Or. Admin. Code § 459-007-0420

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

Section 459-007-0420 - Crediting Earnings at Judge Member Service or Disability Retirement

Upon retirement of a judge member for service or disability, earnings from the effective date of the last judge member annual rate to the effective date of retirement will be credited to the judge member account as specified in this rule.

(1) Judge member regular account.

(a) If earnings for the calendar year before the calendar year of the judge member's retirement 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 judge member's retirement will be credited from January 1 to the judge member's effective retirement date based on the latest judge member regular account year-to-date calculation as of the judge member's effective retirement date.

(2) If the judge member is participating in the Variable Annuity Account:

(a) If earnings for the calendar year before the calendar year of the judge member's retirement 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 judge member's retirement will be credited from January 1 to the judge member's effective retirement date based on the latest variable account year-to-date calculation as of the judge member's effective retirement date.

(3) After earnings have been credited in accordance with sections (1) and (2) of this rule, the sum of the variable account balance and the judge member regular account balance shall constitute the judge member account balance as of the judge member's effective retirement date. No earnings or interest may be credited to the judge member account after the judge member's effective retirement date. If, however, the judge member elects to continue participation in the Variable Annuity Account after retirement, the portion of the allowance payable from the Variable Annuity Account will be adjusted for changes in that account's value in accordance with ORS 238.260(10).

Or. Admin. Code § 459-007-0420

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, 238.565 & OL 2003 Ch. 625