Or. Admin. R. 459-007-0080

Current through Register Vol. 63, No. 8, August 1, 2024

Section 459-007-0080 - Crediting Earnings at Tier One Service Retirement, Single Payment

Notwithstanding OAR 459-007-0070, when a Tier One member retires and elects to receive a single payment of benefits under ORS 238.305(2)(a) or (3), or receives a single payment of benefits under 238.315, earnings from the effective date of the last annual rate to the date of distribution shall be credited in the manner specified in this rule.

(1) Earnings on the member's regular account shall be credited as follows:

(a) If earnings for the calendar year before the effective retirement date have not yet been credited, earnings for that year shall be credited to the member's regular account based on the latest year-to-date calculation available for that year.

(b) Earnings credited for the calendar year of the effective retirement date shall be credited to the member's regular account based on the latest year-to-date calculation as of the effective retirement date.

(2) If the member is participating in the Variable Annuity Account at retirement, earnings shall be credited as follows:

(a) If earnings for the calendar year before the effective retirement date have not yet been credited, earnings for that year shall be credited to the member's variable account based on the latest year-to-date calculation available for that year.

(b) Earnings from January 1 of the year of the effective retirement date to the effective retirement date shall be credited to the member's variable account based on the latest year-to-date calculation as of the effective retirement date.

(3) Earnings on the combined amount of the accounts credited under sections (1) and (2) of this rule from the effective retirement date to the date of distribution shall be paid to the member based on the average annualized rate prorated for that period.

Or. Admin. R. 459-007-0080

PER 8, f. 12-15-55; PER 4-1980(Temp), f. 11-26-80, ef. 12-1-80; PER 1-1984(Temp), f. & ef. 6-29-84; PER 2-1984(Temp), f. & ef. 9-26-84; PER 1-1985, f. & ef. 3-22-85; PERS 1-1995, f. 9-12-95, cert. ef. 1-1-96; PERS 1-1996, f. & cert. ef. 3-26-96; Renumbered from 459-010-0135(9); PERS 9-1998, f. 5-22-98, cert. ef. 1-1-00; PERS 1-2000, f. & cert. ef. 1-7-00; PERS 20-2003, f. 12-15-03 cert. ef. 4-1-04; PERS 3-2009, f. & cert. ef. 4-6-09

Stat. Auth.: ORS 238.650

Stats. Implemented: ORS 238.260, 238.300, 238.305 & 238.315