ORS 243.474
Investment of local government plan assets through investment program

  • agreement with Public Employees Retirement System
  • charges against participants

(1)

A local government that establishes a deferred compensation plan may invest all or part of the plan’s assets through the deferred compensation investment program established by the Oregon Investment Council under ORS 243.421 (Investment program for fund). Plan assets of a local government deferred compensation plan invested through the deferred compensation investment program are not subject to the limitations on investment imposed by ORS 294.033 (Investment of deferred compensation funds) and 294.035 (Investment of funds of political subdivisions). Local governments that invest through the deferred compensation investment program are subject to the policies and procedures established by the council for the administration of the program.

(2)

A local government that wishes to become a participating local government pursuant to this section must enter into a written agreement with the Public Employees Retirement System. The agreement must set forth the terms of the investment and the record keeping and related services to be performed by the system for the invested funds. The Public Employees Retirement Board may require that the local government enter into a service agreement under ORS 243.478 (Plan administration agreements) as a condition of an agreement under this subsection. If the local government and the system cannot reach an agreement under the provisions of this subsection, the local government may not become a participating local government.

(3)

All funds invested by the council for a participating local government must be accounted for separately. Investment of funds under this section must be implemented and administered so that the State of Oregon incurs no expense or liability other than those liabilities that may be imposed 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) or other law.

(4)

In addition to those amounts that may be deducted by the State Treasurer pursuant to ORS 293.718 (Payment of expenses of State Treasurer), the system may assess a charge against the total account balances of all participating local governments that is sufficient to reimburse the system for any additional costs of investing funds for participating local governments. The Public Employees Retirement Board shall not act as a trustee or be considered the trustee of any trust established by a local government deferred compensation plan.

(5)

The terms of the agreement provided for in subsection (2) of this section shall govern the nature and extent of the information that must be provided to local government officers and employees about the investment of deferred compensation through the deferred compensation investment program. [1997 c.179 §15]

Source: Section 243.474 — Investment of local government plan assets through investment program; agreement with Public Employees Retirement System; charges against participants, https://www.­oregonlegislature.­gov/bills_laws/ors/ors243.­html (accessed May 26, 2025).

