Oregon Statutes 657B.260 – Successor in interest required to continue offering approved plan to eligible employees until withdrawal of plan; request for withdrawal
(1) Except as provided in subsection (2) of this section, a plan that has been approved under ORS § 657B.210 and that is in effect at the time a successor in interest acquires the organization, trade or business, or substantially all assets of the organization, trade or business or a distinct and severable portion of the organization, trade or business, and continues its operation without substantial reduction of personnel resulting from the acquisition, must continue to be offered to eligible employees and the successor in interest may not withdraw the plan without a specific request for withdrawal in a manner prescribed by the Director of the Employment Department by rule.
Terms Used In Oregon Statutes 657B.260
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Employer: means any person that employs one or more employees working anywhere in this state or any agent or employee of such person to whom the duties of the person under this chapter have been delegated. See Oregon Statutes 657B.010
(2) Within 90 days following the date of an acquisition described in subsection (1) of this section, a successor in interest to an employer may terminate a plan that was approved under ORS § 657B.210 and that was in effect on the date of acquisition without a request to withdraw the plan, provided the successor in interest provides notice to the director and all employees of the employer in a manner prescribed by the director by rule. [2019 c.700 § 48]
COLLECTIONS; RECOVERY AND RESOLUTION OF IMPROPER BENEFIT PAYMENTS