2015 ORS § 238A.050¹
Oregon Public Service Retirement Plan part of Public Employees Retirement System
(1) The Oregon Public Service Retirement Plan is part of the Public Employees Retirement System and is administered by the Public Employees Retirement Board.
(2) ORS 238.008 (Computation of salary), 238.225 (Employer contributions), 238.229 (Effect of lump sum payment on contributions of pooled employer), 238.231 (Unfunded liability or surplus after employee transfer or employer merger, consolidation or split), 238.285 (Verification of retirement data), 238.410 (Board may contract for insurance for retirees), 238.445 (Benefits exempt from execution, bankruptcy and certain taxes), 238.447 (Execution or assignment of benefits to collect restitution or compensatory fine for felony), 238.450 (Computation of retirement allowance or benefit), 238.455 (Estimated benefit payments), 238.458 (Unclaimed benefits), 238.460 (Waiver of retirement allowance), 238.465 (Benefits payable to others under certain judgments), 238.470 (Interest on payments from fund), 238.600 (System established), 238.601 (Legislative findings and intent), 238.605 (Actuarial report on system), 238.610 (Administrative expenses of system), 238.615 (Revolving fund for payment of administrative expenses), 238.618 (Exclusion of employer or employee from system to maintain tax qualification), 238.630 (Board generally), 238.635 (Board consideration of system goals and objectives), 238.640 (Qualifications of board members), 238.645 (Director and staff), 238.655 (Procedure for board hearings), 238.660 (Fund generally), 238.661 (Moneys in fund appropriated to board), 238.665 (Contributions and interest not included in boards budget), 238.675 (Transfer of unclaimed death benefit or account balance to other account or reserve), 238.692 (Definitions for ORS 238.692 to 238.698), 238.694 (Certain public bodies authorized to issue bonds to finance pension liabilities), 238.695 (Intergovernmental agreements for collective issuance, administration or payment of bonds), 238.696 (Debt service trust fund), 238.698 (Funds diversion agreement), 238.700 (Enforcement of requirements of ORS chapters 238 and 238A), 238.705 (State departments to remit contributions and furnish reports), 238.710 (Mandamus against defaulting employer) and 238.715 (Recovery of overpayments) apply to the Oregon Public Service Retirement Plan.
(3) The Oregon Investment Council shall invest the assets of the Oregon Public Service Retirement Plan as a part of the Public Employees Retirement Fund. Except as provided by subsection (4) of this section, the investment of Oregon Public Service Retirement Plan assets is subject to the provisions of ORS 293.701 (Definitions for ORS 293.701 to 293.857) to 293.857 (Separate accounts for each local government). The Oregon Investment Council may invest assets of the individual account program and pension program differently than the other assets of the Public Employees Retirement System.
(4) Investment of the assets of the Oregon Public Service Retirement Plan is not subject to the limitations imposed by ORS 293.726 (Standard of judgment and care in investments) (6).
(5) The board may contract with a private provider for the administration of the individual account program. The board is not subject to the provisions of ORS chapter 279A or 279B in awarding a contract under the provisions of this subsection. The board shall establish procedures for inviting proposals and awarding contracts under this subsection. [2003 c.733 §§3,3a; 2005 c.808 §§15,16; 2010 c.1 §5; 2013 s.s. c.3 §5]