Oregon Revised Statutes Chapter 178 § 178.230 — Prerequisites to establishment of Oregon Retirement Savings Plan

Prerequisites to establishment of Oregon Retirement Savings Plan. (1) Before establishing a plan developed under ORS 178.205, the Oregon Retirement Savings Board shall: (a) Conduct a market analysis to determine: (A) The feasibility of the plan. (B) Whether and to what extent plans with the characteristics described in ORS 178.210 currently exist in the private market. (b) Obtain legal advice regarding the applicability of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1001 et seq.) and the Internal Revenue Code to the plan. (c) Investigate whether employers that are not required to participate in the plan can make the plan available to their employees. (d) Investigate how to allow individuals who are not automatically enrolled in the plan to opt in to the plan and make contributions to an account, either through payroll contributions or another method of contribution. (2) The board shall coordinate with the efforts of other states as those states pursue legal guidance for similar retirement savings programs. [2015 c.557 §7]