(1) Establish the process for voluntary enrollment in the plan developed under ORS 178.205, including procedures for automatic enrollment of employees and for employees to opt out of the plan.
(2) Establish the process for participants to make the default contributions to plan accounts and to adjust the contribution levels.
(3) Establish the process for employers to withhold employee contributions to plan accounts from employees’ wages and send the contributions to the investment administrator for the plan.
(4) Establish the process for allowing employees to opt out of enrollment in the plan.
(5) Establish the process for participants to make nonpayroll contributions to plan accounts.
(6) Set minimum, maximum and default contribution levels in accordance with limits established by the Internal Revenue Code.
(7) Establish the process for withdrawals from plan accounts.
(8) Establish the process and requirements for an employer to obtain an exemption from offering the plan if the employer offers a qualified retirement plan, including but not limited to a plan qualified under section 401(a), section 401(k), section 403(a), section 403(b), section 408(k), section 408(p) or section 457(b) of the Internal Revenue Code.
(9) Mandate the contents and frequency of required disclosures to employees, employers and other plan participants. These disclosures must include, but need not be limited to:
(a) The benefits and risks associated with making contributions to the plan;
(b) Instructions for making contributions to the plan;
(c) How to opt out of the plan;
(d) How to participate in the plan with a level of contributions other than the default rate;
(e) The process for withdrawal of retirement savings;
(f) How to obtain additional information about the plan;
(g) That employees seeking financial advice should contact financial advisers, that participating employers are not in a position to provide financial advice and that participating employers are not liable for decisions employees make pursuant to ORS 178.200 to 178.260;
(h) That the plan is not an employer-sponsored retirement plan;
(i) That the plan accounts and rate of return are not guaranteed by the state; and
(j) That employees may file a complaint under ORS 178.250 to report an employer’s failure to offer an opportunity to contribute to the plan developed under ORS 178.205 or another qualified retirement plan. [2015 c.557 §4; 2019 c.149 §7]