justicedao/ipfs_state_laws huggingface dataset:
459-007-0070 Crediting Earnings at Tier One Service or Disability Retirement Upon the service retirement or disability retirement of a Tier One member, earnings from the effective date of the last annual rate to the effective retirement date shall be credited to the member account in the manner specified in this rule. (1) Earnings shall be credited to the member’s regular account as follows: (a) If earnings for the prior calendar year have not yet been credited, earnings shall be credited for that year based on the latest year-to-date calculation available for that year. (b) Earnings for the calendar year of the effective retirement date shall be credited based on the latest year-to-date calculation as of the effective retirement date. (2) If the member is participating in the Variable Annuity Account at time of retirement, earnings or losses shall be credited to the member's variable account as follows: (a) If earnings or losses for the calendar year prior to the effective retirement date have not yet been credited, earnings or losses for that year shall be credited based on the latest year-to-date calculation available for that year. (b) Earnings or losses for the calendar year of the effective retirement date shall be credited based on the latest year-to-date calculation as of the effective retirement date. Statutory/Other Authority: ORS 238.650 Statutes/Other Implemented: ORS 238.260, 238.300, 238.305 & 238.315 History: PERS 20-2003, f. 12-15-03 cert. ef. 4-1-04 PERS 9-1998, f. 5-22-98, cert. ef. 1-1-2000 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
459-007-0080 Crediting Earnings at Tier One Service Retirement, Single Payment Notwithstanding OAR 459-007-0070, when a Tier One member retires and elects to receive a single payment of benefits under ORS 238.305(2)(a) or (3), or receives a single payment of benefits under 238.315, 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 before the effective retirement date 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 credited for the calendar year of the effective retirement date shall be credited to the member’s regular account based on the latest year-to-date calculation as of the effective retirement date. (2) If the member is participating in the Variable Annuity Account at retirement, earnings shall be credited as follows: (a) If earnings for the calendar year before the effective retirement date have not yet been credited, earnings 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 from January 1 of the year of the effective retirement date to the effective retirement date shall be credited to the member’s variable account based on the latest year-to-date calculation as of the effective retirement date. (3) Earnings on the combined amount of the accounts credited under sections (1) and (2) of this rule from the effective retirement date to the date of distribution shall be paid to the member based on the average annualized rate prorated for that period. Statutory/Other Authority: ORS 238.650 Statutes/Other Implemented: ORS 238.260, 238.300, 238.305 & 238.315 History: PERS 3-2009, f. & cert. ef. 4-6-09 PERS 20-2003, f. 12-15-03, cert. ef. 4-1-04 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, f. 12-15-55
459-007-0110 Crediting Earnings at Tier One Loss of Membership When a Tier One member’s membership terminates under ORS 238.095(2), earnings from the effective date of the last annual rate to the first of the month following the month of loss of membership shall be credited to the member account in the manner specified in this rule. (1) Earnings on the former member’s regular account shall be credited as follows: (a) If earnings for the calendar year before the date of loss of membership have not yet been credited, earnings shall be credited for that year based on the Tier One latest year-to-date calculation available for that year. (b) Earnings for the calendar year of loss of membership shall be credited based on the Tier One latest year-to-date calculation as of the first of the month following the date of loss of membership. (2) If the former member is participating in the Variable Annuity Account, earnings on the Variable Annuity Account shall be credited to the former member’s variable account as follows: (a) If earnings for the calendar year before the date of loss of membership have not yet been credited, earnings for that year shall be credited based on the Tier One latest year-to-date calculation available for that year. (b) Earnings for the calendar year of loss of membership shall be credited as of the end of the calendar month of loss of membership based on the Tier One latest year-to-date calculation as of the first of the month following the date of loss of membership (3) Except as provided in OAR 459-007-0160, no earnings shall be credited for any period following the calendar month of loss of membership. Statutory/Other Authority: ORS 238.650 Statutes/Other Implemented: ORS 238.095 & 238.435 History: PERS 3-2009, f. & cert. ef. 4-6-09 PERS 12-2007, f. & cert. ef. 11-23-07 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 9-1998, f. 5-22-98, cert. ef. 1-1-2000
