2011 ORS § 292.070¹
Withholding compensation to purchase United States Savings Bonds or other obligations
  • Employes Bond Savings Account
  • rules

(1) As used in ORS 292.070 (Withholding compensation to purchase United States Savings Bonds or other obligations) to 292.110 (Procedure where employee dies having credit in account):

(a) Compensation means salaries and wages.

(b) State employees means state officers and employees, including minors.

(2) The Oregon Department of Administrative Services, pursuant to such rules as it may adopt, is authorized, with the approval of state employees, to withhold from their compensation sums with which to purchase for them United States Savings Bonds or other obligations of the United States of America and to deposit such sums with the State Treasurer in a trust account entitled Employes Bond Savings Account. The account shall be subject to withdrawal, in whole or in part, upon the check or written order of the department, or of such persons as may be deputized by it, for the purposes provided in ORS 292.070 (Withholding compensation to purchase United States Savings Bonds or other obligations) to 292.110 (Procedure where employee dies having credit in account). The account, with its component items, shall be exempt from garnishment, attachment or execution under the laws of this state. [Amended by 1981 c.567 §3]