OAR 459-009-0095
Pooled School District Employers Side Account
(1)
Definitions as used in this rule:(a)
“Amortized amount” means the amount of a side account used to offset pension contributions due from the employer.(b)
“Pooled” or “pooling” means the combining or grouping of public employers participating in PERS for the purposes of determining employer liability for retirement or other benefits under ORS Chapter 238 (Public Employees Retirement System).(c)
“Pooled school district employers side account” means the side account created and funded under Section 24, Chapter 105, Oregon Laws 2018.(d)
“School district” means a common school district, a union high school district, or an education service district, including chartered schools authorized under Oregon law.(e)
“Side account” means an account in the Public Employees Retirement Fund into which a UAL lump-sum payment that is not used to satisfy a transition liability is deposited.(2)
Except as otherwise provided in this rule, the pooled school district employers side account will be administered in the same manner as an individual employer side account under ORS 238.229 (Effect of lump sum payment to side account on contributions of pooled employer) and OAR 459-009-0084 (Employer Unfunded Actuarial Liability Lump-Sum Payments With an Actuarial Calculation) through 459-009-0090 (Surplus Lump-Sum Payments by Employers).(3)
At each valuation, the PERS consulting actuary shall calculate for each school district employer, its share of the amortized amount from the pooled school district employers side account based on each school district’s covered salary, as a proportion of the school district rate pool covered salary, as reported in that actuarial valuation.(4)
For school district employers with no individual employer side account(s), the amount that is held in the pooled school district employers side account will be used to reduce the pension contributions that would otherwise be required from each of these school district employers. The amortized amount for each payroll reporting period shall be transferred from the pooled school district employers side account to the appropriate employer reserve accounts.(5)
For school districts with individual employer side account(s), the amount that is held in the pooled school district employers side account will be used only after all the employer’s individual employer side account(s) have been used to reduce any remaining pension contributions that would otherwise be required from each of these school district employers. The amortized amount for each payroll reporting period shall be transferred from the pooled school district employers side account to the appropriate employer reserve accounts.(6)
The amortization period for the pooled school district employers side account is 20 years.
Source:
Rule 459-009-0095 — Pooled School District Employers Side Account, https://secure.sos.state.or.us/oard/view.action?ruleNumber=459-009-0095.