459-007-0160 Crediting Earnings to Loss of Membership Account for Periods of Active Membership In accordance with ORS 238.095(5), as amended by section 5, chapter 776, Oregon Laws 2007, when a former member establishes membership in the system and has a Loss of Membership account, earnings or losses during dates of active membership will be credited to the Loss of Membership account in the manner specified in this rule. (1) Partial year crediting. (a) If active membership begins after the first of the year and continues through the end of the calendar year, earnings or losses from the date of active membership to December 31 of that calendar year shall be credited to the Loss of Membership account based on the Tier Two rate for the calendar year less the latest year to date Tier Two rate on the date of active membership. (b) If the member is active on January 1 of the calendar year and active membership ends before December 31 of that calendar year, earnings or losses shall be credited to the Loss of Membership account based on the latest year to date Tier Two rate available as of the first of the month in which active membership ends. (c) If active membership begins after the first of the year and ends before December 31 of that calendar year, earnings or losses shall be credited to the Loss of Membership account based on the latest year to date Tier Two rate available as of the first of the month in which active membership ends less the latest year to date Tier Two rate available on the date of active membership. (2) Full year crediting. Earnings or losses for full calendar years of active membership will be credited based on the Tier Two rate for the year. (3) The effective date of this rule is July 17, 2007. No earnings or losses will be credited to a Loss of Membership account for periods of active membership before July 17, 2007. Statutory/Other Authority: ORS 238.650 Statutes/Other Implemented: ORS 238.095, 238.435 & OL 2007 Ch. 776 History: PERS 12-2007, f. & cert. ef. 11-23-07
459-007-0220 Distribution of Earnings for Withdrawal of Member's Account — Tier Two When a Tier Two member withdraws his or her member account under ORS 238.265, earnings or losses 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 or losses on the member’s regular account shall be credited as follows: (a) If earnings or losses for the calendar year prior to the effective date of withdrawal have not been credited, earnings or losses for that year shall be credited to the member’s regular account based on the latest year-to-date calculation 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 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 been credited, earnings or losses for that year shall be applied based on the latest year-to-date calculation 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 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. Statutory/Other Authority: ORS 238.650 Statutes/Other Implemented: ORS 238.265, 238.430 & 238.435 History: PERS 26-2004, f. 11-23-04, cert. ef. 3-15-05 PERS 1-2000, f. & cert. ef. 1-7-00 PERS 7-1998, f. & cert. ef. 5-22-98
459-007-0240 Crediting Earnings to the Tier Two Employer Death Benefit (1) Upon the death of a Tier Two 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 459-007-0230(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 459-007-0230(5) to (8). (3) If a beneficiary elects to receive a monthly benefit, earnings are credited in accordance with OAR 459-007-0230(10). Statutory/Other Authority: ORS 238.650 Statutes/Other Implemented: ORS 238.390, 238.395, 238.430 & 238.435 History: PERS 3-2009, f. & cert. ef. 4-6-09 PERS 26-2004, f. 11-23-04, cert. ef. 3-15-05 PERS 7-1998, f. & cert. ef. 5-22-98
459-007-0250 Crediting Earnings at Tier Two Service or Disability Retirement Upon the service or disability retirement of a Tier Two member, earnings from the effective date of the last annual rate to the effective retirement date shall be credited to the member account in the manner specified in this rule. (1) Earnings shall be credited to the member’s regular account as follows: (a) If earnings for the prior calendar year have not yet been credited, earnings for that year shall be credited based on the Tier Two latest year-to-date calculation for that year. (b) Earnings for the calendar year of the effective retirement date shall be credited based on the Tier Two latest year-to-date calculation for that year. (2) If the member is participating in the Variable Annuity Account at retirement, earnings shall be credited to the member’s variable account as follows: (a) If earnings for the calendar year before the effective retirement date have not yet been credited, earnings for that year shall be credited based on the Tier Two latest year-to-date calculation for that year. (b) Earnings for the calendar year of the effective retirement date shall be credited based on the Tier Two latest year-to-date calculation as of the effective retirement date. Statutory/Other Authority: ORS 238.650 Statutes/Other Implemented: ORS 238.260, 238.300, 238.305 & 238.315 History: PERS 3-2009, f. & cert. ef. 4-6-09 PERS 26-2004, f. 11-23-04, cert. ef. 3-15-05 PERS 7-1998, f. & cert. ef. 5-22-98
