Or. Admin. Code § 177-075-0027

Current through Register Vol. 63, No. 12, December 1, 2024

Section 177-075-0027 - Annuity Conversion Option

(1) General: A Grand prize winner has the option of receiving the advertised Grand prize in a single lump sum payment consisting of one-half of the advertised Grand prize or of receiving the full value of the Grand prize paid out in equal annual installments over a period of 30 years.

(2) Presentment: A Grand prize winner shall present the winner's ticket and completed claim form, in person, at the Lottery Headquarters, pursuant to OAR 177-046-0110 and 177-070-0025. Upon the Lottery's determination and validation that the winner's ticket is a winning ticket of the Grand prize, the prize winner may exercise the payment option provided in this rule.

(3) Election of Option: Within 60 days of the date of validation of the Grand prize, a winner, prior to receiving any prize payment from the Lottery, may acknowledge in writing the winner's election to receive either the single lump sum payment or the annuitized prize payments. A winner's election is irrevocable once the winner's written election is received by the Lottery subject to the limited exception provided in section (5) below.

(4) Failure to Exercise Option: In the event a winner does not exercise the above option within 60 days of the validation of the Grand prize, the winner shall receive the full value of the prize paid in equal annual installments over a period of 30 years pursuant to OAR 177-075-0020(2).

(5) Last Chance Exercise of Option: A Grand prize winner who has elected the annuitized prize payment method or who has failed to make an election and is placed on the annuitized prize payment plan according to section (4) above, may be permitted at the Lottery's sole discretion to convert to the lump sum payment provided the Lottery has not yet made any payments to the prize winner. Once the Lottery makes any payment of a Grand prize to a Grand prize winner, the choice of payment is irrevocably fixed.

(6) Multiple Winners: Multiple winners, jointly claiming ownership of a Grand prize winning ticket in accordance with OAR chapter 177, shall make individual determinations whether to exercise the option to receive their portion of the prize in the form of a single lump sum payment or annuitized payments. Each of the multiple winners exercising the option to receive a single lump sum payment or annuitized payments must do so pursuant to the terms of this rule. Each winner has the option of choosing the lump sum payment or the annuitized payments when the entire prize is more than $100,000 even if each individual's portion of the prize is less than $100,000.

(7) No Obligation: A winner is under no obligation to exercise the option made available by this rule.

Or. Admin. Code § 177-075-0027

LOTT 8-1998(Temp) f. & cert. ef. 12-16-98 thru 6-11-99; LOTT 7-1999, f. 5-27-99, cert. ef. 5-30-99; LOTT 8-2001(Temp), f. & cert. ef. 5-18-01 thru 11-9-01; LOTT 11-2001, f. & cert. ef. 8-7-01; LOTT 16-2002(Temp), f. 9-6-02, cert. ef. 9-9-02 thru 3-6-03; LOTT 27-2002, f. & cert. ef. 11-25-02; LOTT 1-2015, f. 9-25-15, cert. ef. 10/4/2015; LOTT 2-2018, amend filed 03/29/2018, effective 4/2/2018

Statutory/Other Authority: ORS 461 & OR Const. Art. XV & Sec. 4(4)

Statutes/Other Implemented: ORS 461.250