Oregon Revised Statutes

Or. Rev. Stat. § 243.470 (2026)

Administration of deferred compensation program; rules

✓ current as of May 2026

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243.470 Administration of deferred compensation program; rules. (1) Subject to ORS chapter 183, the Public Employees Retirement Board may adopt rules necessary to implement the provisions of ORS 243.401 to 243.507 and determine the terms and conditions of eligible state employee participation and coverage. Rules adopted by the board under this subsection shall establish the terms and conditions of deferred compensation contracts for eligible state employees.

(2) The Public Employees Retirement System shall adopt forms and maintain accounts and records necessary and appropriate to the efficient administration of ORS 243.401 to 243.507 or which may be required by agencies of the State of Oregon or the United States.

(3) The board shall adopt rules and take all actions necessary to maintain compliance of the state deferred compensation plan with requirements for governmental deferred compensation plans imposed by the Internal Revenue Code and by regulations adopted pursuant to the Internal Revenue Code.

(4) The Public Employees Retirement System may contract with a private corporation or institution able and qualified to provide consolidated billing services, state plan participant enrollment services, educational services, state plan participant accounts, data processing, record keeping and other related services that are necessary or appropriate to the administration of the state deferred compensation plan under ORS 243.401 to 243.507. [1977 c.721 §8; 1983 c.789 §5; 1991 c.618 §7; 1997 c.179 §13]

Notes of Decisions

Cited in 3 cases, 1988–2011 · leading case: Wallace v. State Ex Rel. Perb, 263 P.3d 1020 (Or. Ct. App. 2011).

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Wallace v. State Ex Rel. Perb, 263 P.3d 1020 (Or. Ct. App. 2011). “During that time, defendant restricted plaintiffs ability to transfer funds among various investment options in the Plan and imposed sanctions against plaintiff when he violated those restrictions. In 2002, PERB adopted a policy under which Plan participants who made more than…”

ICMA Ret. Corp. v. Exec. Dep't, 757 P.2d 868 (Or. Ct. App. 1988). “” The Executive Department’s temporary rule, adopted on February 20, 1987, provides: “In administering the Deferred Compensation Program under the provisions of ORS 243.470, the Executive Department shall not authorize transfer of Deferred Compensation funds for the purpose of…”

Wallace v. State ex rel. Pub. Employees Ret. Bd. & Pub. Employees Ret. Sys., 263 P.3d 1020 (Or. Ct. App. 2011). “Plaintiff had been a participant for about 15 years in the Oregon Savings Growth Plan (Plan), a deferred-compensation plan for state employees under the Public Employees Retirement System (PERS) that is administered by the Public Employees Retirement Board (PERB), ORS 243.470.…”

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