Or. Admin. Code § 170-080-0035 - Contributions
(1) Beginning 30
days following the Enrollment Date, and in accordance with a Participating
Employee's election under OAR 170-080-0030, the Facilitating Employer shall, on
each Payroll Date, transfer from the Participating Employee's Compensation for
contribution to the Participating Employee's IRA:
(a) 5% of Compensation; or
(b) The Participating Employee's elected
contribution rate, if different from the Standard Elections; or
(c) The auto-escalated percentage of
Compensation for that Participating Employee.
(2) Notwithstanding subsection (1), amounts
deducted by the Facilitating Employer pursuant to this Rule shall not exceed
the amount of the Participating Employee's Compensation remaining after any
payroll deductions required by law to have higher precedence, including a court
order, are made by the Facilitating Employer.
(3) Amounts deducted by the Facilitating
Employer pursuant to this rule shall be transmitted to the Program
Administrator as specified by the Program, as soon as administratively
possible, not to exceed seven (7) business days from the date of deduction.
Failure to transmit the amount as required constitutes an unlawful deduction
under ORS
652.610(4).
(4) Beginning January 1, 2019, the
Facilitating Employer shall increase the deduction specified in subsection (1)
of this Rule for each Participating Employee who has not opted out of
auto-escalation:
(a) For a Participating
Employee who elected a percentage of available Compensation, the Facilitating
Employer shall increase the amount by an additional 1% of Compensation per year
until the total deduction has reached 10% of Compensation.
(b) For a Participating Employee who elected
an initial contribution rate expressed as a specific dollar amount, the
Facilitating Employer shall increase the amount using a schedule or rate
established by the Board.
(5) Auto-escalation will occur on January 1
each year for Participating Employees who:
(a)
Are contributing less than 10% of Compensation; and
(b) Completed the initial Payroll Deduction
Contribution specified in subsection (1) of this Rule on or before July 1 of
the prior year.
Notes
Statutory/Other Authority: ORS 178.200 to 178.245
Statutes/Other Implemented: ORS 178.200-178.245
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