Or. Admin. Code § 459-005-0010 - Public Employees Retirement Fund, A Trust
(1) The purpose of ORS
238.660 is to ensure that the
Public Employees Retirement Fund (PERF) is for the exclusive benefit of PERS
members and the members' beneficiaries. If any other provision of an OAR
imposes a requirement upon the PERF contrary to ORS
238.660,
238.660 and this rule shall
prevail and be the controlling factor for any Board or staff action.
(2) Pursuant to ORS
238.660, the PERF is a trust
fund, separate and distinct, for the sole and exclusive use of the members and
their beneficiaries as set forth in ORS
238.005 to
238.750 and
237.950 to
237.980, unless otherwise
specifically provided by law. All moneys, regardless of source, paid into the
PERF, are to be used exclusively for the purposes set forth in ORS
238.005 to
238.750 and
237.950 to
237.980, unless otherwise
specifically provided by law. All moneys and income earned thereon shall remain
in the PERF except:
(a) As otherwise provided
in ORS 238.005 to
238.750 and
237.950 to
237.980; or
(b) For any laws of the State of Oregon
specifically authorizing the investment of moneys from the PERF for the
purposes enhancing the value of the PERF.
(3) The State of Oregon, any political
subdivision of the State of Oregon, any municipal or public corporation, any
instrumentality thereof, and any agency created by two or more political
subdivisions shall have no proprietary interest in PERF or any contributions
made to PERF and may not claim or reclaim any contributions other than provided
for in ORS 238.660.
Notes
Stat. Auth.: ORS 238.650
Stats. Implemented: ORS 238.660
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