests in writing.

Stat. Auth.: ORS 238.650

Stats. Implemented: ORS 293.525

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