Or. Admin. R. 459-007-0400

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

Section 459-007-0400 - Crediting Earnings Upon Withdrawal of a Judge Member Account

Upon withdrawal of a judge member account under ORS 238.545, earnings from the last judge member annual rate to the date of distribution will be credited as specified in this rule.

(1) Earnings will be credited to the judge member regular account as follows:

(a) If earnings for the calendar year before the calendar year of the withdrawal have not yet been credited, earnings for that year will be credited based on the latest judge member regular account year-to-date calculation available for that year.

(b) Earnings for the calendar year of the withdrawal will be credited from January 1 to the effective date of withdrawal based on the latest judge member regular account year-to-date calculation as of the effective date of withdrawal.

(2) If the judge member is participating in the Variable Annuity Account, earnings will be credited to the variable account as follows:

(a) If earnings for the calendar year before the calendar year of the withdrawal have not yet been credited, earnings for that year will be credited based on the latest variable account year-to-date calculation available for that year.

(b) Earnings for the calendar year of the withdrawal will be credited from January 1 to the effective date of withdrawal based on the latest variable account year-to-date calculation as of the effective date of withdrawal.

(3) After earnings have been credited in accordance with sections (1) and (2) of this rule, the balance of the variable account shall be added to the balance of the judge member regular account and the sum shall constitute the withdrawal amount.

(4) Earnings on the withdrawal amount from the effective date of withdrawal to the date of distribution will be credited based on the average annualized rate, prorated for that period.

Or. Admin. R. 459-007-0400

PERS 5-2009, f. & cert. ef. 4-6-09

Stat. Auth.: ORS 238.650

Stats. Implemented: ORS 238.250, 238.255, 238.260, 238.515, 238.545, OL 2003 Ch. 625