459-050-0025 Deferred Compensation Advisory Committee (1) The seven members of the Deferred Compensation Advisory Committee provided for under ORS 243.505, shall be subject to the following qualifications and limitations: (a) Each member shall be a participant in a deferred compensation plan established under ORS 243.401 to 243.507, and shall have knowledge of the Program. (b) Four members shall be participants in the state deferred compensation plan. (c) Two members shall be participants in a local government deferred compensation plan. (d) One member shall be a retired deferred compensation plan participant. (e) No two members may be employed by the same state agency or local government except that a member who transfers employment to the employer of another member may continue to serve on the Advisory Committee, but only for the balance of the term of appointment of the transferring member. (f) No member may serve more than two consecutive full terms. (g) No member may be an employee of PERS during the term of appointment. (2) The Advisory Committee shall study and advise the Board on all aspects of the Program, including but not limited to: (a) The Program fee structure and procedures; (b) State and federal legislative issues relative to the administration of deferred compensation plans; (c) Ways and means to inform and educate eligible employees about the Program; (d) The expressed desires of eligible employees as to the Program; and (e) The actuarial characteristics of eligible employees. (3) Upon the request of the OIC, the Advisory Committee shall study and advise the Board on the following: (a) Investment programs, including options and providers; and (b) Information furnished by the OIC or the State Treasurer concerning the types of available investments, the respective balance of risk and return of each investment, and the administrative costs associated with each investment. (4) The Advisory Committee shall meet at least four times during a calendar year. (5) A majority of the Advisory Committee shall constitute a quorum for transacting business. However, the Advisory Committee may establish such other procedures for conducting business that it deems necessary. (6) Pursuant to the Public Meetings Law, ORS 192.610 to 192.690, the Deferred Compensation Manager shall distribute to the Advisory Committee, and other interested parties, an agenda for a regular meeting a reasonable time prior to the meeting. (7) Nominations of candidates for the Advisory Committee shall be made as follows: (a) Notice of a position on the Advisory Committee expected to become vacant upon the expiration of a term of appointment shall be published not later than April 15 of each calendar year. (b) Persons interested in serving on the Advisory Committee must apply in writing to the Manager not later than May 15 following the publication of a vacancy. (c) The Manager shall review the written applications of interested persons for completeness, accuracy, and satisfaction of the minimum requirements of the vacant position on the Advisory Committee. (d) A committee consisting of the Manager and two members of PERS executive or managerial staff designated by the PERS Executive Director shall review the acceptable applications and recommend to the Board candidates for appointment to the Advisory Committee that: (A) Reflect a cross section of state agencies, participating local governments, and classification levels; (B) Reflect a mixture of expertise, knowledge, and experience useful to the Advisory Committee; (C) Appear to have a sincere interest in the Program; and (D) Appear to be willing and able to work in a group setting to review and recommend policies governing the Program. (e) In the event of a vacancy for an unexpired term, the Manager may select applications from the most recent list of interested persons established under subsection (c) of this section and the applications of other persons as deemed appropriate for consideration. A committee consisting of the Manager and two members of PERS executive or managerial staff designated by the PERS Executive Director shall review the selected applications and recommend to the Board candidates for appointment to the Advisory Committee. The appointment shall be immediately effective for the remainder of the unexpired term. If no candidate is recommended or appointed, the vacancy must be filled under the provisions of subsections (a) through (d) of this section. Statutory/Other Authority: ORS 243.470 Statutes/Other Implemented: ORS 243.505 History: PERS 3-2022, amend filed 03/28/2022, effective 03/28/2022 PERS 11-2014, f. & cert. ef. 7-25-14 PERS 3-2007, f. & cert. ef. 1-23-07 PERS 5-2000, f. & cert. ef. 8-11-00 PERS 2-1995, f. 10-13-95, cert. ef. 11-1-95 PERS 2-1993, f. & cert. ef. 9-23-93