Or. Admin. Code § 170-080-0056 - Individual Participation

(1) An individual who is 18 years of age and older and is eligible to contribute to an IRA under the Code may choose to participate in the Program as a Participating Individual.

(2) An individual may become a Participating Individual by:

(a) Completing and delivering, in a form or format established by the Program, instructions to initiate enrollment using the internet portal established by the Program Administrator; and

(b) Establishing an Automatic Contribution Plan; or

(c) Making a Minimum Initial Contribution as required by the Program Administrator.

(3) Participating Individuals shall receive individual participation-specific Program materials from the Program Administrator at the time of enrollment. The Program Administrator will deliver the informational materials electronically, unless the Participating Individual elects to receive a set of hard copy materials.

(4) A Participating Individual who works for an Exempt Employer will make Non-Payroll Contributions unless the Exempt Employer agrees to process Payroll Deduction Contributions.

(5) Exempt Employers who agree to process Payroll Deduction Contributions for Participating Individuals are not Participating Employers. Exempt Employers are solely responsible for determining whether their payroll deduction IRA programs satisfy IRS and DOL requirements for exemption from ERISA.

(6) The Program Administrator will establish the minimum contribution rate for a Participating Individual through an Automatic Contribution Plan.

(7) A Participating Individual with an Automatic Contribution Plan may make additional Non-Payroll Contributions to a Program IRA.

(8) The Participating Individual is responsible for ensuring that annual contributions do not exceed the annual IRA contribution limit as determined by the Code and related rules promulgated by the IRS. Contributions must be delivered to the OregonSaves IRA trustee in accordance with procedures determined by the Board and approved by the Program Administrator.

(9) The Board will establish a default election for Participating Individuals.

Notes

Or. Admin. Code § 170-080-0056

OST 3-2018, adopt filed 10/11/2018, effective 10/19/2018

Statutory/Other Authority: ORS 178.200-178-245

Statutes/Other Implemented: ORS 178.200-178-245