Or. Admin. Code § 459-007-0001
Current through Register Vol. 63, No. 12, December 1, 2024
Section 459-007-0001 - DefinitionsThe words and phrases used in this division have the same meaning given them in ORS Chapter 238, 238A and OAR 459-005-0001. Specific and additional terms for purposes of this division are defined as follows unless context requires otherwise:
(1) "Annual rate" means the rates determined by the Board for crediting earnings to Tier One regular accounts, Tier Two regular accounts, IAP accounts, judge member regular accounts and member variable accounts, effective as of December 31 of each year.(2) "Assumed rate" means the actuarial assumed rate of return on investments as adopted by the Board for the most recent actuarial valuation.(3) "Average annualized rate" means the monthly rate provided by the Oregon State Treasury representing the rate credited to cash accounts.(4) "Benefits-in-Force Reserve" or "BIF Reserve" means the reserve established under ORS 238.670(2).(5) "Capital Preservation Reserve" means the reserve established under ORS 238.670(3).(6) "Contingency Reserve" means the reserve established under ORS 238.670(1).(7) "Date of distribution" is the date inscribed on the check, warrant, or electronic transfer issued to or on behalf of the member, the member's beneficiary, or an alternate payee.(8) "Date of payment" means the date a payment is received by PERS.(9) "Earnings" means all income or losses to the Fund from investments and other sources, but does not include member or employer contributions.(10) "Employee Pension Stability Account" and "EPSA" mean the account established in ORS 238A.353.(11) "Member account" means the account established in ORS 238.250.(12) "Retirement allocation fund" means the particular target date fund so designated by the Oregon State Treasury when it determines the investment allocation for all the target date funds.(13) "Retirement installments fund" means the fund so designated by the Oregon State Treasury and is separate and apart from target date funds.(14) "Target date fund" means a fund with an investment allocation that is aligned with the member's birth year.(15) "Tier One Member Rate Guarantee Reserve" and "Rate Guarantee Reserve" mean the reserve referenced in ORS 238.255(1) that enables the Board to credit earnings at or above the assumed rate under the conditions specified in 238.255.(16) "Year-to-date calculation" means the rates used to credit a pro-rata distribution of year-to-date earnings, allowing for reserves and expenses, to Tier One regular accounts, Tier Two regular accounts, IAP accounts, judge member regular accounts or member variable accounts. These rates are calculated by staff on a monthly basis using the market value of investments in the Fund as supplied by the Oregon State Treasury. Year-to-date calculations for Tier One member regular accounts will be determined in accordance with OAR 459-007-0003.Or. Admin. Code § 459-007-0001
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(1); PERS 6-1998, f. & cert. ef. 5-22-98, Renumbered from 459-007-0010; PERS 4-2003(Temp), f. 6-13-03, cert. ef. 7-1-03 thru 12-26-03; PERS 24-2003, f. & cert. ef. 12-15-03; PERS 18-2005(Temp), f. & cert. ef. 10-26-05 thru 4-19-06; PERS 1-2006, f. & cert. ef. 2-1-06; PERS 3-2009, f. & cert. ef. 4-6-09; PERS 7-2017, temporary amend filed 12/01/2017, effective 12/01/2017 through 05/29/2018; PERS 2-2018, amend filed 02/02/2018, effective 2/2/2018; PERS 9-2019, amend filed 12/06/2019, effective 12/6/2019; PERS 9-2020, amend filed 06/23/2020, effective 6/23/2020Statutory/Other Authority: ORS 238.650 & 238A.450
Statutes/Other Implemented: ORS 238 & 238A