Or. Admin. Code § 459-005-0506 - Plan Compliance with Federal Statutes and Regulations
(1) The purpose of
administrative rules OAR 459-005-0500 to 459-005-0799 is to assure compliance
with applicable federal statutes and regulations for governmental retirement
plans qualified under the Internal Revenue Code (IRC) Section 401(a), and to
implement ORS Chapters 238 and 238A by establishing limits on contributions and
benefits under the Public Employees Retirement System (PERS).
(2) Definitions in general for OAR
459-005-0500 to 459-005-0799:
(a) "Member"
shall have the same meaning as provided in ORS
238.005 with respect to members
covered by ORS Chapter 238 and as provided in ORS
238A.005 with respect to members
covered by ORS Chapter 238A.
(b)
"Employment" means service as an employee as defined in OAR
459-005-0001(12).
(c) "Board" shall have the same meaning as
provided in ORS 238.005.
(d) "PERS" shall have the same meaning as
provided in OAR 459-005-0001(24).
(e) "Defined contribution plan (DC)" means a
plan which provides for an individual account for each participant and for
benefits based solely on the amount contributed to the participant's account,
and any income, expenses, gains and losses, and any forfeitures of accounts of
other participants which may be allocated to such participant's account. For
purposes of IRC Section 414(k), the individual account program under ORS
Chapter 238A shall be treated as a DC plan for the purposes of IRC Sections
72(d) and 415.
(f) "Defined benefit
plan (DB)" means a plan which is not a defined contribution plan. For purposes
of IRC Section 414(k), the pension programs under ORS Chapters 238 and 238A
shall be treated as part of a defined benefit plan for purposes of IRC Sections
72(d) and 415.
(3) The
provisions of this rule are effective on January 1, 2004.
Notes
Stat. Auth.: ORS 238.630(3)(h), 238.305 & 238.650
Stats. Implemented: ORS 238
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