ORS 237.490¹
Deposit investment and payment of funds

(1) All employer and employee contributions and other moneys received or collected by the Public Employees Retirement Board under ORS 237.410 (Definitions for ORS 237.420 to 237.515) to 237.515 (Exclusion of contributions from biennial budget) shall be deposited into the State Treasury to the credit of an account, separate and distinct from the General Fund, to be known as the Social Security Revolving Account, and the moneys in the account are continuously appropriated for the purposes of ORS 237.410 (Definitions for ORS 237.420 to 237.515) to 237.515 (Exclusion of contributions from biennial budget).

(2) All moneys in the account shall be held in trust and invested as provided in ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government). Interest from such investments shall be used first for paying the administrative expenses described in ORS 237.500 (Administrative expenses) and not later than the 15th day of February, May, August and November, after paying the administrative expenses, as determined by the Public Employees Retirement Board, for the preceding calendar quarter, the balance of the interest remaining shall be available for general governmental expenses.

(3) The Oregon Department of Administrative Services may review all duly approved claims certified by the Public Employees Retirement Board for the payment of amounts required to be paid to the Secretary of the Treasury pursuant to agreements entered into under ORS 237.410 (Definitions for ORS 237.420 to 237.515) to 237.515 (Exclusion of contributions from biennial budget), and for the payment of necessary refunds and may issue warrants therefor payable out of the Social Security Revolving Account. [Amended by 1953 c.192 §5(1); 1967 c.399 §§2,6; 1975 c.614 §6; 1989 c.966 §11; 2001 c.716 §22]

Chapter 237

Atty. Gen. Opinions

Authority for voluntary pension trust program for public employees not in educa­tion, (1971) Vol 35, p 998; applica­tion of 1971 amend­ments to benefits under this chapter to retired teachers, (1972) Vol 35, p 1243; retroactive credit for employees of the Legislative Assembly for benefits of the Public Employes’ Retire­ment System, (1973) Vol 36, p 491; eligibility of Teachers’ Retire­ment Fund members for increased retire­ment benefits under 1973 law, (1973) Vol 36, p 687; implied standards for level of funding which must be maintained to achieve “actuarial soundness,” (1977) Vol 38, p 880

1 Legislative Counsel Committee, CHAPTER 237—Public Employee Retirement Generally, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors237.­html (2019) (last ac­cessed May 16, 2020).
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2019, Chapter 237, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano237.­html (2019) (last ac­cessed May 16, 2020).
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information