ORS 341.551
Optional retirement plan for administrative employees


(1)

Notwithstanding any provision of ORS chapter 238 or 238A, the Office of Community Colleges and Workforce Development may establish and administer an optional retirement plan for administrative employees of community college districts who are eligible for membership in the Public Employees Retirement System. Any community college district may participate in the plan by giving written notice to the office.

(2)

An administrative employee may make an election to participate in the optional retirement plan if the community college district that employs the employee is participating in the plan. The election must be made in the following manner:

(a)

An administrative employee who is an active member of the Public Employees Retirement System may make an election to participate in the plan within 180 days after the community college district commences participation in the plan, effective on the first day of the month following the election.

(b)

An administrative employee who is hired after the community college district commences participation in the plan may make an election to participate in the plan within the first six months of employment, effective on the first day of the month following six full months of employment.

(3)

An administrative employee who does not elect to participate in the optional retirement plan remains or becomes a member of the Public Employees Retirement System in accordance with ORS chapters 238 and 238A.

(4)

An administrative employee may elect to participate in the optional retirement plan only if at the time the election becomes effective the employee is not concurrently employed in a position with any participating public employer other than the community college district in a position that entitles the employee to membership in the Public Employees Retirement System. Except as provided in subsection (9) of this section, employees who elect to participate in the optional retirement plan are ineligible for active membership in the Public Employees Retirement System for as long as those employees are employed by a community college district that participates in the plan, whether by reason of employment by the district or any other participating public employer.

(5)

Intentionally left blank —Ed.

(a)

An administrative employee who elects to participate in the optional retirement plan, who has creditable service under ORS chapter 238 as defined by ORS 238.005 (Definitions) and who is not vested shall be considered by the Public Employees Retirement Board to be a terminated member under the provisions of ORS 238.095 (Termination of membership) as of the effective date of the election, and the amounts credited to the member accounts of the member established under ORS 238.250 (Regular accounts), 238.260 (Variable Annuity Account), 238A.350 (Individual accounts established) and 238A.353 (Employee pension stability accounts established) shall be transferred directly to the optional retirement plan by the Public Employees Retirement Board in the manner provided by subsection (6) of this section.

(b)

An administrative employee who elects to participate in the optional retirement plan, who has creditable service under ORS chapter 238 as defined by ORS 238.005 (Definitions) and who is vested shall be considered to be an inactive member by the Public Employees Retirement Board and shall retain all the rights, privileges and options under ORS chapter 238 unless the employee makes a written request to the Public Employees Retirement Board for a transfer of the amounts credited to the member accounts of the member established under ORS 238.250 (Regular accounts), 238.260 (Variable Annuity Account), 238A.350 (Individual accounts established) and 238A.353 (Employee pension stability accounts established) to the optional retirement plan. A request for a transfer must be made at the time the member elects to participate in the optional retirement plan. Upon receiving the request, the Public Employees Retirement Board shall transfer all amounts credited to the member accounts of the member established under ORS 238.250 (Regular accounts), 238.260 (Variable Annuity Account), 238A.350 (Individual accounts established) and 238A.353 (Employee pension stability accounts established) directly to the optional retirement plan in the manner provided by subsection (6) of this section and shall terminate all rights, privileges and options of the employee under the Public Employees Retirement System.

(c)

An administrative employee who elects to participate in the optional retirement plan and who is a member of the pension program of the Oregon Public Service Retirement Plan as described in ORS 238A.100 (Establishing membership under pension program) on the date that the election becomes effective, but who has not vested in the program under ORS 238A.115 (Vesting) on the date that the election becomes effective, shall be considered to be a terminated member of the Public Employees Retirement System by the Public Employees Retirement Board as of the effective date of the election. The board shall transfer the amounts credited to the member accounts of the member established under ORS 238A.350 (Individual accounts established) and 238A.353 (Employee pension stability accounts established) directly to the optional retirement plan in the manner provided by subsection (6) of this section.

