OAR 459-009-0400: Insolvent Employer

(1) For the purposes of this rule, an “insolvent employer” is an employer that meets all of the following requirements: (a) The employer has dissolved either by statute or administrative action as an ongoing entity; (b) There are no assets from which PERS can collect to cover the dissolved employer’s PERS liability or there are inadequate assets to cover all PERS liability; and (c) There is no entity either by operation of law or contractual agreement that is responsible for the dissolved employer’s remaining liability, or PERS is unable to assign the remaining liability to an entity. (2) If PERS determines an employer is insolvent, the board may take action to satisfy some or all of the outstanding liability of an insolvent employer to the fund through the Contingency Reserve established under ORS 238.670(1).