Chapter 406 Oregon Laws 1999

Session Law

AN ACT

SB 326

Relating to deferred compensation; creating new provisions; and amending ORS 243.505.

Be It Enacted by the People of the State of Oregon:

SECTION 1. ORS 243.505 is amended to read:

243.505. (1) The Deferred Compensation Advisory Committee shall be appointed by the Public Employees Retirement Board, consisting of [five] seven members with knowledge of deferred compensation plans.

(2) At the direction of the board, the committee shall advise the Public Employees Retirement Board on policies and procedures and such other matters as the board may request.

(3) The term of office of each member is three years, but a member serves at the pleasure of the board. Before the expiration of the term of a member, the board shall appoint a successor whose term begins on July 1 next following. A member is eligible for reappointment. If there is a vacancy for any cause, the board shall make an appointment to become immediately effective for the unexpired term.

(4) A member of the Deferred Compensation Advisory Committee is entitled to compensation and expenses as provided in ORS 292.495.

(5) The Deferred Compensation Advisory Committee shall select one of its members as chairperson and another as vice chairperson, for such terms and with duties and powers necessary for the performance of the functions of such offices as the committee determines.

(6) A majority of the members of the committee constitutes a quorum for the transaction of business.

(7) The Deferred Compensation Advisory Committee may meet at a place, day and hour determined by the committee. The committee also may meet at other times and places specified by the call of the chairperson or of a majority of the members of the committee.

SECTION 2. As soon as possible after the effective date of this 1999 Act, the Public Employees Retirement Board shall appoint two additional members to the Deferred Compensation Advisory Committee as required by the amendments to ORS 243.505 by section 1 of this 1999 Act.

Approved by the Governor June 29, 1999

Filed in the office of Secretary of State June 30, 1999

Effective date October 23, 1999

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