Legislator members of state deferred compensation plan
(1) If a person appointed or elected as a member of the Legislative Assembly elects under ORS 237.650 (Retirement plan election) to participate in the state deferred compensation plan as a legislator member, the Legislative Assembly shall make employer contributions to the plan in an amount that is equal to six percent of the member’s salary. A legislator member may make contributions to the plan in any amount that does not exceed the maximum allowed by federal law governing the plan’s tax qualification.
(2) Any member of the Legislative Assembly who elects to become a legislator member of the state deferred compensation plan may request that the Public Employees Retirement Board roll over the amount in the regular account maintained for the member under ORS 238.250 (Regular accounts) into the state deferred compensation plan.
(3) Except for the contributions required by subsection (1) of this section, the Legislative Assembly may not "pick-up," assume or pay any contributions on behalf of a legislator member of the state deferred compensation plan. [2003 c.733 §46c]
Note: See first note under 237.650 (Retirement plan election).
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