OAR 459-005-0625: Contingency Reserve Subaccount

(1) A subaccount is established under the contingency reserve account provided under ORS 238.670(1). The PERS Board will periodically authorize transfer of moneys from the contingency reserve account to the subaccount to ensure a maximum funding of $500,000 for the purpose of this rule. (2) If PERS determines that there is a deficit of moneys available for the payment of retirement allowances due to contingencies other than those related to gains and losses of invested capital, and the amount of the deficit is $50,000 or lower, PERS staff is authorized to use moneys in the contingency reserve subaccount as established under this rule to prevent such a deficit as described in ORS 238.670(1). (3) PERS staff is required to make a report to the Board no less than once a year to provide a full accounting of all the moneys spent under section (2) of this rule.