justicedao/ipfs_state_laws huggingface dataset:
459-005-0580 Trustee-to-Trustee Transfers (1) For purposes of this rule, “trustee-to-trustee transfer” means a transfer of funds from an eligible retirement plan to PERS for the purpose of obtaining restoration of forfeited creditable service or purchasing retirement credit pursuant to ORS 238.222. (2)(a) Except as provided in subsection (c) of this section, PERS must receive the trustee-to-trustee transfer within the time period established in the particular statute for restoration of creditable service or obtaining retirement credit included in ORS 238.222(1). (b) A trustee-to-trustee transfer received by PERS outside the time period determined under subsection (a) of this section for the transfer will be returned to the eligible retirement plan from which the transfer was received. (c) If the cost of restoration of creditable service or obtaining retirement credit is adjusted and PERS determines that the amount required is greater than the amount originally received, a trustee-to-trustee transfer may be made to remit the additional amount required. (d) Nothing in ORS 238.222 or this rule shall be construed to provide an extension of time for restoration of forfeited creditable service or obtaining retirement credit outside the time permitted under the relevant statutes. (3) If PERS receives a trustee-to-trustee transfer and determines that all or a portion of the transfer may not be accepted by PERS and must be returned, PERS will transfer the amount back to the eligible retirement plan from which the transfer was received. (4) The provisions of this rule are effective on September 1, 2011. Statutory/Other Authority: ORS 238.222 & 238.650 Statutes/Other Implemented: ORS 238.222 and section 2, Chapter 971 & Oregon Laws 1999 History: PERS 2-2011, f. & cert. ef. 6-1-11
459-005-0590 General Provisions and Applicability Date — Direct Rollovers (1) OAR 459-005-0590 to 459-005-0599 apply to direct rollover distributions made on or after January 1, 1993. (2) Notwithstanding any provision to the contrary in ORS Chapters 238 or 238A or any administrative rule of the Public Employees Retirement Board other than OAR 459-005-0590 to 459-005-0599, a distributee may elect, in accordance with 459-005-0599, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover. (3) The direct rollover rule OAR 459-005-0590 to 459-005-0599 shall be interpreted and administered in accordance with Code Section 401(a)(31) and any applicable regulations and administrative rulings thereunder. (4) The provisions of this rule are effective on January 1, 2004. Statutory/Other Authority: ORS 238.650 & 238A.430 Statutes/Other Implemented: ORS 238.005 - 238.715 History: PERS 8-2005, f. & cert. ef. 2-22-05 PERS 31-2004(Temp), f. & cert. ef. 12-15-04 thru 6-1-05 PERS 11-1998, f. & cert. ef. 12-17-98
459-005-0591 Definitions — Direct Rollovers As used in OAR 459-005-0590 to 459-005-0599 the following words and phrases shall have the following meanings: (1) "Code" means the Internal Revenue Code of 1986, as amended. (2) A "direct rollover" means the payment of an eligible rollover distribution by PERS to an eligible retirement plan specified by the distributee. (3) A "distributee" includes a PERS member, the surviving spouse of a deceased PERS member, a non-spouse beneficiary of the member that is a designated beneficiary under Code Section 402(c)(11), and the current or former spouse of a PERS member who is the alternate payee under a domestic relations order that satisfies the requirements of ORS 238.465 and the rules adopted thereunder. (4) An "eligible retirement plan" means any one of the following: (a) An individual retirement account or annuity described in Code Section 408(a) or (b), including a Roth IRA as described in Code Section 408A; (b) An annuity plan described in Code Section 403(a) that accepts the distributee's eligible rollover distribution; (c) A qualified trust described in Code Section 401(a) that accepts the