Oregon Administrative Rules
Chapter 605 - DEPARTMENT OF AGRICULTURE, OREGON BEEF COUNCIL
Division 1 - PROCEDURAL RULES
Section 605-001-0015 - IRS Retirement "Pick Up"

Universal Citation: OR Admin Rules 605-001-0015

Current through Register Vol. 63, No. 12, December 1, 2024

(1) The Oregon Beef Council shall designate any employee contribution to the Public Employees Retirement System from the employee's salary as the employer's contribution, thus "picking up" its employees PERS contributions for purposes of Internal Revenue Code 16 USC 414(h)(2).

(2) The contribution shall be deducted directly from each employee's wages or salary so that the employees do not have the option of receiving their contributions as wages or salary and making the contribution to PERS themselves.

(3) Oregon Beef Council employee's salaries, as reported for tax purposes on their W-2 forms, shall be reduced by the amount of the PERS contributions.

Publications: The publication(s) referred to or incorporated by reference in this rule are available from the agency.

Stat. Auth.: ORS 652.610

Stats. Implemented:

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