OAR 459-005-0010: Public Employees Retirement Fund, A Trust

(1) The purpose of ORS 238.660 is to ensure that the Public Employees Retirement Fund (PERF) is for the exclusive benefit of PERS members and the members' beneficiaries. If any other provision of an OAR imposes a requirement upon the PERF contrary to ORS 238.660, 238.660 and this rule shall prevail and be the controlling factor for any Board or staff action. (2) Pursuant to ORS 238.660, the PERF is a trust fund, separate and distinct, for the sole and exclusive use of the members and their beneficiaries as set forth in ORS 238.005 to 238.750 and 237.950 to 237.980, unless otherwise specifically provided by law. All moneys, regardless of source, paid into the PERF, are to be used exclusively for the purposes set forth in ORS 238.005 to 238.750 and 237.950 to 237.980, unless otherwise specifically provided by law. All moneys and income earned thereon shall remain in the PERF except: (a) As otherwise provided in ORS 238.005 to 238.750 and 237.950 to 237.980; or (b) For any laws of the State of Oregon specifically authorizing the investment of moneys from the PERF for the purposes enhancing the value of the PERF. (3) The State of Oregon, any political subdivision of the State of Oregon, any municipal or public corporation, any instrumentality thereof, and any agency created by two or more political subdivisions shall have no proprietary interest in PERF or any contributions made to PERF and may not claim or reclaim any contributions other than provided for in ORS 238.660.