459-007-0260 Crediting Earnings at Tier Two Service Retirement, Single Payment Notwithstanding OAR 459-007-0250, when a Tier Two member retires and elects to receive a single payment under provisions of ORS 238.305(2) or (3), earnings or losses 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 or losses on the member’s regular account shall be credited as follows: (a) If earnings or losses for the calendar year prior to the effective retirement date have not yet been credited, earnings or losses shall be credited to the member’s regular account based on the latest year-to-date calculation for that year. (b) Earnings or losses credited for the calendar year of the effective retirement date shall be applied based on the latest year-to-date calculation as of the effective retirement date for that year. (2) If the member is participating in the Variable Annuity Account at time of retirement, earnings or losses shall be credited to the member's variable account as follows: (a) If earnings or losses for the calendar year prior to the effective retirement date have not been applied to the member's variable account as of December 31 of that year, earnings or losses for that year shall be applied based on the latest year-to-date calculation for that year. (b) Earnings or losses for the calendar year of the effective date of retirement shall be applied based on the latest year-to-date calculation as of the effective date of retirement for that year. (3) Upon applying the earnings or losses as provided in section (2) of this rule, the balance of the member's variable account shall be transferred to the member's regular account as of the effective date of retirement. (4) Earnings from the effective date of retirement to the date of distribution shall be credited based on the average annualized rate prorated for that period. Statutory/Other Authority: ORS 238.650 Statutes/Other Implemented: ORS 238.260, 238.300, 238.305 & 238.315 History: PERS 26-2004, f. 11-23-04, cert. ef. 3-15-05 PERS 1-2000, f. & cert. ef. 1-7-00 PERS 7-1998, f. & cert. ef. 5-22-98
459-007-0290 Crediting Earnings at Tier Two Loss of Membership When a Tier Two member's membership terminates under ORS 238.095(2), earnings from the effective date of the last annual rate through the end of the month of loss of membership shall be credited to the member account in the manner specified in this rule. (1) Earnings or losses on the former member's regular account shall be credited as follows: (a) If earnings or losses for the calendar year prior to the date of loss of membership have not yet been credited, earnings or losses shall be credited for that year based on the latest year-to-date calculation available for that year. (b) Earnings or losses for the calendar year of loss of membership shall be credited based on the latest year-to-date calculation as of the end of the month of the date of loss of membership (2) If the former member is participating in the Variable Annuity Account, earnings or losses of the Variable Annuity Account shall be credited to the former member's variable account as follows: (a) If earnings or losses for the calendar year prior to the date of loss of membership have not yet been credited, earnings or losses for that year shall be credited based on the latest year-to-date calculation for that year. (b) Earnings or losses for the calendar year of loss of membership shall be credited as of the end of the month of loss of membership based on the latest year-to-date calculation as of the first of the month following the date of loss of membership. (3) Except as provided in 459-007-0160, no earnings or losses shall be credited for any period following the calendar month of loss of membership. Statutory/Other Authority: ORS 238.650 Statutes/Other Implemented: ORS 238.095 History: PERS 12-2007, f. & cert. ef. 11-23-07 PERS 26-2004, f. 11-23-04, cert. ef. 3-15-05 PERS 7-1998, f. & cert. ef. 5-22-98
459-007-0320 Crediting Earnings for IAP Account Lump Sum Payments When an IAP member elects to withdraw their account(s) established under ORS 238A.350 according to ORS 238A.375 or retires and elects to receive a lump sum payment of those account(s) under ORS 238A.400(1), earnings will be credited in the manner specified in this rule. (1) If earnings for the calendar year before the date of distribution have not been credited, earnings for that year will be credited based on the member’s target date fund’s latest IAP year-to-date calculation available for that year. (2) Earnings credited for the calendar year of distribution will be credited based on the member’s target date fund’s latest IAP year-to-date calculation as of the first day of the calendar month of the date of distribution. Statutory/Other Authority: ORS 238A.450 Statutes/Other Implemented: ORS 238A.350, 238A.375 & 238A.400 History: PERS 9-2020, amend filed 06/23/2020, effective 06/23/2020 PERS 2-2018, amend filed 02/02/2018, effective 02/02/2018 PERS 7-2017, temporary amend filed 12/01/2017, effective 12/01/2017 through 05/29/2018 PERS 5-2015, f. & cert. ef. 3-30-15 PERS 4-2009, f. & cert. ef. 4-6-09
