ORS 243.476: Compliance with federal requirements.
Edition: 2025 EditionEffective: 2026-01-01Last verified: 2026-09-07
(1) As a condition of allowing a local government to become a participating local government, and at any time thereafter, the Oregon Investment Council, the Public Employees Retirement Board or the Director of the Public Employees Retirement System may require that the local government provide proof that the local government deferred compensation plan complies with the provisions of section 457 of the Internal Revenue Code, as amended, that apply to governmental plans, including but not limited to any required declaration of trust related to plan assets and appointment of a trustee. The council, board or director may require an opinion of counsel or other assurance satisfactory to the council, board or director that participation of a local government deferred compensation plan in the deferred compensation investment program does not cause the State of Oregon, its agencies or employees to violate any federal or state laws or regulations related to investments and securities. (2) Participating local governments shall take all actions that the Oregon Investment Council, the Public Employees Retirement Board or the Director of the Public Employees Retirement System, in their discretion, deem necessary for compliance by the deferred compensation investment program with all applicable federal and state laws or for qualification of the program for any exemptions from regulation available under those laws, including but not limited to the federal Securities Act of 1933, as amended, the Investment Company Act of 1940, as amended, and ORS chapter 59. [1997 c.179 §16; 2011 c.9 §30]
Administrative rules citing this section
- OAR 459-050-0000: Purpose and Authority — implements
- OAR 459-050-0001: Definitions — implements
- OAR 459-050-0005: Policy and Goals of Deferred Compensation Program — implements
- OAR 459-050-0030: Deferred Compensation Manager — implements
- OAR 459-050-0035: Assistance to the Oregon Investment Council and the State Treasurer — implements
- OAR 459-050-0037: Trading Restrictions — implements
- OAR 459-050-0050: Eligibility and Enrollment — implements
- OAR 459-050-0060: OSGP Designation of Beneficiary — implements
- OAR 459-050-0065: Beneficiary Predeceases or Disclaims Benefit — implements
- OAR 459-050-0070: Catch-Up Programs — implements
- OAR 459-050-0072: Military Leave Catch-up — implements
- OAR 459-050-0075: Distributions During Employment — implements
- OAR 459-050-0080: Distribution of Funds After a Severance of Employment — implements
- OAR 459-050-0090: Direct Rollover and Trustee-to-Trustee Transfer — implements
- OAR 459-050-0120: Self-Directed Brokerage Option — implements
- OAR 459-050-0150: Unforeseeable Emergency Withdrawal — implements
- OAR 459-050-0200: Court Orders — implements
- OAR 459-050-0210: Segregation of a Participant Account — implements
- OAR 459-050-0220: Distribution of an Alternate Payee Account — implements
- OAR 459-050-0230: Release of Information — implements
- OAR 459-050-0240: Deferred Compensation Program Notifications — implements
- OAR 459-050-0250: Fee for Administration of a Court Order — implements
- OAR 459-050-0300: Required Minimum Distribution Requirements — implements
- OAR 459-050-0310: Power of Attorney — implements
This rule cites
- ORS chapter 59 — target_record_not_published
Cited by
Official source: https://www.oregonlegislature.gov/bills_laws/ors/ors243.html