distributee's eligible rollover distribution; (d) An eligible deferred compensation plan described in Code Section 457(b) which is maintained by an eligible employer described in Code Section 457(e)(1)(A) and accepts the distributee's eligible rollover distribution. (e) An annuity contract described in Code Section 403(b) that accepts the distributee's eligible rollover distribution. (f) For the purposes of ORS 237.650(3), the individual employee account maintained for a member under the Individual Account Program as set forth under ORS 238A.350(2); and (g) For the purposes of ORS 237.655(2), the state deferred compensation program. (5) An "eligible rollover distribution" means any distribution of all or any portion of a distributee's PERS benefit, except that an eligible rollover distribution shall not include: (a) Any distribution that is one of a series of substantially equal periodic payment made no less frequently than annually for the life (or life expectancy) of the distributee or the joint lives (or life expectancies) of the distributee and the distributee's designated beneficiary, or for a specified period of ten years or more; (b) Any distribution to the extent that it is a required or minimum distribution under Code Section 401(a)(9). (6) A "recipient plan" means an eligible retirement plan that is designated by a distributee to receive a direct rollover. (7) The provisions of this rule are effective on January 1, 2008. Statutory/Other Authority: ORS 238.650 & 238A.450 Statutes/Other Implemented: ORS 238 & 238A History: PERS 11-2008, f. & cert. ef. 7-31-08 PERS 8-2008(Temp), f. & cert. ef. 5-21-08 thru 11-10-08 PERS 9-2007, f. & cert. ef. 7-26-07 PERS 5-2007(Temp), f. & cert. ef. 2-16-07 thru 8-14-07 PERS 8-2005, f. & cert. ef. 2-22-05 PERS 3-2005, f. & cert. ef 1-31-05 PERS 31-2004(Temp), f. & cert. ef. 12-15-04 thru 6-1-05 PERS 3-2002, f. & cert. ef. 3-26-02 PERS 1-2002(Temp), f. & cert. ef. 1-11-02 thru 6-28-02 PERS 11-1998, f. & cert. ef. 12-17-98
459-005-0595 Limitations — Direct Rollovers (1) Notwithstanding any provision to the contrary in OAR 459-005-0590 to 459-005-0599, a distributee's right to elect a direct rollover is subject to the following limitations: (a) A distributee may elect to have an eligible rollover distribution paid in a direct rollover to only one eligible retirement plan. (b) A distributee may elect a direct rollover only when his or her eligible rollover distribution(s) during a calendar year is reasonably expected to total $200 or more. (c) A distributee may elect to have part of an eligible rollover distribution be paid directly to the distributee, and to have part of the distribution paid as a direct rollover only if the member elects to have at least $500 transferred to the eligible retirement plan. (2)(a) The provisions of subsection (1)(a) apply to any portion of a distribution, including after-tax employee contributions that are not includible in gross income. (b) Any portion of a distribution that consists of after-tax employee contributions that are not includible in gross income may be transferred only to: (A) An individual retirement account or annuity described in Code Section 408(a) or (b), including a Roth IRA; or (B) An annuity contract described in Code Section 403(b) or a qualified defined contribution or defined benefit plan that agrees to separately account for the amounts transferred, including separate accounting for the pre-tax and post-tax amounts. (c) The amount transferred shall be treated as consisting first of the portion of the distribution that is includible in gross income, determined without regard to Code Section 402(c)(1). (3) The provisions of this rule are effective on January 1, 2008. Statutory/Other Authority: ORS 238.650 & 238A.450 Statutes/Other Implemented: ORS 238 & 238A History: PERS 11-2008, f. & cert. ef. 7-31-08 PERS 8-2008(Temp), f. & cert. ef. 5-21-08 thru 11-10-08 PERS 9-2007, f. & cert. ef. 7-26-07 PERS 5-2007(Temp), f. & cert. ef. 2-16-07 thru 8-14-07 PERS 8-2005, f. & cert. ef. 2-22-05 PERS 31-2004(Temp), f. & cert. ef. 12-15-04 thru 6-1-05 PERS 11-1998, f. & cert. ef. 12-17-98
