Provision of group insurance for employees; expense reimbursement plan; deferred compensation plan

(1) The governing board of each public university listed in ORS 352.002 shall provide group insurance to employees of the university through the Public Employees’ Benefit Board or may elect to provide an alternative group health and welfare insurance benefit plan to employees of the university on or after October 1, 2016, if the benefit plan is offered through the health insurance exchange under ORS 741.310, unless their participation is precluded by federal law. (2) For the purposes of ORS 243.555 to 243.575, if the governing board of a public university listed in ORS 352.002 chooses not to participate in the benefit plans offered through the Public Employees’ Benefit Board, the governing board may have the authority granted to the Public Employees’ Benefit Board under ORS 243.555 to 243.575 for the administration of an appropriate expense reimbursement plan. (3) The governing board of each public university listed in ORS 352.002 shall offer one or more deferred compensation plans to employees of the university. The governing board shall choose whether to offer its employees the state deferred compensation plan established under ORS 243.401 to 243.507 or another deferred compensation plan that the governing board elects to make available to the employees of the university.