(d)

An administrative employee who elects to participate in the optional retirement plan and who is a vested member of the pension program of the Oregon Public Service Retirement Plan as described in ORS 238A.115 (Vesting) on the date that the election becomes effective shall be considered an inactive member of the pension program by the Public Employees Retirement Board as of the effective date of the election. A member who is subject to the provisions of this paragraph retains all the rights, privileges and options of an inactive member of the pension program, unless the member makes a written request to the Public Employees Retirement Board for a transfer of the amounts credited to the member accounts of the member established under ORS 238A.350 (Individual accounts established) and 238A.353 (Employee pension stability accounts established) to the optional retirement plan. The request must be made at the time the member elects to participate in the optional retirement plan. Upon receiving the request, the Public Employees Retirement Board shall transfer the amounts credited to the member accounts of the member established under ORS 238A.350 (Individual accounts established) and 238A.353 (Employee pension stability accounts established) directly to the optional retirement plan in the manner provided by subsection (6) of this section and shall terminate the membership of the employee in the Public Employees Retirement System.

(e)

Notwithstanding paragraphs (b) and (d) of this subsection, the Public Employees Retirement Board shall not treat any employee as an inactive member under the provisions of this subsection for the purpose of receiving any benefit under ORS chapter 238 or 238A that requires that the employee be separated from all service with participating public employers and with employers who are treated as part of a participating public employer’s controlled group under the federal laws and rules governing the status of the Public Employees Retirement System and the Public Employees Retirement Fund as a qualified governmental retirement plan and trust.

(6)

Any amounts transferred from the Public Employees Retirement Fund under subsection (5) of this section shall be transferred directly to the optional retirement plan by the Public Employees Retirement Board and shall not be made available to the employee.

(7)

An employee participating in the optional retirement plan shall contribute monthly an amount equal to the percentage of the employee’s salary that the employee would otherwise have contributed as an employee contribution to the Public Employees Retirement System if the employee had not elected to participate in the optional retirement plan.

(8)

A participating community college district shall contribute monthly to the optional retirement plan the percentage of salary for each employee participating in the plan that is equal to the percentage of salary that is required to be made as the employer contribution under ORS 238A.220 (Employer contributions), less any contributions made by reason of unfunded liabilities. The district may make contributions under this subsection only during periods of time in which the employee would be eligible for membership in the Public Employees Retirement System if the employee had not elected to participate in the optional retirement plan.

(9)

An administrative employee who elects to participate in the optional retirement plan may make an election to withdraw from the plan. An employee may make an election under this subsection only once. Upon withdrawing from the plan:

(a)

All contributions made to the plan before the effective date of the withdrawal remain credited to the employee;

(b)

The employee becomes a member of the Public Employees Retirement System under ORS chapter 238A if the member meets all requirements for membership under ORS chapter 238A; and

(c)

The employee is barred from ever again electing to participate in the optional retirement plan.

(10)

For the purposes of this section, “administrative employee” means a president, vice president or dean, or a person holding a position that is the equivalent of a president, vice president or dean. [2005 c.728 §2; 2015 c.366 §23; 2019 c.355 §19]

Source: Section 341.551 — Optional retirement plan for administrative employees, https://www.­oregonlegislature.­gov/bills_laws/ors/ors341.­html.