459-005-0600 Precedence for Pre-Tax and Post-Tax Deductions from Benefit Payment (1) The order of priority for deductions from a benefit payment is as follows: (a) Adjustment for payments to be made from the Benefit Equalization Fund as established under ORS 238.485. (b) Withholding for an overpayment or erroneous payment of benefit. (c) Withholding for federal and state income taxes, and other current taxes. (d) Withholding in response to support liens in accordance with ORS 238.445. (e) Withholding in response to Internal Revenue Service (IRS) liens. (f) Withholding due to other administrable court orders. (g) Withholding for a premium payment of a PERS-sponsored health insurance plan. (h) Other voluntary withholdings authorized by the Board and elected by the member or beneficiary of the member. (2) This rule does not apply when there is a payment to an alternate payee award under ORS 238.465, as provided in OAR 459-045-0070. Statutory/Other Authority: ORS 238.715(9), 238.650 & 238A.450 Statutes/Other Implemented: ORS 238 and 238A History: PERS 6-2015, f. & cert. ef. 5-29-15 PERS 14-1998, f. & cert. ef. 12-17-98
459-005-0605 Reimbursement for Medical Records Requested by PERS (1) The following are the maximum amounts that PERS will reimburse for the costs incurred in processing medical requests for health information. (a) Cost of copying medical records: (A) $30.00 for 10 or fewer pages; (B) $0.50 per page for pages 11 through 50; and (C) $0.25 per page for pages 51 and higher. (b) PERS will pay $35.00 for the cost of providing a compact disc with medical record data in place of providing printed materials to PERS. (2) PERS will pay a provider $30.00 for completing and signing a PERS Medical Information Statement or Physician Statement of Current Status. (3) PERS will not make advance payments to providers before medical records are received. Statutory/Other Authority: ORS 238.620 and 238A.450 Statutes/Other Implemented: ORS Chapters 238 and 238A History: PERS 1-2016, f. & cert. ef. 1-29-16
459-005-0615 Minimum Retroactive Payment PERS may not issue a retroactive payment for underpaid monthly benefits or lump sum distributions if the total amount of the underpayment is less than $5. Statutory/Other Authority: ORS 238.650 and 238A.450 Statutes/Other Implemented: ORS 238.601 History: PERS 4-2012, f. & cert. ef. 3-28-12
459-005-0620 Uncollectible Debt Owed to PERS Any debt, including interest, penalties, or any portion of the debt, may be considered to be uncollectible when the debtor has no money or other thing of value owing or held by PERS that has not been credited to the debt, and it is reasonable to conclude, after all reasonable efforts to collect the debt have been made, that one or more of the following is true: (1) The debtor does not and will not for the foreseeable future own or have the right to own assets from which PERS could collect the debt. (2) It is reasonably estimated that the cost of collecting the debt would equal or exceed the amount of the debt. (3) The debtor is deceased, and there are no assets in the debtor’s estate from which PERS could collect the debt. (4) The debtor is a corporation or a limited liability company that is not and for the foreseeable future will not be engaged in any income-producing activity, and there are no assets from which PERS could collect the debt. (5) The debt has previously been discharged in bankruptcy. (6) The debtor’s estate is subject to a pending bankruptcy proceeding in which it is reasonable to conclude that the debt will be discharged and that PERS will receive none or an insubstantial share of the assets of the bankruptcy estate. (7) PERS is and will be for the foreseeable future unable to collect from the debtor or from anyone owing the debtor money or holding assets of or from the debtor. (8) PERS is unable to locate the debtor despite having made reasonable efforts to do so. (9) The debt has been liquidated by reduction to a court judgment, administrative order or distraint warrant, which has subsequently expired. Statutory/Other Authority: ORS 238.650, 293.240 & 238A.450 Statutes/Other Implemented: ORS 293.240(2) History: PERS 1-2012, f. & cert. ef. 2-1-12 PERS 9-2011(Temp), f. & cert. ef. 11-23-11 thru 5-20-12
