2021 Oregon Revised Statutes
Chapter 178 - State Treasurer; Oregon Retirement Savings Plan; Oregon 529 Savings Network
Section 178.210 - Requirements for Oregon Retirement Savings Plan.


(a) Allow eligible individuals employed for compensation in this state to contribute to an account established under the plan through payroll deduction.
(b) Require an employer to offer its employees the opportunity to contribute to the plan through payroll deductions unless the employer offers a qualified retirement plan, including but not limited to a plan qualified under section 401(a), section 401(k), section 403(a), section 403(b), section 408(k), section 408(p) or section 457(b) of the Internal Revenue Code.
(c) Provide for automatic enrollment of employees and allow employees to opt out of the plan.
(d) Have a default contribution rate set by the board by rule.
(e) Offer default escalation of contribution levels that can be increased or decreased within the limits allowed by the Internal Revenue Code.
(f) Provide for contributions to the plan to be deposited directly with the investment administrator for the plan.
(g) Whenever possible, use existing employer and public infrastructure to facilitate contributions to the plan, recordkeeping and outreach.
(h) Require no employer contributions to employee accounts.
(i) Require the maintenance of separate records and accounting for each plan account.
(j) Provide for reports on the status of plan accounts to be provided to plan participants at least annually.
(k) Allow for account owners to maintain an account regardless of place of employment and to roll over funds into other retirement accounts.
(L) Pool accounts established under the plan for investment.
(m) Be professionally managed.
(n) Provide that the State of Oregon and employers that participate in the plan have no proprietary interest in the contributions to or earnings on amounts contributed to accounts established under the plan.
(o) Provide that the investment administrator for the plan is the trustee of all contributions and earnings on amounts contributed to accounts established under the plan.
(p) Not impose any duties under the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1001 et seq.) on employers.
(q) Keep administration fees in the plan low.
(r) Allow the use of private sector partnerships to administer and invest the contributions to the plan under the supervision and guidance of the board.
(s) Allow employers to establish an alternative retirement plan for some or all employees.
(2) The plan, the board, each board member and the State of Oregon may not guarantee any rate of return or any interest rate on any contribution. The plan, the board, each board member and the State of Oregon may not be liable for any loss incurred by any person as a result of participating in the plan. [2015 c.557 ยง3]

Structure 2021 Oregon Revised Statutes

2021 Oregon Revised Statutes

Volume : 05 - State Government, Government Procedures, Land Use

Chapter 178 - State Treasurer; Oregon Retirement Savings Plan; Oregon 529 Savings Network

Section 178.010 - Oath and bond.

Section 178.030 - Premiums on surety bonds of treasurer and employees paid by state; limit on amount.

Section 178.050 - Duties of State Treasurer.

Section 178.060 - Deputy State Treasurer; other personnel; merit system; rules; duties of Deputy State Treasurer in event of vacancy in office of State Treasurer.

Section 178.065 - Authority of State Treasurer to require fingerprints.

Section 178.200 - Oregon Retirement Savings Board.

Section 178.205 - Powers and duties of Oregon Retirement Savings Board; rules.

Section 178.210 - Requirements for Oregon Retirement Savings Plan.

Section 178.215 - Rules for Oregon Retirement Savings Plan.

Section 178.220 - Confidentiality of account information.

Section 178.225 - Oregon Retirement Savings Plan Administrative Fund.

Section 178.230 - Prerequisites to establishment of Oregon Retirement Savings Plan.

Section 178.250 - Compliance with plan; complaints.

Section 178.255 - Investigation by Commissioner of Bureau of Labor and Industries; civil penalty.

Section 178.260 - Final orders relating to compliance.

Section 178.300 - Definitions for ORS 178.300 to 178.360.

Section 178.305 - Oregon 529 Savings Network.

Section 178.310 - Oregon 529 Savings Board; membership.

Section 178.315 - Board powers and duties; rules.

Section 178.320 - Oregon 529 Savings Network Fund; College Savings Plan Subaccount; ABLE Subaccount.

Section 178.335 - Network participation for higher education expenses; contribution limits; fees.

Section 178.340 - Right to direct investments for higher education expenses; insurance and guarantees prohibited; liability for loss.

Section 178.345 - Prohibitions and limitations on accounts for higher education expenses.

Section 178.350 - Designated beneficiary of account for higher education expenses; confidentiality of account information.

Section 178.355 - Withdrawals from accounts for higher education expenses; rules; report.

Section 178.375 - Definitions for ORS 178.375, 178.380 and 178.385.

Section 178.380 - Establishment of qualified ABLE program; requirements for program; treatment of contributions to ABLE account; fees; rules.

Section 178.385 - Right to direct investments for ABLE accounts; insurance and guarantees prohibited; liability for loss.

Section 178.990 - Penalties.