Or. Admin. Code § 459-005-0225 - Requirement to Make Payments by Electronic Funds Transfer
(1) As used in this rule, the following words
and phrases have the following meanings:
(a)
"Electronic funds transfer" has the same meaning given the term in ORS
293.525.
(b) "ACH credit" means the electronic funds
transfer from the participating employer's account, initiated by the
participating employer and cleared through the Automated Clearing House (ACH)
network for deposit to PERS.
(c)
"ACH debit" means the electronic funds transfer from the participating
employer's account, initiated by PERS and cleared through the ACH network to
debit the participating employer's account and credit the PERS
account.
(2)
Participating employers are required to make all payments to PERS by means of
electronic funds transfer (EFT).
(3) On a form provided by PERS, participating
employers shall authorize EFT payments to PERS, and submit the form to PERS by
December 1, 2005.
(a) The participating
employer shall provide PERS with all information necessary to allow for EFT
payments, including the method of EFT payment (ACH debit or ACH
credit).
(b) A participating
employer must complete a new EFT authorization form to change the method of
transfer or to update the employer's account information.
(4) ACH debits from a participating
employer's account will be processed on the third business day after the
statement date and be effective on the fifth business day after the statement
date.
(5) Effective on and after
January 1, 2006, a penalty shall be assessed equal to one percent of payments
by participating employers made by means other than EFT. This penalty is in
addition to any penalties incurred under ORS
238.705 and
238.710.
(6) The PERS Executive Director will have the
discretion to waive the penalty described in section (5) of this rule. The
employer must submit any such requests in writing.
Notes
Stat. Auth.: ORS 238.650
Stats. Implemented: ORS 293.525
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