Or. Admin. Code § 605-001-0015 - IRS Retirement "Pick Up"
(1) The Oregon Beef Council shall designate
any employee contribution to the Public Employees Retirement System from the
employee's salary as the employer's contribution, thus "picking up" its
employees PERS contributions for purposes of Internal Revenue Code
16 USC
414(h)(2).
(2) The contribution shall be deducted
directly from each employee's wages or salary so that the employees do not have
the option of receiving their contributions as wages or salary and making the
contribution to PERS themselves.
(3) Oregon Beef Council employee's salaries,
as reported for tax purposes on their W-2 forms, shall be reduced by the amount
of the PERS contributions.
Notes
Publications: The publication(s) referred to or incorporated by reference in this rule are available from the agency.
Stat. Auth.: ORS 652.610
Stats. Implemented:
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