(1) If a person appointed or elected as a member of the Legislative Assembly elects under ORS 237.650 to participate in the state deferred compensation plan as a legislator member, the Legislative Assembly shall make employer contributions to the plan in an amount that is equal to six percent of the member’s salary. A legislator member may make contributions to the plan in any amount that does not exceed the maximum allowed by federal law governing the plan’s tax qualification.
(2) Any member of the Legislative Assembly who elects to become a legislator member of the state deferred compensation plan may request that the Public Employees Retirement Board roll over the amount in the regular account maintained for the member under ORS 238.250 into the state deferred compensation plan.
(3) Except for the contributions required by subsection (1) of this section, the Legislative Assembly may not “pick-up,” assume or pay any contributions on behalf of a legislator member of the state deferred compensation plan. [2003 c.733 §46c]
Note: See first note under 237.650.
Section: Previous 237.610 237.620 237.630 237.635 237.637 237.640 237.650 237.655 237.660 237.950 237.952 237.956 237.960 237.964 237.968 NextLast modified: August 7, 2008