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Oregon Revised Statutes

Or. Rev. Stat. § 656.634 (2026)

Trust fund status of Industrial Accident Fund

✓ current as of May 2026
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      656.634 Trust fund status of Industrial Accident Fund. (1) The Industrial Accident Fund is a trust fund exclusively for the uses and purposes declared in this chapter, except that this provision shall not be deemed to amend or impair the force or effect of any law of this state specifically authorizing the investment of moneys from the fund.

      (2) Subject to the right of the State of Oregon to direct legislatively the disposition of any surplus in excess of reserves and surplus deemed actuarially necessary according to recognized insurance principles, and necessary in addition thereto to assure continued fiscal soundness of the State Accident Insurance Fund Corporation both for current operations and for future capital needs, the State of Oregon declares that it has no proprietary interest in the Industrial Accident Fund or in the contributions made to the fund by the state prior to June 4, 1929. The state disclaims any right to reclaim those contributions and waives any right of reclamation it may have had in that fund. [Formerly 656.454; 1967 c.335 §55; 1982 s.s.3 c.2 §4]

Notes of Decisions
Cited in 12 cases (1 in the last 5 years), 1969–2022 · leading case: Eckles v. State of Oregon, 760 P.2d 846 (Or. 1988).
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Eckles v. State of Oregon, 760 P.2d 846 (Or. 1988). · cites it 54× “We also hold that section four of the Transfer Act, insofar as it retroactively amended ORS 656.634, violated Article I, section 21, of the Oregon Constitution.”
Hughes v. State of Oregon, 838 P.2d 1018 (Or. 1992). · cites it 14× “In that case, this court determined that the plaintiff had established that ORS 656.634 created a contract between the plaintiff and the state.”
Alsea Veneer, Inc. v. State of Oregon, 862 P.2d 95 (Or. 1993). · cites it 9× “This is Round 3 of a dispute stemming from an act of a special session of the 1982 Legislative Assembly when, in breach of a *97 contract and in violation of Article I, section 21, of the Oregon Constitution, it amended ORS 656.634 [1] and ordered that $81 million be transferred…”
Frohnmayer v. State Accident Ins. Fund Corp., 660 P.2d 1061 (Or. 1983). · cites it 4× “632 and ORS 656.634, which provide: ORS 656.632: “(1) The Industrial Accident Fund is continued.”
Johnson v. SAIF Corp., 164 P.3d 278 (Or. 2007). · cites it 5× “In analyzing that issue, this corut distinguished between the “state” and SAIF, noting that, if the statute “impaired a contractual obligation stated in ORS 656.634, [it] impaired an obligation of the state rather than an obligation of SAIF.”
Alsea Veneer, Inc. v. State of Oregon, 843 P.2d 492 (Or. Ct. App. 1992). · cites it 5× “Subject to the requirements of ORS 656.634, SAIF administers IAF and, in that sense, acts as a trustee.”
Johnson v. SAIF Corp., 122 P.3d 66 (Or. Ct. App. 2005). · cites it 4× “The plaintiffs Article I, section 21, argument was that the legislature’s 1929 disclaimer of any interest in the IAF, codified at ORS 656.634, in effect, was part of his contract of insurance with SAIF.”
Alsea Veneer, Inc. v. State, 862 P.2d 95 (Or. 1993). · cites it 8× “This is Round 3 of a dispute stemming from an act of a special session of the 1982 Legislative Assembly when, in breach of a contract and in violation of Article I, section 21, of the Oregon Constitution, it amended ORS 656.634 1 and ordered that $81 million be transferred from…”
Sprague v. Straub, 451 P.2d 49 (Or. 1969). · cites it 2× “ORS 656.634 provides as follows: uTrust fund, status of Industrial Accident Fund.”
State Ex Rel. State Accident Ins. Fund v. Montgomery, 814 P.2d 536 (Or. Ct. App. 1991). “We agree with the trial court that they were entitled to summary judgment on the fiduciary duty claim.”
Cnty. of Linn v. State of Oregon, 510 P.3d 962 (Or. Ct. App. 2022). “794, a contractual obligation probably could not have been inferred from the provision because it would have contained nothing indica- tive of a legislative commitment not to repeal or amend the statute in the future.”
Artisan Labs., Inc. v. SAIF Corp., 106 P.3d 677 (Or. Ct. App. 2005). · cites it 2× “, ORS 656.634 (specifying uses to which fund may be put).”
— Or. Rev. Stat. § 656.634(1) — 5 cases
Eckles v. State of Oregon, 760 P.2d 846 (Or. 1988). “We also hold that section four of the Transfer Act, insofar as it retroactively amended ORS 656.634, violated Article I, section 21, of the Oregon Constitution.”
Alsea Veneer, Inc. v. State of Oregon, 862 P.2d 95 (Or. 1993). “This is Round 3 of a dispute stemming from an act of a special session of the 1982 Legislative Assembly when, in breach of a *97 contract and in violation of Article I, section 21, of the Oregon Constitution, it amended ORS 656.634 [1] and ordered that $81 million be transferred…”
Frohnmayer v. State Accident Ins. Fund Corp., 660 P.2d 1061 (Or. 1983). “632 and ORS 656.634, which provide: ORS 656.632: “(1) The Industrial Accident Fund is continued.”
Alsea Veneer, Inc. v. State of Oregon, 843 P.2d 492 (Or. Ct. App. 1992). “Subject to the requirements of ORS 656.634, SAIF administers IAF and, in that sense, acts as a trustee.”
Alsea Veneer, Inc. v. State, 862 P.2d 95 (Or. 1993). “This is Round 3 of a dispute stemming from an act of a special session of the 1982 Legislative Assembly when, in breach of a contract and in violation of Article I, section 21, of the Oregon Constitution, it amended ORS 656.634 1 and ordered that $81 million be transferred from…”
— Or. Rev. Stat. § 656.634(2) — 8 cases
Eckles v. State of Oregon, 760 P.2d 846 (Or. 1988). “We also hold that section four of the Transfer Act, insofar as it retroactively amended ORS 656.634, violated Article I, section 21, of the Oregon Constitution.”
Johnson v. SAIF Corp., 164 P.3d 278 (Or. 2007). “In analyzing that issue, this corut distinguished between the “state” and SAIF, noting that, if the statute “impaired a contractual obligation stated in ORS 656.634, [it] impaired an obligation of the state rather than an obligation of SAIF.”
Alsea Veneer, Inc. v. State of Oregon, 862 P.2d 95 (Or. 1993). “This is Round 3 of a dispute stemming from an act of a special session of the 1982 Legislative Assembly when, in breach of a *97 contract and in violation of Article I, section 21, of the Oregon Constitution, it amended ORS 656.634 [1] and ordered that $81 million be transferred…”
Frohnmayer v. State Accident Ins. Fund Corp., 660 P.2d 1061 (Or. 1983). “632 and ORS 656.634, which provide: ORS 656.632: “(1) The Industrial Accident Fund is continued.”
Johnson v. SAIF Corp., 122 P.3d 66 (Or. Ct. App. 2005). “The plaintiffs Article I, section 21, argument was that the legislature’s 1929 disclaimer of any interest in the IAF, codified at ORS 656.634, in effect, was part of his contract of insurance with SAIF.”
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