459-005-0625 Contingency Reserve Subaccount (1) A subaccount is established under the contingency reserve account provided under ORS 238.670(1). The PERS Board will periodically authorize transfer of moneys from the contingency reserve account to the subaccount to ensure a maximum funding of $500,000 for the purpose of this rule. (2) If PERS determines that there is a deficit of moneys available for the payment of retirement allowances due to contingencies other than those related to gains and losses of invested capital, and the amount of the deficit is $50,000 or lower, PERS staff is authorized to use moneys in the contingency reserve subaccount as established under this rule to prevent such a deficit as described in ORS 238.670(1). (3) PERS staff is required to make a report to the Board no less than once a year to provide a full accounting of all the moneys spent under section (2) of this rule. Statutory/Other Authority: ORS 238.650 Statutes/Other Implemented: ORS 238.650 & 238.670 History: PERS 7-2024, adopt filed 10/04/2024, effective 10/04/2024
459-007-0003 Determination of Tier One Year-to-Date Calculation (1) Any year-to-date calculation ("factor") used to credit earnings to Tier One member regular accounts shall be a pro-rate of the assumed interest rate and cannot be greater unless and until the conditions in ORS 238.255 have been met. (2) The provisions of this rule shall be applied retroactively to July 1, 2003. Statutory/Other Authority: ORS 238.650 Statutes/Other Implemented: ORS 238 History: PERS 1-2006, f. & cert. ef. 2-1-06 PERS 18-2005(Temp), f. & cert. ef. 10-26-05 thru 4-19-06 PERS 24-2003, f. & cert. ef. 12-15-03
459-007-0007 Assumed Rate (1) The Board will review the assumed rate in odd-numbered years as part of the Board’s review and adoption of actuarial assumptions and methods. (2) The Board may adopt a change in the assumed rate at any time. A change in the assumed rate is effective the first of the year following the Board’s adoption of the change. (3) The assumed rate is set at 6.9 percent, effective on January 1, 2026 . Statutory/Other Authority: ORS 238.650 & 238A.450 Statutes/Other Implemented: ORS 238.255 History: PERS 9-2025, amend filed 09/26/2025, effective 09/26/2025 PERS 12-2023, amend filed 09/29/2023, effective 09/29/2023 PERS 7-2021, amend filed 10/01/2021, effective 10/01/2021 PERS 7-2019, amend filed 09/25/2019, effective 09/25/2019 PERS 4-2017, f. & cert. ef. 7-28-17 PERS 11-2015, f. & cert. ef. 9-25-15 PERS 9-2013, f. & cert. ef. 9-27-13
459-007-0009 Allocating Costs of Compliance with Generally Accepted Accounting Principles (1) Pursuant to ORS 238.610(1)(b), PERS will provide employers with audited financial data each year to comply with generally accepted accounting principles as established by the Government Accounting and Standards Board (GASB) standards. (2) Prior to earnings crediting each year, PERS shall compile the actuarial, auditing, and internal staff costs of providing the audited financial data it will provide to employers. Earnings on employer contribution accounts shall be reduced by the amount of those costs. Statutory/Other Authority: ORS 238.650 & 238A.450 Statutes/Other Implemented: ORS 238.610(1)(b) History: PERS 3-2015, f. & cert. ef. 1-30-15 PERS 16-2014(Temp), f. & cert. ef. 11-21-14 thru 5-19-15 PERS 9-2014, f. & cert. ef. 7-25-14
