Allow eligible individuals employed for compensation in this state to contribute to an account established under the plan through payroll deduction.
Require an employer to offer its employees the opportunity to contribute to the plan through payroll deductions unless the employer offers a qualified retirement plan, including but not limited to a plan qualified under section 401(a), section 401(k), section 403(a), section 403(b), section 408(k), section 408(p) or section 457(b) of the Internal Revenue Code.
Provide for automatic enrollment of employees and allow employees to opt out of the plan.
Have a default contribution rate set by the board by rule.
Offer default escalation of contribution levels that can be increased or decreased within the limits allowed by the Internal Revenue Code.
Provide for contributions to the plan to be deposited directly with the investment administrator for the plan.
Whenever possible, use existing employer and public infrastructure to facilitate contributions to the plan, recordkeeping and outreach.
Require no employer contributions to employee accounts.
Require the maintenance of separate records and accounting for each plan account.
Provide for reports on the status of plan accounts to be provided to plan participants at least annually.
Allow for account owners to maintain an account regardless of place of employment and to roll over funds into other retirement accounts.
Pool accounts established under the plan for investment.
Be professionally managed.
Provide that the State of Oregon and employers that participate in the plan have no proprietary interest in the contributions to or earnings on amounts contributed to accounts established under the plan.
Provide that the investment administrator for the plan is the trustee of all contributions and earnings on amounts contributed to accounts established under the plan.
Not impose any duties under the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1001 et seq.) on employers.
Keep administration fees in the plan low.
Allow the use of private sector partnerships to administer and invest the contributions to the plan under the supervision and guidance of the board.
Allow employers to establish an alternative retirement plan for some or all employees.
The plan, the board, each board member and the State of Oregon may not guarantee any rate of return or any interest rate on any contribution. The plan, the board, each board member and the State of Oregon may not be liable for any loss incurred by any person as a result of participating in the plan. [2015 c.557 §3]