Oregon Educators Revolving Fund; continuous appropriation to board; purposes; rules; moneys paid into fund

(1) There is created the Oregon Educators Revolving Fund, separate and distinct from the General Fund. Moneys in the Oregon Educators Revolving Fund are continuously appropriated to the Oregon Educators Benefit Board to cover the board’s expenses incurred in connection with the administration of ORS 243.860 to 243.886. Moneys in the Oregon Educators Revolving Fund may be retained for limited periods of time as established by the board by rule. Among other purposes, the board may retain the funds to pay premiums, control expenditures, stabilize premiums and self-insure. The board may establish subaccounts within the Oregon Educators Revolving Fund. (2) The following moneys shall be paid into the Oregon Educators Revolving Fund: (a) All unused employer contributions for benefit plans; (b) All refunds, dividends, unused premiums and other payments attributable to an employee contribution or employer contribution made from a carrier that has provided benefit plans administered by the board; and (c) All interest earned on the moneys in the fund.