Oregon Administrative Rules
Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM
Division 9 - PUBLIC EMPLOYER
Section 459-009-0400 - Insolvent Employer
Universal Citation: OR Admin Rules 459-009-0400
Current through Register Vol. 63, No. 3, March 1, 2024
(1) For the purposes of this rule, an "insolvent employer" is an employer that meets all of the following requirements:
(a) The
employer has dissolved either by statute or administrative action as an ongoing
entity;
(b) There are no assets
from which PERS can collect to cover the dissolved employer's PERS liability or
there are inadequate assets to cover all PERS liability; and
(c) There is no entity either by operation of
law or contractual agreement that is responsible for the dissolved employer's
remaining liability, or PERS is unable to assign the remaining liability to an
entity.
(2) If PERS determines an employer is insolvent, the board may take action to satisfy some or all of the outstanding liability of an insolvent employer to the fund through the Contingency Reserve established under ORS 238.670(1).
Stat. Auth.: ORS 238.650 & 238A.450
Stats. Implemented: ORS 238.670
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