OAR 170-080-0030: Standard and Alternate Elections for Contributions; Automatic Increases; Ceasing Contributions; Requesting Participation

(1) Standard Elections. An Employee who has not provided notice as specified in this section shall participate using the following Standard Elections: (a) Contribution to the Program at an initial rate of 5% of Compensation; (b) Auto-escalation at the rate of an additional 1% of Compensation each year until a maximum of 10% is reached; (c) Investments: (A) An employee’s initial contributions will be held in an investment for a set period of time (hold period) as determined by the Board and outlined in the program disclosure booklet. On the last day of the hold period, or on the next business day following the hold period, all of the employee’s contributions made during the hold period will be transferred to the appropriate Target Date Fund; (B) All subsequent contributions will be invested in a Target Date Fund; and (d) The Program account will be a Roth IRA and contributions will occur on a post-tax basis. (2) Alternate Elections (a) An Employee who does not wish to participate using the Standard Elections shall notify the Program Administrator, in a form or format established by the Program, and within the 30 days prior to their Enrollment Date, that: (A) The Employee wishes to participate in the Program: (i) at an initial contribution rate different from the Standard Elections, which shall be a percentage of available Compensation expressed as any whole number (i.e. three (3) percent but not three and one-half (3.5) percent). The minimum contribution rate is 1% and the maximum contribution rate is 100% of available Compensation, up to the IRS annual contribution limits; or (ii) at an initial contribution rate different from the Standard Elections, expressed as a specific whole dollar amount. The Program Administrator will establish the minimum contribution. The maximum contribution rate is 100% of available Compensation, up to the IRS annual contribution limits; or (iii) at an initial contribution rate consistent with the Standard Elections but without auto-escalation; or (iv) at an initial contribution rate different from the Standard Elections and without auto-escalation. (B) The Employee is opting out of the Program. (b) A Participating Employee may change contribution elections by notifying the Program Administrator of the change request, in a form or format established by the Program. This change shall be effected on the Participating Employee’s payroll as soon as administratively practicable, but within 30 days of receipt of a notice of change. (c) An Employee who wishes to select an investment option other than that provided by the Standard Elections shall notify the Program Administrator, in a form or format established by the Program, that the Employee wishes to participate in the Program by investing future contributions directly into another fund or funds offered by the Program, which selection shall be effected as soon as administratively practicable. (d) A Participating Employee may change investment elections for any portion of the balance of the Program by notifying the Program Administrator of a requested change in investment elections, either in writing, electronically, or in any other form permitted by the IRS, to be effected as soon as administratively possible. (e) An Employee who wishes to select a Traditional IRA shall notify the Program Administrator, in a form or format established by the Program, that the Employee wishes to participate using a Program Traditional IRA. (f) The Facilitating Employer will process Program Traditional IRA contributions on a post-tax basis. (3) Ceasing Contributions or Requesting Participation (a) A Participating Employee may cease contributions to the Program by notifying the Program Administrator of intent to cease making contributions and revoking the authorization of the Facilitating Employer to make contributions on their behalf. The Participating Employee will give notice of this revocation, in a form or format established by the Program, to the Program Administrator. (b) An Employee of a Facilitating Employer who initially opted out of participation in the Program may become a Participating Employee by completing and delivering, in a form or format established by the Program, instructions to initiate participation to the Facilitating Employer. The request shall be effective on the Employee’s payroll following notification as soon as administratively practicable, not to exceed 30 days.