459-007-0015 Interest Rate Applied to Underpayment of Estimated Benefits In accordance with ORS 238.455(5), earnings credited to an underpayment of either Tier One or Tier Two estimated benefits shall be simple interest, prorated from date of underpayment to date of distribution by PERS of the underpaid amount based on: (1) The rate credited to the respective tier in the Fund for the prior calendar year for members who have effective dates of retirement before January 1, 2006; (2) The average annualized interest rate, as defined in OAR 459-007-0001(3), in effect as of the date of distribution for members who have effective dates of retirement on and after January 1, 2006. Statutory/Other Authority: ORS 238.650 Statutes/Other Implemented: ORS 238.455 History: PERS 3-2009, f. & cert. ef. 4-6-09 PERS 22-2005, f. & cert. ef. 12-7-05 PERS 6-1998, f. & cert. ef. 5-22-98
459-007-0020 Statutory Limitation on the Crediting of Earnings No earnings shall be credited to any payment from the Fund unless specifically provided for in ORS Chapters 238, 238A and OAR chapter 459, divisions 007 and 009. Statutory/Other Authority: ORS 238.650 & 238A Statutes/Other Implemented: ORS 238 & 238A History: PERS 3-2009, f. & cert. ef. 4-6-09 PERS 6-1998, f. & cert. ef. 5-22-98 PERS 1-1996, f. & cert. ef. 3-26-96, Renumbered from 459-010-0135 PERS 1-1995, f. 9-12-95, cert. ef. 1-1-96 PER 1-1985, f. & cert. ef. 3-22-85 PER 2-1984(Temp), f. & cert. ef. 9-26-84 PER 1-1984(Temp), f. & cert. ef. 6-29-84 PER 4-1980(Temp), f. 11-26-80, cert. ef. 12-1-80 PER 8-1955, f. 12-15-55
459-007-0025 Crediting Earnings to a Member Lump Sum Payment (1) Definition. (a) “Member lump sum payment” means any payment received by PERS that: (A) Is not regularly scheduled; (B) Is not paid as a statutorily fixed percentage of salary; and (C) Is paid voluntarily by the member or payer. (b) Member lump sum payments include, but are not limited to: (A) Retirement credit purchases. (B) Voluntary redeposits, as provided under ORS 238.105. (C) Account balances transferred to PERS pursuant to an integration under ORS 238.680. (2) No earnings may be credited to a member lump sum payment that: (a) Is paid within 90 days before of after the member’s effective retirement date; or (b) May be paid only within 90 days before or after the member’s effective retirement date. (3) Earnings from the date of payment to December 31 of the calendar year of the date of payment or the member’s effective retirement date, whichever occurs first, must be credited to the member’s lump sum payment based on the rate derived from the formula: (Y - X)(R/T) + (Z - Y), where: R = The number of days from the date of payment through the last day of the month the payment is received; T = The total number of days in the month the payment is received; X = The year-to-date calculation applicable to the member’s regular account as of the first of the month of the date of payment; Y = The year-to-date calculation as of the first of the month following the date of payment; and Z = The year-to-date calculation as of the member’s effective retirement date if such date occurs during the calendar year the payment is received, or, in all other cases, the annual rate applicable to the member’s regular account as of December 31 of the year the payment is received. Example: A member lump sum payment is received by PERS on May 12, 2002, from a Tier One member whose effective retirement date is August 1, 2003. The Tier One regular account year-to-date calculation as of May 1, 2002, is 1.0263, the Tier One year-to-date calculation as of June 1, 2002, is 1.0330, and the Tier One regular account annual rate for 2002 is 1.0800. Therefore, R = 20, T = 31, X = 1.0263, Y = 1.0330, Z = 1.0800 and the earnings crediting rate is: (1.0330 - 1.0263)(20/31) + (1.0800 – 1.0330) = (0.0067)(0.6452) + .0470 = 0.0043 + .0470 = 0.0513 (4) If the member’s effective retirement date does not occur in the same calendar year as the date of payment, and the payment is not subject to the provisions of section (2) of this rule, the member lump sum payment must be made a part of the member’s regular account as of January 1 of the year following the date of payment. Statutory/Other Authority: ORS 238.650 Statutes/Other Implemented: ORS 238 History: PERS 3-2009, f. & cert. ef. 4-6-09 PERS 1-2007, f. & cert. ef. 1-23-07 PERS 13-2003, f. & cert. ef. 11-14-03 PERS 4-2003(Temp), f. 6-13-03, cert. ef. 7-1-03 thru 12-26-03 PERS 9-2000, f. 12-15-00 cert. ef. 1-1-01
