2017 ORS 243.482¹
Immunity of governmental agencies from liability for plan administration or investment of funds

(1) A civil action for damages may not be brought against the state, the State Treasurer, the Oregon Investment Council, the Public Employees Retirement Board, or the officers or employees of the board by reason of:

(a) A breach of any duty in administering or investing of funds in the Deferred Compensation Fund;

(b) A breach of any duty in administering or investing of the funds of participating local governments; or

(c) Any losses suffered by a state plan participant or local plan participant or the beneficiaries of those participants because of the participant’s choice of an investment option available through the deferred compensation investment program established under ORS 243.421 (Investment program for fund).

(2) Any claim that the council, the board, the State Treasurer or the system, or any of their officers or employees, violated federal or state securities laws, including antifraud provisions, in the implementation or administration of ORS 243.401 (Definitions for ORS 243.401 to 243.507) to 243.507 (Payment of deferred compensation to alternate payee under judgment or order) is subject to the provisions of ORS 30.260 (Definitions for ORS 30.260 to 30.300) to 30.300 (ORS 30.260 to 30.300 exclusive). With respect to such claims, the state shall defend, save harmless and indemnify the State Treasurer, the system, members of the council, the board, and their officers and employees, as provided for other torts under the provisions of ORS 30.260 (Definitions for ORS 30.260 to 30.300) to 30.300 (ORS 30.260 to 30.300 exclusive).

(3) The limitations on liability established by this section do not include an exemption from any liability that may be imposed under the provisions of ORS chapter 59. Except to the extent that the state deferred compensation plan and the deferred compensation investment program are exempted from registration and licensing requirements under ORS 243.421 (Investment program for fund), ORS chapter 59 applies to the administration and investment of the Deferred Compensation Fund, the state deferred compensation plan, local government deferred compensation plans and the deferred compensation investment program. [1997 c.179 §18; 2011 c.9 §31]

Notes of Decisions

Executive Depart­ment correctly ruled that invest­ment of deferred compensa­tion moneys in trust that would invest in corporate stock would violate Article XI, sec­tion 6 of Oregon Constitu­tion which prohibits state ownership of stock because these sec­tions provide that state owns moneys until they are distributed to employe. ICMA Retire­ment Corp. v. Executive Depart­ment, 92 Or App 188, 757 P2d 868 (1988), Sup Ct review denied

Atty. Gen. Opinions

Depositing state funds, especially deferred salaries of state employes, in state and federal-chartered credit unions, (1977) Vol 38, p 911; constitu­tionality of commingling moneys derived from constitu­tional and nonconstitu­tional funds or other trust funds for purposes of deferred compensa­tion program, (1979) Vol 39, p 732; common trust fund sponsored by bank as trustee as invest­ment vehicle for participants in Oregon deferred compensa­tion program, (1979) Vol 40, p 1; providing individual life insurance contracts as op­tion to state employes, (1980) Vol 40, p 250

Chapter 243

Notes of Decisions

Effect of Public Employe Rela­tions Act is to modify authority of Personnel Division so that, while division retains responsibility for es­tab­lishing general job salary grades and classifica­tions, specific salary within each range which is paid to employe in public employe bargaining unit is subject to negotia­tion or arbitra­tion under terms of this chapter. AFSCME v. Executive Dept., 52 Or App 457, 628 P2d 1228 (1981), Sup Ct review denied

Provision of collective bargaining agree­ment giving present employes lateral transfer rights was valid under ORS 240.321 (Collective bargaining) and fact that its imple­menta­tion resulted in male succeeding female employe did not violate state af­firm­a­tive ac­tion statutes. State Executive Dept. v. OPEU, 91 Or App 124, 754 P2d 582 (1988)

Atty. Gen. Opinions

State agencies paying carpooling employes’ parking fees, (1974) Vol 36, p 1015

Law Review Cita­tions

51 OLR 23, 44 (1971)

1 Legislative Counsel Committee, CHAPTER 243—Public Employee Rights and Benefits, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors243.­html (2017) (last ac­cessed Mar. 30, 2018).
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2017, Chapter 243, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano243.­html (2017) (last ac­cessed Mar. 30, 2018).
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.