459-007-0330 Crediting Earnings for IAP Account Installment Payments (1) For the purposes of this rule, “monthly change rate” means the monthly earnings rate for IAP account(s) invested in the retirement installments fund when a retiree elects installment payments. (2) When an IAP member retires and elects to receive installment payments under ORS 238A.400(2), earnings will be credited in the manner specified in this rule: (a) For the initial installment payment: (A) If earnings for the calendar year before the date of distribution have not been credited, earnings for that year shall be credited based on the member’s target date fund’s latest IAP year-to-date calculation available for that year. (B) Earnings credited for the calendar year of distribution will be credited based on the member’s target date fund’s latest IAP year-to-date calculation as of the first day of the calendar month of the initial date of distribution. (b) After the initial installment payment is made, the member’s IAP account balance(s) will be transferred to the retirement installments fund. Earnings will be credited monthly using the latest monthly change rate beginning with the first of the month after the initial date of distribution. Statutory/Other Authority: ORS 238A.450 Statutes/Other Implemented: ORS 238A.350 & 238A.400 History: PERS 9-2019, amend filed 12/06/2019, effective 12/06/2019 PERS 2-2018, amend filed 02/02/2018, effective 02/02/2018 PERS 7-2017, temporary amend filed 12/01/2017, effective 12/01/2017 through 05/29/2018 PERS 5-2015, f. & cert. ef. 3-30-15 PERS 4-2009, f. & cert. ef. 4-6-09
459-007-0335 Crediting Earnings for IAP Account Pre-Retirement Death Benefit Payments (1) For the purposes of this rule, “monthly change rate” means the monthly earnings rate for IAP account(s) invested in the retirement installments fund. (2) When a beneficiary or beneficiaries receive(s) pre-retirement death benefit payments under ORS 238A.410, earnings will be credited to the accounts established under ORS 238A.350 in the manner specified in this rule. (a) For payments made in the first month of distribution: (A) If earnings for the calendar year before the date of distribution(s) have not been credited, earnings for that year shall be credited based on the member’s target date fund’s latest IAP year-to-date calculation available for that year. (B) Earnings credited for the calendar year of distribution will be credited based on the member’s target date fund’s latest IAP year-to-date calculation as of the first day of the calendar month of the initial date of distribution. (b) After the first month of distribution, any remaining account balance from a deceased non-retired member’s IAP account will be moved to the retirement installments fund. Earnings for the remaining account balance will be credited monthly using the latest monthly change rate beginning with the first of the month after the first month of distribution. Statutory/Other Authority: ORS 238A.450 Statutes/Other Implemented: ORS 238A.350 & 238A.410 History: PERS 9-2020, amend filed 06/23/2020, effective 06/23/2020 PERS 9-2019, amend filed 12/06/2019, effective 12/06/2019 PERS 12-2018, adopt filed 10/05/2018, effective 10/05/2018
459-007-0340 Crediting Earnings for an OPSRP Pension Program Cash Out of Small Benefits No earnings or distribution interest from the effective date of retirement to the date of distribution shall be credited to the amount of a cash out of small benefits under ORS 238A.195. Statutory/Other Authority: ORS 238A.450 Statutes/Other Implemented: ORS 238A.120 & 238A.195 History: PERS 8-2023, amend filed 06/02/2023, effective 06/02/2023 PERS 5-2009, f. & cert. ef. 4-6-09
459-007-0350 Crediting Earnings to the Employee Pension Stability Account at Retirement (1) Upon retirement, earnings from the effective date of the last annual rate to the effective retirement date shall be credited to the Employee Pension Stability Account in the manner specified in this rule. (2) Earnings shall be credited to the member’s Employee Pension Stability Account as follows: (a) If earnings for the prior calendar year have not yet been credited, earnings for that year shall be credited based on the Employee Pension Stability Account latest year-to-date calculation for that year. (b) Earnings for the calendar year of the effective retirement date shall be credited based on the Employee Pension Stability Account latest year-to-date calculation for that year. Statutory/Other Authority: ORS 238.650 & 238A.450 Statutes/Other Implemented: ORS 238A.353 History: PERS 9-2020, adopt filed 06/23/2020, effective 06/23/2020
459-007-0360 Crediting Earnings to the Employee Pension Stability Account at Death (1) When a beneficiary or beneficiaries receive(s) pre-retirement death benefit payments under ORS 238A.410, earnings will be credited to the member’s Employee Pension Stability Account (EPSA) as follows: (a) If earnings for the calendar year before the date the death benefit is calculated have not yet been credited, earnings shall be applied for that year based on the latest year-to-date Employee Pension Stability Account calculation for that year. (b) Earnings for the calendar year the death benefit is calculated shall be credited based on the latest Employee Pension Stability Account year-to-date calculation for that year as of the first of the month that the death benefit is calculated. (2) The member’s EPSA will first be applied to the cost of the beneficiary’s benefit under ORS 238.395 or 238A.230 that is attributable to the member’s service on and after July 1, 2020. (3) If the amount of the member’s EPSA calculated in section (1) exceeds the amount required to fund the benefit described in section (2), the excess amount will be paid to the member’s IAP beneficiary in a lump sum. If there is any remaining balance after the month the death benefit is calculated, the excess amount will continue to receive EPSA earnings until distributed to the beneficiary. Statutory/Other Authority: ORS 238.650 Statutes/Other Implemented: ORS 238A.353 & 238A.410 History: PERS 9-2020, adopt filed 06/23/2020, effective 06/23/2020