Source: https://www.oregonlaws.org/ors/238A.400
Timestamp: 2019-06-18 03:14:19
Document Index: 228699207

Matched Legal Cases: ['§41', '§10', '§75', '§1', '§7', '§7', '§7', '§7', '§7', '§7', '§7', '§7', '§8', '§8']

ORS 238A.400 - Payment of accounts at retirement - 2017 Oregon Revised Statutes
2017 ORS Vol. 6 Chapter 238A Section 238A.400
2017 ORS 238A.400¹
Payment of accounts at retirement
(1) Upon retirement on or after the earliest retirement date, as described in ORS 238A.165 (Earliest retirement age), a member of the individual account program shall receive in a lump sum the amounts in the member’s employee account, rollover account and employer account to the extent the member is vested in those accounts under ORS 238A.320 (Vesting).
(2) In lieu of a lump sum payment under subsection (1) of this section, a member of the individual account program may elect to receive the amounts in the member’s employee account and employer account, to the extent the member is vested in those accounts under ORS 238A.320 (Vesting), in substantially equal installments paid over a period of 5, 10, 15 or 20 years, or over a period that is equal to the anticipated life span of the member as actuarially determined by the Public Employees Retirement Board. Installments may be made on a monthly, quarterly or annual basis. In no event may the period selected by the member exceed the time allowed by the minimum distribution requirements described in subsection (5) of this section. The board shall by rule establish the manner in which installments will be adjusted to reflect investment gains and losses on the unpaid balance during the payout period elected by the member under this subsection. The board by rule may establish minimum monthly amounts payable under this subsection. The board may require that a lump sum payment, or an installment schedule different than the schedules provided for in this subsection, be used to pay the vested amounts in the member’s accounts if those amounts are not adequate to generate the minimum monthly amounts specified by the rule.
(5) Notwithstanding any other provision of ORS 238A.300 (Establishing membership under individual account program) to 238A.415 (Credit for service in uniformed services), the entire interest of a member of the individual account program must be distributed over a time period commencing no later than the latest retirement date set forth in ORS 238A.170 (Latest retirement date), and must be distributed in a manner that satisfies all other minimum distribution requirements of 26 U.S.C. 401(a)(9) and regulations implementing that section, as in effect on December 31, 2016. The board shall adopt rules implementing those minimum distribution requirements. [2003 c.733 §41; 2005 c.152 §10; 2007 c.71 §75; 2007 c.412 §1; 2009 c.5 §7; 2009 c.909 §7; 2010 c.82 §7; 2011 c.7 §7; 2012 c.31 §7; 2013 c.377 §7; 2014 c.52 §7; 2015 c.442 §7; 2016 c.33 §8; 2017 c.527 §8]