| Recently Adopted PERS Administrative Rules |
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| Recently Adopted Rules |
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Direct Rollover Rules
The Pension Protection Act of 2006 allows rollover eligible distributions to be rolled to a Roth IRA as of January 1, 2008. PERS staff had understood this to be an option a plan could provide and we anticipated incorporating this provision into jClarety. However, the IRS recently indicated that plan sponsors must offer this type of rollover to plan participants.
Accordingly, these rule modifications conform three administrative rules to reflect this rollover option, retroactive to January 1, 2008. Administratively, rollovers to Roth IRAs are generally handled in the same manner as a rollover to any other eligible retirement plan but there are different tax reporting requirements, which staff will resolve before reporting for the 2008 calendar year is due in early 2009.
Public Records Requests
The 2007 Oregon Legislature enacted SB 554, which amends ORS 192.440 to impose two new requirements on public agencies, one pertaining to the manner in which such agencies respond to public records requests and the other requiring those agencies to make certain information available regarding the public records request process. The proposed rule modifications set forth how to request public records, including content required in the request and associated fees and costs, as well as the possible staff responses to public records requests.
PERS Board Adoption Memo
Employer Participation
Modifications to OAR 459-070-0050 establish that an employer that applies to participate in the Oregon Public Service Retirement Plan (OPSRP) must participate in the OPSRP Pension Program, the Individual Account Program, and the PERS Chapter 238 Program. Modifications to OAR 459-075-0010 eliminate provisions regarding concurrent membership in OPSRP and the PERS Chapter 238 Program.
Oregon University System Optional Retirement Plan
The rule modifications clarify the effective date of an employee’s election to participate in the Oregon University System Optional Retirement Plan (ORP) is the first of the month following six months of employment. They also clarify the definitions of the accounts subject to transfer to the ORP. The modifications establish that a member’s request to transfer an account to the ORP pursuant to ORS 243.800(6) will be considered a request to transfer all accounts the member has in PERS to the ORP and administered as such by PERS unless the member limits the request to a specific account.
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