Oregon Administrative Rules|Section 462-001-0010 - IRS Retirement "Pick Up"

                                                
Current through Register Vol. 60, No. 12, December 1, 2021 
(1) The Oregon Racing Commission shall treat any employee contribution to PERS from the employees' salaries as the employer's contribution, thus "picking up" that contribution for purposes of Internal Revenue Code section 414(h)(2).
 
(2) The Contribution shall be deducted directly from the employee's wages and the employee shall not have the option of receiving his or her contribution as salary and of making the contribution himself or herself.
 
(3) The employee's reported salary on the W-2 form for tax purposes shall be reduced by the amount of that contribution.
 
Or. Admin. R. 462-001-0010
RC 3-1995, f. 3-14-95, cert.ef. 3-20-95
Stat. Auth.: ORS 462.250(3) & ORS 462.270(3)
 
Stats. Implemented: ORS 462.250(3)