75th OREGON LEGISLATIVE ASSEMBLY--2009 Regular Session
 
 
                            Enrolled
 
                         Senate Bill 399
 
Sponsored by COMMITTEE ON COMMERCE AND WORKFORCE DEVELOPMENT
 
 
                     CHAPTER ................
 
 
                             AN ACT
 
 
Relating to rollover contributions.
 
Be It Enacted by the People of the State of Oregon:
 
  SECTION 1.  { + Section 2 of this 2009 Act is added to and made
a part of ORS chapter 238. + }
  SECTION 2.  { + (1) Notwithstanding ORS 238.220, a member of
the Public Employees Retirement System who is eligible to obtain
restoration of forfeited creditable service under ORS 238.115, or
to purchase retirement credit under ORS 238.125, 238.135,
238.145, 238.156, 238.157, 238.162, 238.165, 238.175 or 526.052,
and who participates in an eligible retirement plan described in
subsection (3) of this section, may use moneys transferred by way
of a trustee-to-trustee transfer from the eligible retirement
plan to the Public Employees Retirement Board for the purpose of
obtaining restoration of the forfeited creditable service or to
purchase the retirement credit. The board may not make any amount
transferred under this section available to the member, and may
use the amount only for the purposes described in this section.
The amount transferred under this section may not exceed the
amount needed to obtain restoration of the forfeited creditable
service or to purchase the retirement credit.
  (2) If amounts transferred under this section are not
sufficient to pay the full amount necessary to obtain restoration
of the forfeited creditable service or to purchase the retirement
credit, the member must pay the remaining amount that is needed
to obtain restoration of the forfeited creditable service or to
purchase the retirement credit.
  (3) The following are eligible retirement plans for the
purposes of this section:
  (a) A governmental deferred compensation plan described in
section 457 of the Internal Revenue Code; and
  (b) A tax sheltered annuity described in section 403(b) of the
Internal Revenue Code.
  (4) The board shall adopt rules and establish procedures for
determining whether a member is allowed to obtain restoration of
the forfeited creditable service or to purchase the retirement
credit by means of a trustee-to-trustee transfer under this
section. The rules and procedures must ensure that transfers
under this section do not adversely affect the status of the
system and the Public Employees Retirement Fund as a qualified
governmental plan and trust under federal income tax law. + }
  SECTION 3.  { + Section 2 of this 2009 Act becomes operative
September 1, 2011. + }
 
 
Enrolled Senate Bill 399 (SB 399-A)                        Page 1
 
 
 
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Passed by Senate June 27, 2009
 
 
      ...........................................................
                                              Secretary of Senate
 
      ...........................................................
                                              President of Senate
 
Passed by House June 29, 2009
 
 
      ...........................................................
                                                 Speaker of House
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Enrolled Senate Bill 399 (SB 399-A)                        Page 2
 
 
 
 
 
Received by Governor:
 
......M.,............., 2009
 
Approved:
 
......M.,............., 2009
 
 
      ...........................................................
                                                         Governor
 
Filed in Office of Secretary of State:
 
......M.,............., 2009
 
 
      ...........................................................
                                               Secretary of State
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Enrolled Senate Bill 399 (SB 399-A)                        Page 3