(1) There is created the Public Employees’ Revolving Fund, separate and distinct from the General Fund. The balances of the Public Employees’ Revolving Fund are continuously appropriated to cover expenses incurred in connection with the administration of ORS 243.105 to 243.285 and 292.051. Assets of the Public Employees’ Revolving Fund may be retained for limited periods of time as established by the Public Employees’ Benefit Board by rule. Among other purposes, the board may retain the funds to control expenditures, stabilize benefit premium rates and self-insure. The board may establish subaccounts within the Public Employees’ Revolving Fund.
(2) There is appropriated to the Public Employees’ Revolving Fund all unused employer contributions for employee benefits and all refunds, dividends, unused premiums and other payments attributable to any employee contribution or employer contribution made from any carrier or contractor that has provided employee benefits administered by the board, and all interest earned on such moneys.