Current through Register Vol. 63, No. 9, September 1, 2024
(1) The seven members of the Deferred
Compensation Advisory Committee provided for under ORS
243.505,
shall be subject to the following qualifications and limitations:
(a) Each member shall be a participant in a
deferred compensation plan established under ORS
243.401 to
243.507,
and shall have knowledge of the Program.
(b) Four members shall be participants in the
state deferred compensation plan.
(c) Two members shall be participants in a
local government deferred compensation plan.
(d) One member shall be a retired deferred
compensation plan participant.
(e)
No two members may be employed by the same state agency or local government
except that a member who transfers employment to the employer of another member
may continue to serve on the Advisory Committee, but only for the balance of
the term of appointment of the transferring member.
(f) No member may serve more than two
consecutive full terms.
(g) No
member may be an employee of PERS during the term of appointment.
(2) The Advisory Committee shall
study and advise the Board on all aspects of the Program, including but not
limited to:
(a) The Program fee structure and
procedures;
(b) State and federal
legislative issues relative to the administration of deferred compensation
plans;
(c) Ways and means to inform
and educate eligible employees about the Program;
(d) The expressed desires of eligible
employees as to the Program; and
(e) The actuarial characteristics of eligible
employees.
(3) Upon the
request of the OIC, the Advisory Committee shall study and advise the Board on
the following:
(a) Investment programs,
including options and providers; and
(b) Information furnished by the OIC or the
State Treasurer concerning the types of available investments, the respective
balance of risk and return of each investment, and the administrative costs
associated with each investment.
(4) The Advisory Committee shall meet at
least four times during a calendar year.
(5) A majority of the Advisory Committee
shall constitute a quorum for transacting business. However, the Advisory
Committee may establish such other procedures for conducting business that it
deems necessary.
(6) Pursuant to
the Public Meetings Law, ORS
192.610 to
192.690,
the Deferred Compensation Manager shall distribute to the Advisory Committee,
and other interested parties, an agenda for a regular meeting a reasonable time
prior to the meeting.
(7)
Nominations of candidates for the Advisory Committee shall be made as follows:
(a) Notice of a position on the Advisory
Committee expected to become vacant upon the expiration of a term of
appointment shall be published not later than April 15 of each calendar
year.
(b) Persons interested in
serving on the Advisory Committee must apply in writing to the Manager not
later than May 15 following the publication of a vacancy.
(c) The Manager shall review the written
applications of interested persons for completeness, accuracy, and satisfaction
of the minimum requirements of the vacant position on the Advisory
Committee.
(d) A committee
consisting of the Manager and two members of PERS executive or managerial staff
designated by the PERS Executive Director shall review the acceptable
applications and recommend to the Board candidates for appointment to the
Advisory Committee that:
(A) Reflect a cross
section of state agencies, participating local governments, and classification
levels;
(B) Reflect a mixture of
expertise, knowledge, and experience useful to the Advisory
Committee;
(C) Appear to have a
sincere interest in the Program; and
(D) Appear to be willing and able to work in
a group setting to review and recommend policies governing the
Program.
(e) In the
event of a vacancy for an unexpired term, the Manager may select applications
from the most recent list of interested persons established under subsection
(c) of this section and the applications of other persons as deemed appropriate
for consideration. A committee consisting of the Manager and two members of
PERS executive or managerial staff designated by the PERS Executive Director
shall review the selected applications and recommend to the Board candidates
for appointment to the Advisory Committee. The appointment shall be immediately
effective for the remainder of the unexpired term. If no candidate is
recommended or appointed, the vacancy must be filled under the provisions of
subsections (a) through (d) of this section.
Statutory/Other Authority: ORS
243.470
Statutes/Other Implemented: ORS
243.505
