OAR 459-050-0000
Purpose and Authority
(1)
The Deferred Compensation Program is established within PERS for the administration of deferred compensation plans under ORS 243.401 (Definitions for ORS 243.401 to 243.507) to 243.507 (Payment of deferred compensation to alternate payee under judgment or order) pursuant to Section 457 and Section 402A of the Internal Revenue Code.(2)
In accordance with ORS 243.435 (Plan contents), the Deferred Compensation Program shall be administered by the Public Employees Retirement Board (Board), and under the policies established by the Board. Such policies are limited to all technical and administrative aspects of the program management, but may not include investment policy for and the investment of the Deferred Compensation Fund.(3)
In accordance with ORS 243.421 (Investment program for fund), Oregon Investment Council (OIC) shall establish and maintain an investment program and policies for the state deferred compensation moneys consistent with the requirement of ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.820, and to the extent practicable the needs of the Deferred Compensation Program.(4)
Because the duties and powers of the Board and the OIC with respect to the Deferred Compensation Program are complementary, there is a need for coordination and cooperation between the two agencies.
Source:
Rule 459-050-0000 — Purpose and Authority, https://secure.sos.state.or.us/oard/view.action?ruleNumber=459-050-0000.