Or. Admin. R. 628-010-0210 - IRS Retirement "Pick Up"

(1) OFRI shall designate any employee contribution to PERS from the employees' salaries as the employer's contribution, thus "picking up" its employees' PERS contributions for purposes of Internal Revenue Code 26 USC ยง414 (h)(2).
(2) The contribution shall be deducted directly from the employee's wages so that the employee does not have the option of receiving his or her contributions as salary and of making the contribution himself or herself.
(3) OFRI employees' reported salary on the W-2 form for tax purposes shall be reduced by the amount of PERS contribution.

Notes

Or. Admin. R. 628-010-0210
FRI 2-1994(Temp), f. 12-28-94, cert. ef. 1-1-95; FRI 1-1995, f. & cert. ef. 4-28-95

Stat. Auth.: ORS 526.645

Stats. Implemented: ORS 526.645

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