459-007-0040 Crediting Earnings upon Withdrawal of a Tier One Member’s Account When a Tier One member withdraws his or her member account under ORS 238.265, earnings from the effective date of the last annual rate to the date of distribution shall be credited in the manner specified in this rule. (1) Earnings on the member’s regular account shall be credited as follows: (a) If earnings for the calendar year prior to the effective date of withdrawal have not yet been credited, earnings for that year shall be credited to the member’s regular account based on the latest year-to-date calculation available for that year. (b) Earnings from January 1 of the calendar year of the effective date of withdrawal to the effective date of withdrawal shall be credited to the member’s regular account based on the latest year-to-date calculation as of the effective date of withdrawal. (2) If the member is participating in the Variable Annuity Account, earnings or losses of the Variable Annuity Account shall be credited as follows: (a) If earnings or losses for the calendar year prior to the effective date of withdrawal have not yet been credited, earnings or losses for that year shall be credited to the member’s variable account based on the latest year-to-date calculation available for that year. (b) Earnings or losses from January 1 of the calendar year of the effective date of withdrawal to the effective date of withdrawal shall be credited to the member’s variable account based on the latest year-to-date calculation as of the first of the month of the effective date of withdrawal. (3) After earnings and losses have been credited in accordance with sections (1) and (2) of this rule, the value of the variable account shall be added to the value of the 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 shall be paid to the member based on the average annualized rate prorated for that period. (5) The provisions of this rule are effective on July 1, 2003. Statutory/Other Authority: ORS 238.650 Statutes/Other Implemented: ORS 238.265 History: PERS 24-2003, f. & cert. ef. 12-15-03 PERS 4-2003(Temp), f. 6-13-03, cert. ef. 7-1-03 thru 12-26-03 PERS 1-2000, f. & cert. ef. 1-7-00 PERS 9-1998, f. 5-22-98, cert. ef. 1-1-00 PERS 1-1996, f. & cert. ef. 3-26-96, Renumbered from 459-010-0135(5) PERS 1-1995, f. 9-12-95, cert. ef. 1-1-96 PER 1-1985, f. & cert. ef. 3-22-85 PER 2-1984(Temp), f. & cert. ef. 9-26-84 PER 1-1984(Temp), f. & cert. ef. 6-29-84 PER 4-1980(Temp), f. 11-26-80, cert. ef. 12-1-80 PER 8, f. 12-15-55
459-007-0060 Crediting Earnings to the Tier One Employer Death Benefit (1) Upon the death of a Tier One member who is entitled to an employer death benefit under ORS 238.395, the amount of the employer benefit shall be added to the death benefit amount, as defined in OAR 459-007-0050(1), as of the first of the month of the member’s death. (2) Earnings shall thereafter be credited to the employer death benefit amount in accordance with OAR 459-007-0050(2)(e) through (i). (3) If a beneficiary elects to receive a monthly benefit, earnings are credited in accordance with OAR 459-007-0050(5). Statutory/Other Authority: ORS 238.650 Statutes/Other Implemented: ORS 238.390 & 238.395 History: PERS 3-2009, f. & cert. ef. 4-6-09 PERS 21-2005, f. & cert. ef. 11-1-05 PERS 24-2003, f. & cert. ef. 12-15-03 PERS 4-2003(Temp), f. 6-13-03, cert. ef. 7-1-03 thru 12-26-03 PERS 1-2000, f. & cert. ef. 1-7-00 PERS 9-1998, f. 5-22-98, cert. ef. 1-1-00 PERS 1-1996, f. & cert. ef. 3-26-96, Renumbered from 459-010-0135 PERS 1-1995, f. 9-12-95, cert. ef. 1-1-96 PER 1-1985, f. & cert. ef. 3-22-85 PER 2-1984(Temp), f. & cert. ef. 9-26-84 PER 1-1984(Temp), f. & cert. ef. 6-29-84 PER 4-1980(Temp), f. 11-26-80, cert. ef. 12-1-80 PER 8-1955, f. 12-15-55