Updated Proposed Rules for Oregon Retirement Savings Plan Filed

By John Iekel • January 19, 2017 • 0 Comments
The Oregon State Treasury has updated proposed rules for the Oregon Retirement Savings Plan (ORSP). The Treasury announced on Jan. 17 that it has filed the updated proposed rules with the Oregon Secretary of State.

The updated proposed rules will appear in the Feb. 1 issue of the Oregon Bulletin, a monthly online publication of the Oregon State Archives, a division of the Oregon Secretary of State's office containing Notices of Proposed Rulemaking, Permanent and Temporary Administrative Rule filings, texts of rules; and Minor Correction filings.

The Treasury intends to finalize the rules on March 14.

About the Rules

Legislation creating the ORSP requires that the Oregon State Retirement Board adopt rules to establish procedures for:

  • voluntary enrollment in the plan;

  • automatic enrollment of employees;

  • opt out by employees;

  • participants to make default contributions;

  • participants to adjust contribution levels;

  • employers to withhold employee contributions to plan accounts and send contributions to the plan investment administrator;

  • participants to make non-payroll contributions to plan accounts;

  • setting minimum, maximum and default contribution levels;

  • withdrawals from plan accounts;

  • qualified employers to obtain exemptions from offering the plan; and

  • mandating the contents and frequency of required disclosures to interested parties.

The rules were drafted with the advice and assistance of an advisory committee that included small business owners and representatives of business groups. The new draft takes into account comments that the state Treasury received on the earlier draft. The Treasury adds that some of the comments “require further examination and are under review.”

Comments and Hearing

The state Treasury will accept written comments on the updated proposed rules until the close of business on Feb. 22, 2017. They can be sent to:

Kim Olson, Rules Coordinator
Oregon State Treasury
350 Winter Street NE, Suite 100
Salem, OR 97301

Interested parties also can comment on the proposed rules at a public hearing on Feb. 15, at 10:00 a.m. at the Treasury office at 16290 SW Upper Boones Ferry Rd., Tigard, OR. Participants may attend in person or call in using the following number: (877) 336-1828; Access Code: 1691288. The Treasury asks interested parties wishing to call in and provide oral comment to contact Olson before the hearing.

Comments (1)

Wow, could it get any more complicated. Also, next step is larger amounts from employees in plan and finally, freeze their defined benefit pension p... Read more
1/20/2017 8:13 PM
Connie Stamolis