ORS 178.230
Prerequisites to establishment of Oregon Retirement Savings Plan

(1)

Before establishing a plan developed under ORS 178.205 (Powers and duties of Oregon Retirement Savings Board), the Oregon Retirement Savings Board shall:

(a)

Conduct a market analysis to determine:

(A)

The feasibility of the plan.

(B)

Whether and to what extent plans with the characteristics described in ORS 178.210 (Requirements for Oregon Retirement Savings Plan) currently exist in the private market.

(b)

Obtain legal advice regarding the applicability of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1001 et seq.) and the Internal Revenue Code to the plan.

(c)

Investigate whether employers that are not required to participate in the plan can make the plan available to their employees.

(d)

Investigate how to allow individuals who are not automatically enrolled in the plan to opt in to the plan and make contributions to an account, either through payroll contributions or another method of contribution.

(2)

The board shall coordinate with the efforts of other states as those states pursue legal guidance for similar retirement savings programs. [2015 c.557 §7]

Source: Section 178.230 — Prerequisites to establishment of Oregon Retirement Savings Plan, https://www.­oregonlegislature.­gov/bills_laws/ors/ors178.­html.

178.010
Oath and bond 178.020
Additional bond requirement 178.030
Premiums on surety bonds of treasurer and employees paid by state 178.040
Successive recoveries on bond 178.050
Duties of State Treasurer 178.060
Deputy State Treasurer 178.065
Authority of State Treasurer to require fingerprints 178.090
Manner of providing evidence of receipt of funds or securities 178.200
Oregon Retirement Savings Board 178.205
Powers and duties of Oregon Retirement Savings Board 178.210
Requirements for Oregon Retirement Savings Plan 178.215
Rules for Oregon Retirement Savings Plan 178.220
Confidentiality of account information 178.225
Oregon Retirement Savings Plan Administrative Fund 178.230
Prerequisites to establishment of Oregon Retirement Savings Plan 178.235
Annual reports 178.240
Preemption 178.245
Assistance of state agencies with outreach, technical assistance and compliance services 178.250
Compliance with plan 178.255
Investigation by Commissioner of Bureau of Labor and Industries 178.260
Final orders relating to compliance 178.300
Definitions for ORS 178.300 to 178.360 178.305
Oregon 529 Savings Network 178.310
Oregon 529 Savings Board 178.315
Board powers and duties 178.320
Oregon 529 Savings Network Fund 178.325
State interest in contributions and earnings 178.330
Annual report to Governor and Legislative Assembly 178.335
Network participation for higher education expenses 178.340
Right to direct investments for higher education expenses 178.345
Prohibitions and limitations on accounts for higher education expenses 178.350
Designated beneficiary of account for higher education expenses 178.355
Withdrawals from accounts for higher education expenses 178.360
Consideration of amounts in accounts for higher education expenses in benefit eligibility determinations 178.375
Definitions for ORS 178.375, 178.380 and 178.385 178.380
Establishment of qualified ABLE program 178.385
Right to direct investments for ABLE accounts 178.990
Penalties
Green check means up to date. Up to date

Current through early 2024

§ 178.230’s source at oregon​.gov