Or. Admin. Code § 459-005-0625 - Contingency Reserve Subaccount
(1)
A subaccount is established under the contingency reserve account provided
under ORS 238.670(1). The
PERS Board will periodically authorize transfer of moneys from the contingency
reserve account to the subaccount to ensure a maximum funding of $500,000 for
the purpose of this rule.
(2) If
PERS determines that there is a deficit of moneys available for the payment of
retirement allowances due to contingencies other than those related to gains
and losses of invested capital, and the amount of the deficit is $50,000 or
lower, PERS staff is authorized to use moneys in the contingency reserve
subaccount as established under this rule to prevent such a deficit as
described in ORS 238.670(1).
(3) PERS staff is required to make a report
to the Board no less than once a year to provide a full accounting of all the
moneys spent under section (2) of this rule.
Notes
Statutory/Other Authority: ORS 238.650
Statutes/Other Implemented: ORS 238.650 & 238.670
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