243.005
Definitions for ORS 243.005 to 243.045 243.015
Life insurance for police and firefighters 243.025
Issuance of $10,000 life insurance certificate 243.035
Premiums and administrative costs to be budgeted and paid by public employers 243.045
Police and firefighters considered common group for certain purposes 243.055
Exemption from requirements of ORS 243.005 to 243.045 for certain public employers 243.057
Role of executive director 243.061
Public Employees’ Benefit Board 243.066
Officers 243.105
Definitions for ORS 243.105 to 243.285 243.107
Employees of public universities eligible to participate in benefit plan 243.125
Powers and duties of board 243.129
Participation in benefit plan by local government 243.135
Health benefit plans for eligible employees 243.140
Health benefit and dental plans for persons operating foster homes 243.142
Application for federal waiver 243.144
Health benefit plan coverage requirements 243.145
Board authority with respect to health benefit plans 243.156
Coverage of adult disabled children 243.160
Eligibility of retired officer or employee to participate in dental benefit plan 243.163
Eligibility of former member of Legislative Assembly to participate in group benefit plan 243.165
Public Employees’ Benefit Account 243.167
Public Employees’ Revolving Fund 243.170
Contributions for job-share employees limited 243.185
Transfer of moneys from General Fund for payment of costs of health benefit plans 243.200
Participation of self-pay groups in benefit plans 243.205
Reports 243.215
Certain eligible employees permitted to receive employer contributions for health benefit plans of their choice 243.221
Options that may be offered under flexible benefit plan 243.223
Rules for flexible benefit plans 243.252
Payment of cost for employees or retirees 243.256
Reimbursement methodology for payment to hospitals 243.275
Additional benefit plans authorized 243.285
Salary deductions 243.291
Plan eligibility 243.296
Requirements when board offers long term care insurance plan 243.302
Grouping retired and nonretired employees for health insurance coverage 243.303
Local government authority to make health care insurance coverage available to retired officers and employees, spouses and children 243.305
Policy of affirmative action and fair and equal employment opportunities and advancement 243.315
Director of Affirmative Action 243.317
Definitions for ORS 243.317 to 243.323 243.319
Written policy regarding workplace harassment 243.320
Copy of policy to be provided to unrepresented party 243.321
Written policies and procedures regarding investigation of report of workplace harassment 243.323
Prohibition against entering into agreement with employee that prevents employee from discussing workplace harassment 243.326
State agencies to use information systems to track internal investigations of workplace discrimination and harassment 243.327
Training program for personnel who conduct internal investigations of workplace discrimination and harassment 243.401
Definitions for ORS 243.401 to 243.507 243.411
Deferred Compensation Fund 243.416
State Treasurer as fund custodian 243.421
Investment program for fund 243.426
Accounts 243.428
Forfeited payments 243.435
Plan contents 243.440
Salary reduction for deferred compensation plan 243.445
Employee choice of plans 243.450
Disclosure statement 243.460
Effect of deferred compensation on current taxable income and on retirement programs 243.462
Option to defer compensation on after-tax basis 243.465
Rollover distribution of deferred amounts to beneficiary 243.470
Administration of deferred compensation program 243.472
Costs of plan administration assessed against participants 243.474
Investment of local government plan assets through investment program 243.476
Compliance with federal requirements 243.478
Plan administration agreements 243.482
Immunity of governmental agencies from liability for plan administration or investment of funds 243.505
Deferred Compensation Advisory Committee 243.507
Payment of deferred compensation to alternate payee under judgment or order 243.550
Dependent care assistance plan 243.555
Definitions for ORS 243.555 to 243.575 243.560
Rulemaking 243.565
Administration of plan 243.570
Compensation reduction agreement 243.575
Computation of retirement and pension benefits 243.585
Accounting system allowances for dedication of salary 243.650
Definitions for ORS 243.650 to 243.809 243.656
Policy statement 243.662
Rights of public employees to join labor organizations 243.666
Certified or recognized labor organization as exclusive employee group representative 243.668
Legislative findings 243.670
Prohibition of actions by public employer to assist, promote or deter union organizing 243.672
Unfair labor practices 243.676
Processing of unfair labor practice complaints 243.682
Representation questions 243.684
Requirements for petition for representation 243.686
Representation elections 243.692
Limitation on successive representation elections 243.696
Bargaining representatives for executive department state agencies, judicial department and legislative department 243.698
Expedited bargaining process 243.702
Renegotiation of invalid provisions in agreements 243.706
Agreement may provide for grievance and other disputes to be resolved by binding arbitration or other resolution process 243.712
Mediation upon failure to agree after 150-day period 243.716
Use of volunteers not contracting out for services 243.722
Fact-finding procedure 243.726
Public employee strikes 243.732
Refusal to cross picket line as prohibited strike 243.736
Strikes by deputy district attorneys, assistant attorneys general and certain emergency and public safety personnel 243.738
Strikes by employees of mass transit districts, transportation districts and municipal bus systems 243.742
Binding arbitration when strike prohibited 243.746
Selection of arbitrator 243.752
Arbitration decision final 243.756
Employment conditions during arbitration 243.762
Alternative arbitration procedure under collective bargaining agreement 243.766
Board duties in administration of collective bargaining laws 243.772
Effect of collective bargaining laws on local charters and ordinances 243.778
Student representation when bargaining unit includes public university faculty 243.782
Representation by counsel authorized 243.796
Definitions for ORS 243.796 to 243.806 243.798
Reasonable time granted to designated representatives to engage in certain activities during work hours 243.802
Written agreements regarding grant of period of release time for public employees to serve as designated representatives 243.804
Reasonable access to employees within bargaining unit 243.806
Agreement authorizing public employer to make deductions from salary or wages of public employee 243.808
Arbitration concerning alleged misconduct by law enforcement officer 243.809
Determinations regarding alleged misconduct of law enforcement officer in accordance with uniform standards 243.812
Commission on Statewide Law Enforcement Standards of Conduct and Discipline 243.815
Optional retirement plan for certain academic and administrative public university employees 243.820
Agreement for payment of annuity premium or investment in stock of regulated investment company 243.830
Effect of agreement on retirement contributions and benefits 243.850
Qualified football coaches plan 243.853
“Public employee” defined 243.854
Leaves of absence for athletic competition 243.855
Reimbursement to public employer 243.860
Definitions for ORS 243.860 to 243.886 243.862
Oregon Educators Benefit Board 243.864
Duties 243.866
Benefit plans 243.867
Participation in benefit plan by local government 243.868
Benefit plans for other than health and dental benefits 243.869
Coverage of adult disabled children 243.870
Long term care benefit plans 243.872
Requirements when board offers long term care benefit plan 243.874
Flexible benefit plans 243.876
Payroll deductions 243.877
Health benefit plan coverage requirements 243.878
Board authority with respect to health benefit plans 243.879
Reimbursement methodology for payment to hospitals 243.880
Oregon Educators Benefit Account 243.882
Monthly participation assessment 243.884
Oregon Educators Revolving Fund 243.886
Limitations on district participation in benefit plans 243.910
Definitions for ORS 243.910 to 243.945 243.920
Assisting employees to obtain supplemental benefits 243.930
Board contributions 243.935
Employer assumption of full amount of employee contributions 243.940
Employee election 243.945
Employees not eligible for assistance 243.950
Public Safety Memorial Fund 243.952
Public Safety Memorial Fund Board 243.954
Definitions for ORS 243.954 to 243.974 243.956
Eligibility for benefits from fund 243.958
Initial application for benefits 243.959
Supplemental application for benefits 243.960
Application information public record 243.962
Determination of award amount 243.964
Order 243.966
Reconsideration 243.968
Payment of awards 243.969
Payment of lump sum benefits 243.970
Authority of board 243.972
Gifts 243.974
Designation of beneficiary form

Current through early 2026

§ 243.474. Investment of local government plan assets through investment program's source at oregon​.gov