Or. Admin. Code § 170-080-0055 - Distribution of Materials to Employees

(1) After the Facilitating Employer submits the Employee information in accordance with OAR 170-080-0015(2)(a), the Program Administrator will distribute informational materials directly to Employees. The Program Administrator will provide a Facilitating Employer a set of informational materials about the Program upon completion of the Facilitating Employer's registration in the online portal. The Program Administrator will provide the materials to the Facilitating Employer by supplying the internet address where such materials may be accessed or, upon request of the Facilitating Employer, will provide the materials in hard copy form.

(2) Upon request of the Employee, the Facilitating Employer will provide the Employee a set of hard copy materials or supply the internet address where such materials may be accessed. The Facilitating Employer will provide the materials in the manner requested by the Employee.

(3) The informational materials will include the following information:

(a) The benefits and risks associated with making contributions to a Program IRA;

(b) Instructions describing how to make contributions to the Program, including the Standard Elections applicable if the Participating Employee does not make other elections;

(c) A description of the other elections available under the Program, including how to opt out of the Program;

(d) Investment alternatives available under the Program and instructions describing how to make or change an investment election;

(e) The process for requesting a Distribution of retirement savings from the Program;

(f) How to obtain additional information about the Program, including the fees associated with the Program;

(g) That the Facilitating Employer does not endorse or recommend the Program;

(h) That Employees and Participating Employees seeking financial advice should contact financial advisers, that Facilitating Employers are not in a position to provide financial advice, and that Facilitating Employers are not liable for decisions Employees and Participating Employees make regarding the Program;

(i) That the Program is not an employer-sponsored retirement plan;

(j) That Employee participation in the Program is completely voluntary;

(k) That information on IRAs outside of the Program is available from other sources;

(l) That neither the value of a Program IRA, nor the rate of return are guaranteed by the state, the Facilitating Employer, or anyone else;

(m) That by Standard Election, contributions under the Program are made to a Roth IRA, and that a Roth IRA may not be appropriate for all individuals; and

(n) That the Program has a Traditional IRA option and summarizing the tax implications, withdrawal penalties, conversion details, and enrollment process for a Traditional IRA.

Notes

Or. Admin. Code § 170-080-0055

OST 3-2017, f. & cert. ef. 4/19/2017; OST 6-2017, amend filed 10/24/2017, effective 10/24/2017; OST 3-2018, amend filed 10/11/2018, effective 10/19/2018

Statutory/Other Authority: ORS 178.200-178.245

Statutes/Other Implemented: ORS 178.200-178.245