§ 237.655 — Legislator members of state deferred compensation plan

Oregon § 237.655

• Jurisdiction: Oregon
• Vol.: 6
• Title 22: Public Officers and Employees
• Ch.: 237

Text

(1)(a) If a person appointed or elected as a member of the Legislative Assembly elects under ORS 237.645 or 237.650 to become a legislator member of the state deferred compensation plan for the purpose of service in the Legislative Assembly, the Legislative Assembly shall make employer contributions to the plan in an amount that is equal to the percentage of the member’s salary that would have been contributed to the Public Employees Retirement Board for the member’s normal cost under ORS 238A.220, as determined by the actuary under ORS 238.605.
(b) Notwithstanding paragraph (a) of this subsection, contributions made to the plan by the Legislative Assembly under this subsection may not exceed the maximum allowed by federal law.
(2) If a person appointed or elected as a member of the Legislative Assembly elects under ORS 237.645 or 237.650 to become a legislator member of the state deferred compensation plan for the purpose of service in the Legislative Assembly, and the person also participates in the state deferred compensation plan in the manner provided by ORS 243.401 to 243.507 as other than a legislator member, the total contributions made to the plan by the person and by the employer under subsection (1) of this section may not exceed the maximum allowed by federal law governing the plan’s tax qualification.
(3) Except for the contributions required by subsection (1) of this section, the Legislative Assembly may not “pick-up,” assume or pay any contributions on behalf of a legislator member of the state deferred compensation plan.

Legislative History

2003 c.733 §46c; 2011 c.722 §2; 2013 s.s. c.3 §9; 2018 c.98 §14