Oregon Statutes 657.130 – Wages; exclusion of payments from certain trusts and annuities
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‘Wages’ does not include the amount of any payment made by an employing unit to, or on behalf of, an individual performing service for it, or the individual’s beneficiary:
Terms Used In Oregon Statutes 657.130
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(1) From or to a trust exempt from tax under section 401(a) of the United States Code at the time of such payment unless such payment is made to an individual performing service for the trust as remuneration for such service and not as a beneficiary of the trust; or
(2) Under or to an annuity plan which, at the time of such payment, meets the requirements of section 401(a) of the United States Code. [Amended by 1973 c.300 § 4; 1981 c.77 § 7]