341.005
Definitions for chapter
341.009
Policy
341.011
Criminal justice courses eligible for social science cluster
341.013
Applied baccalaureate degrees
341.015
Guidelines for districts
341.019
Provision of services by district
341.021
Provision of service outside districts
341.022
Maximum reimbursable enrollments in nondistrict areas
341.024
Rules
341.025
Petition for formation of district
341.039
Formation of community college service district
341.041
Conversion of certain community college service districts to community college districts
341.045
Feasibility study
341.055
Hearing
341.065
Dismissal of petition
341.076
Commission recommendation to legislature
341.085
Election for formation of district
341.095
Questions included in election
341.102
Payment of formation election expenses
341.105
List of electors
341.115
Effect of election results
341.125
First board
341.175
Adjustment of zone boundaries
341.185
Review of zone boundaries
341.275
Community college district board
341.283
Organization
341.287
Status
341.290
General powers
341.300
Traffic control
341.305
Tax levy
341.308
Authority to certify operating taxes
341.309
Establishment of interstate taxing authority
341.311
Eminent domain
341.312
Self-insurance program
341.315
Contract for educational services
341.317
Educational services to adults in custody at correctional institutions
341.319
Intellectual property
341.321
Reserve fund
341.326
Qualification
341.327
Method of electing board
341.331
Change in method of nominating and electing board
341.335
Vacancy
341.339
Position numbers required for at-large positions
341.341
Assigning position numbers
341.356
Election laws applicable
341.357
Publication of notices
341.369
Special elections
341.371
Board resolution required to submit question to electors
341.379
Eligibility of electors following certain events
341.405
Establishment of community college
341.415
Official name of college
341.420
Procedure for name changes for district or college
341.440
Contracts for educational services
341.446
Distribution of community college information to public school students
341.450
Accelerated college credit programs
341.455
Credit for career school courses
341.460
Credit for traffic safety education course not permitted
341.463
Courses in American Sign Language
341.465
Certificates and associate degrees
341.470
Mandatory student-initiated fees
341.475
Student loan fund
341.478
Scholarships
341.481
Admission of students
341.484
Contracts for reimbursement between college districts
341.487
Admission of nonresident students at resident tuition rate under certain conditions
341.492
Residency for purpose of distribution of state aid
341.496
Admission of members of Armed Forces and specified federal agencies and of spouses and dependent children of members
341.499
Rights of student ordered to active duty
341.502
Credit for room, board, tuition and fees for student ordered to active duty
341.506
Credit for education and training received in Armed Forces
341.509
Tuition waiver for child, spouse or unremarried surviving spouse of service member
341.518
Tuition waiver for students 65 years of age or older
341.522
Oregon Promise program
341.526
Grant program for first-generation college-bound students
341.535
Qualifications of faculty
341.541
Affirmative action plans, goals when faculty, staff reductions required
341.547
Notice of reasonable assurance of continued employment
341.551
Optional retirement plan for administrative employees
341.556
Sources of compensation for faculty members
341.565
Boundary board
341.569
When election on change required
341.573
Division of assets and liabilities
341.575
Liability of annexed, merged or detached territory
341.577
Procedure when district annexes new territory that is greater in population than original district
341.579
Vote on proposed boundary change subject to ORS 341.577
341.601
Definitions
341.604
Expansion of district
341.608
Service area financing
341.611
Election on bonded indebtedness
341.613
Bonded indebtedness restrictions
341.616
Levy of direct ad valorem tax to pay bonds
341.618
Application of ORS 341.675 to 341.715 to bonds
341.619
New territory in Blue Mountain and Columbia Gorge Community College Districts not liable for existing debt
341.620
Community College Support Fund
341.626
Distribution of state aid
341.635
Effect on state aid of scholarships and of certain admissions
341.655
Distribution of federal funds for career and technical education
341.660
Treatment of public library costs in computing state aid
341.665
Receipt of funds for apprenticeship programs
341.670
System for reporting finances
341.675
Authority to incur bonded indebtedness
341.678
Election on bonded indebtedness
341.681
Issuance of bonds
341.685
Registration of bonds
341.690
Tax levy to meet annual bonded indebtedness
341.693
Payment of bond principal and interest
341.695
Bond redemption procedure
341.697
Refunding bonds
341.702
Laws governing issuance of bonds
341.703
Custodian of funds
341.705
Warrant procedure
341.709
Annual audit required
341.715
Short-term bonds
341.721
Issuance by State Treasurer
341.725
Community College Capital Construction Fund
341.728
Community College Bond Building Fund
341.933
Distribution of state funds for capital construction
341.937
Capital improvements for access for persons with disabilities
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