Oregon Administrative Rules › Chapter 170 - OREGON STATE TREASURY › Division 80 - OREGON RETIREMENT SAVINGS PROGRAM › Section 170-080-0010 - Administration

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Policy. The
			 Board intends that, consistent with ORS Section 178.210(1)(p), the Program be
			 operated, and these rules be construed, in a manner consistent with applicable
			 guidance provided by the U.S. Department of Labor relating to payroll deduction
			 IRA programs that are not pension plans under Title I of the Employee
			 Retirement Income Security Act (ERISA) including, but not limited to,
			 29 CFR
			 Sections 2509.99-1,
			 2510.3-2(d).
(2) Definitions. All capitalized terms used
			 in these rules shall be as defined in the Act. Where a conflict is found to
			 exist between a definition stated in these rules and the corresponding
			 definition in the Act, the statutory definition shall apply. As used in these
			 rules, unless the context indicates otherwise:
(a) "Act" means ORS
			 178.200 to
			 178.245,
			 as amended from time to time.
(b)
			 "Automatic Contribution Plan" means a program that allows a Participating
			 Individual to contribute funds to a Program Roth or Traditional IRA at regular
			 intervals through electronic transmission. Contributions shall be deemed to be
			 made at regular intervals if they are made at least quarterly.
(c) "Beneficiary" means the individual(s),
			 person(s), or entity(ies) entitled to receive the proceeds of a Program IRA.
(d) "Board" means the Oregon
			 Retirement Savings Board established in ORS
			 178.200(1).
(e) "Certificate of Exemption"
			 means a truthful statement by an authorized representative of an Employer that
			 it offers a Qualified Plan to some or all of its Employees.
(f) "Client Employer" means a client of a
			 Worker Leasing Company that obtains services of Leased Workers as defined in
			 OAR 436-050-0005.
(g) "Code" means
			 the Internal Revenue Code and any regulations, rulings, announcements, or other
			 guidance issued thereunder, as amended.
(h) "Compensation" means W-2 wages, as
			 defined in  26 CFR 1.415(c)-2(d)(4) .
(i) "Distribution" means any distribution of
			 funds from an IRA established pursuant to the Program.
(j) "Employee" means any person 18 years of
			 age and older working in an Employment, as defined herein.
(k) "Employer" means any employing unit which
			 employs one or more individuals in an Employment in each of 18 separate weeks
			 during any calendar year, or in which the employing unit's total payroll during
			 any calendar quarter amounts to $1,000 or more.
(l) "Employer of Record" means the business
			 associated with the Business Identification Number (BIN), or if unavailable,
			 the Federal Employer Identification Number (FEIN), listed on an Employee's or
			 Participating Employee's W-2.
(m)
			 "Employment" means any employment subject to ORS Chapter 657 provided that,
			 notwithstanding the exemptions from the definition of Employment contained in
			 Chapter 657, for the purposes of the Program, Employment includes:
(A) Agricultural labor, as defined in ORS
			 657.045;
			 and
(B) Commissioned positions, as
			 defined in ORS
			 657.085,
			 657.087(1)
			 and (2), and
			 657.090.
(n) "Enrollment Date"
			 means either:
(A) the Initial Enrollment Date,
			 for Participating Employees hired on or before the Facilitating Employer's
			 required Registration Date; or
(B)
			 a date not more than 60 days following start of employment, for Participating
			 Employees hired after the Facilitating Employer's required Registration Date.
(o) "Executive Director"
			 means the Executive Director of the Oregon Savings Network.
(p) "Exempt Employer" means an Employer who
			 offers a Qualified Plan to some or all of its Employees; and
(A) has filed a valid and current Certificate
			 of Exemption pursuant to procedures established by the Board; or
(B) has received a notice of presumed
			 exemption, as provided in OAR 170-080-0020.
(q) "Facilitating Employer" means an Employer
			 whose Registration Date has passed and who is not an Exempt Employer.
(r) "Initial Enrollment Date" means the date
			 not more than 60 days after the Facilitating Employer's required Registration
			 Date, by which a Facilitating Employer must initially enroll its Participating
			 Employees.
(s) "IRA" means the
			 individual retirement account established by a Participating Individual or by
			 or for a Participating Employee under the Program.
(t) "IRS" means the Internal Revenue Service
			 of the United States Treasury Department.
(u) "Minimum Initial Contribution" means the
			 minimum Non-Payroll Contribution required for a Participating Individual to
			 establish a Program IRA.
(v)
			 "Non-Payroll Contributions" means contributions other than Payroll Deduction
			 Contributions, rollover contributions, or transfer contributions.
(w) "Number of Employees" means the number of
			 employees as submitted on the Employer's Oregon Quarterly Tax Report (Form OQ):
			 Number of covered workers for Unemployment Insurance, in accordance with OAR
			 170-080-0015.
(x) "Participating
			 Employee" means any person who is an Employee of a Facilitating Employer,
			 enrolled in the Program, maintains a Program IRA and is not a Participating
			 Individual..
(y) "Participating
			 Individual" means any person who is in the Program independent of an employment
			 relationship with a Facilitating Employer, maintains a Program IRA, and is not
			 a Participating Employee.
(z)
			 "Payroll Date" means the date that an Employee's Compensation is paid to the
			 Employee by the Employer through the payment of cash, issuance of a check,
			 electronic funds transfer or other method.
(aa) "Payroll Deduction Contributions" means
			 contributions made by a Participating Employee or Participating Individual
			 pursuant to a payroll deduction.
(bb)
			  "Program" means the Oregon Retirement Savings Program established
			 by the Board pursuant to ORS
			 178.205(1).
(cc) "Program Administrator" means a third
			 party administrator chosen by the Board to assist in carrying out the
			 requirements of the Act.
(dd)
			 "Qualified Plan" means a retirement plan qualified under the Code section
			 401(a), section 401(k), section 403(a), section 403(b), section 408(k), section
			 408(p), section 413(c), section 414(f), or a governmental plan qualified under
			 section 457(b) of the Code. For purposes of this rule, a payroll deduction IRA
			 program as defined in
			 29 CFR
			 2510.3-2(d) is not a
			 Qualified Plan.
(ee) "Registration
			 Date" means, for each Employer, the date by which the Employer is required to
			 register with the Program or file a Certificate of Exemption, in accordance
			 with OAR 170-080-0015.
(ff) "Roth
			 IRA" means an individual retirement account as defined in Code section
			 408A.
(gg) "Standard Elections"
			 means the default Program elections applicable to a Participating Employee who
			 has not opted for different elections, as specified in OAR
			 170-080-0030.
(hh) "Target Date
			 Fund" means a professionally-managed fund containing a mix of investments that
			 invests based on the employee's age and/or projected retirement date.
(ii) "Traditional IRA" means an individual
			 retirement account as defined in Code section 408(a).
(jj) "Worker Leasing Company" (also known as
			 a Professional Employer Organization or PEO) means a person who provides
			 workers, by contract and for a fee, to work for a client and is licensed as a
			 Worker Leasing Company by the Oregon Department of Consumer and Business
			 Services.